Conflux Network (CFX), a blockchain platform aimed at providing high scalability and low fees, has seen a significant increase in open interest on Binance futures contracts.
CFX Open Positions on Binance Futures Rise Within Minutes
According to data from OIB – Crypto Open Interest Variations Bot, a Twitter account that tracks changes in open interest of various crypto futures contracts, the CFX/USDT pair on Binance futures has seen its open interest rise by 4.05% within 15 minutes at the time of this writing.
The data also shows that more than $3.9 million of CFX futures contracts were added to the open interest in the same timeframe, indicating that traders are bullish on the CFX price and expect it to go further.
Conflux Network, a Chinese-linked crypto currency, has been watching with an increase of approximately 16% in the last 24 hours at the time of writing, with the effect of the latest developments. The rally occurred in a general bullish environment where the Bitcoin price surged above $29,000.
Conflux Network is recognized as a blockchain platform that claims to achieve high throughput and low latency using a new consensus algorithm called Tree-Graph. It also supports cross-chain interoperability and smart contracts. The platform recently launched its mainnet and has partnered with various projects and institutions such as Huobi Global, OKExChain, Chainlink, and the Shanghai government.
*Not investment advice.