Flux (FLUX), one of the newly trending blockchain protocols, is set to undergo its "halving" event just around the corner. As unveiled by the protocol's official Twitter account, the halving is almost 80% activated, stirring community interest for a token whose existence is getting just the right attention from the broader digital currency ecosystem.
Halving is a networking event where rewards that are designated to miners of the native coin in the protocol are halved. It is peculiar to proof-of-work (PoW) digital currencies, including Bitcoin (BTC), Litecoin (LTC) and Dogecoin (DOGE), to mention a few. The Flux halving is an exception considering that the protocol operates a specialized version of the consensus model — dubbed proof of useful work (PoUW).
Without many details about when the exact timing of the halving will take place, members of the Flux community are already anxious, with many projecting a price as high as $5 for the coin.
Will hit 5$ on halving— Bull ($Kda $FLUX) (@ZGiantsios) January 29, 2023
At the time of writing, the coin is changing hands at $0.9502, making this projection a more than 400% increment from the current price point.
Potential impact on price
Many established digital currencies like BTC and LTC often make use of their halving event as a rallying point for more targeted price growth. Ideally, most of these top digital assets record a massive price well ahead of the halving, a reflection of investors' enthusiasm for the future of the coin.
At the moment, FLUX has started showcasing these dynamics as it was one of the best-performing altcoins last week, per an earlier report by U.Today. The protocol also brandishes itself as an all-in-one ecosystem where users can mine FLUX, stake and gain exposure to multiple blockchain protocols, including Kadena, Binance Smart Chain and Avalanche.