Rising star? FLUX enters top 100 following 130% gains over past month

Since August 6, Flux (FLUX) has increased in value by 130% and entered the top 100 cryptocurrencies by market cap, according to CryptoSlate data.

On July 12, Flux bottomed at $0.394, providing the spur for a phenomenal runup that peaked on Sept. 6 at $1.437. Bull exhaustion has since set in at writing, taking Flux below the previous day’s close.

Flux daily chartFlux daily chart
Source: FLUXUSDT on TradingView.com

Previously known as Zelcash or Zel, Flux rebranded in March 2021. Per the project’s whitepaper, the team intends to tackle the issue of “unresolved blockchain needs” via the provision of “digital infrastructure to support the future.”

What is FLUX?

Flux has set its sights on becoming the leading scalable next-gen decentralized cloud architecture solution.

The Flux Ecosystem is a suite of decentralized computing services and blockchain-as-a-service solutions which offer an interoperable, decentralized, AWS-like development environment.

At the heart of the ecosystem is the native FLUX token, which is used to incentivize hardware hosters, facilitate on-chain governance, and mitigate bad actors. Running hardware requires staking FLUX, and bad actors face token seizure for illegitimate actions.

The team believes there is a need to approach blockchain-based decentralized cloud infrastructure using a standardized approach. The Flux ecosystem system offers this technology via a “digestible set of tools.”

Tied with strategic partnerships to develop the ecosystem via its incubator program, Flux hopes to bring “usable blockchain products to the masses in easy-to-use applications.”

Latest developments

There have been no specific new fundamental developments on Flux recently.

Its latest post explains why GameFi is set to challenge the current paradigm ruled by Sony, Nintendo, and Microsoft. In short, the piece made a case for incentivizing and rewarding gamers, not the currently dominant mega-corporations.

However, other than suggesting Flux as the “perfect infrastructure to power” Web3 gaming, it did not disclose specific gaming projects developing on the chain.

Interestingly, the team is encouraging Ethereum PoW miners to join the Flux ecosystem. Ethereum is set to fully transition to a Proof-of-Stake (PoS) chain, leaving the existing PoW miners behind.

Nonetheless, the team sees PoW as the “only viable future” and welcomes GPU miners to participate in securing the Flux chain.

“Flux will forever be an ASIC-resistant proof of work GPU mineable coin. There can be no true decentralization without miners securing the Flux blockchain.”