Flux Crypto Price up 21% in September – Is It a Winner of Ethereum Merge?
Web3 project Flux (FLUX) has been rallying since late July, generating a 21% increase in September alone, as Ethereum’s impending shift to a proof-of-stake (PoS) consensus mechanism is generating interest for blockchains that will continue to rely on proof-of-work (PoW).
In the past 24 hours, the price of FLUX remains unchanged at $1.18 per coin but trading volumes appear to be surging by 58% with a total of $57.3 million worth of FLUX exchanging hands during that period. This figure corresponds to roughly 20% of the token’s current market capitalization.
Could this latest rally push FLUX’s performance this year to positive territory before the year ends? In this article, we share further details about this PoW-powered web 3.0 initiative.
What’s Happening With This Web3 Project?
Flux has been presenting itself as a feasible alternative to Ethereum miners who will soon be forced to share their gains with token holders once Ethereum Merge is completed.
However, Flux is more than just a PoW-powered blockchain. The developing team is aiming to create a new paradigm that consists of using the computational power of its network to solve real-life problems.
To earn rewards in a PoW-powered blockchain, miners have to solve mathematical puzzles. What Flux proposes is to replace those artificial puzzles with calculations that need to be performed by scientists, researchers, and other similar parties.
In addition, Flux accomplished an important milestone in late July as 100 million FLUX tokens, almost a quarter of the token’s maximum supply, are currently locked. This limits the available liquidity of FLUX and could be the reason why the value of the token has been rising since late July when the achievement of the milestone was announced.
The figure also accounts for almost half of FLUX’s circulating supply. According to data from the project’s official website, 108.35 million tokens are currently locked while the circulating supply stands at 259 million.
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A Brief Glance at Flux
Flux is a web 3.0 project that aims to use the power of blockchain technology to power applications and systems that can be used for commercial and other purposes by organizations across the world.
The network relies on a proof-of-work consensus mechanism to remain secure and currently counts on 13,293 nodes that share the chain’s data and process the transactions that come in.
One of the practical applications of Flux is to serve as a cloud infrastructure for different types of systems. Currently, the FlexOS operating system has plenty of storage and processing power that comes from the nodes that secure the Flux network.
In this sense, Flux permits the development of a fully decentralized ecosystem as there is no critical point of failure due to the extensive number of nodes that comprise the network and that can guarantee 100% uptime.
The token is used to settle the transactions that take place within the network’s multiple layers. Its maximum supply is fixed at 440 million tokens. The Flux project is co-founded by Parker Honeyman, Daniel Keller, and Tadeáš Kmenta.
Flux Crypto Price Forecast 2022
According to Wallet Investor, the short-term outlook for Flux is bullish based on an analysis of the token’s price trend and technical indicators. According to the algorithm, the price could rise to a range between $1.19 and $1.45 per coin within the next 14 days.
Gov.Capital’s estimates, meanwhile, support the short-term bullish outlook, as the algorithm predicts prices will rise to around $1.30 and $1.40 in the next 14 days, with a 17% maximum upward potential.