CFX (Conflux) rose 1.90% in the last 24 hours.

Gate News Bot News, July 1, according to CoinMarketCap data, as of the time of writing, CFX (Conflux) is currently priced at $0.08, with a rise of 1.90% in the last 24 hours, peaking at $0.08 and falling to a low of $0.07. The current market capitalization is approximately $396 million, an increase of $7.37 million compared to yesterday.

Conflux is a high-throughput public chain that uses an innovative Tree-Graph consensus algorithm to reduce confirmation times and increase TPS by processing blocks and transactions in parallel. Conflux utilizes a thoroughly tested PoW consensus, providing enhanced security and reentrancy attack protection at the protocol level. Its built-in staking function lays the foundation for innovative DeFi applications, with the current annualized yield of staking tokens at 4%. Conflux has also launched the cross-chain asset bridge ShuttleFlow, enabling seamless asset transfers between multiple protocols. CFX is the native token of the Conflux platform, used to pay transaction fees, earn rewards through staking, rent storage space, and participate in network governance.

Important news about CFX recently:

1️⃣ Leading Pharma plans to acquire Conflux blockchain-related assets Hong Kong listed company Navigating Pharmaceutical Biotechnology Co., Ltd. (00399) has officially signed a memorandum of understanding, planning to acquire all equity of a target company holding Conflux blockchain-related assets. This strategic move aims to help Navigating Pharmaceutical enter the blockchain technology field and achieve a diversified business layout. The acquisition consideration will be paid in cash, company shares, or convertible bonds, with the specific amount to be determined in the formal agreement.

2️⃣ Conflux Founder also serves as Executive Director of Linghang Pharmaceuticals According to public information, the two founders of Conflux, Long Fan and Wu Ming, also serve as executive directors of Navigating Medicine Biotechnology. This exposure highlights the close ties between Conflux and traditional listed companies, potentially laying the foundation for future business synergies and resource integration. It is worth noting that Navigating Medicine currently has a total market capitalization of approximately HKD 371 million (equivalent to USD 47.26 million), while the total market capitalization of Conflux (CFX) tokens reaches USD 393 million, ranking 138th in the cryptocurrency market capitalization leaderboard.

3️⃣ CFX price shows significant short-term volatility Affected by the news of the potential acquisition of Conflux-related assets by Linghang Pharmaceutical, the price of CFX has experienced significant fluctuations. On July 1st, CFX rose by over 10% at one point, before retreating somewhat. This price movement reflects the market's positive expectations for Conflux's future development prospects, while also indicating a high level of investor attention towards this potential acquisition deal.

From a technical perspective, the recent price of CFX shows a fluctuating rise, and after breaking through previous resistance levels, it is expected to continue upward. On the fundamental side, potential collaborations between Conflux and traditional listed companies may bring more resources and development opportunities, helping to enhance its competitiveness in the blockchain industry.

This message is not to be taken as investment advice; investors should be aware of market volatility risks.