Funds to foster the development of an ecosystem have become one of the latest market fads in the crypto sector and projects with large treasuries have found that rewards and incentive programs are one of the best ways to attract new users. and other protocols.
One of those projects that has recently seen the price of its token rise following the publication of a grant for the development of the ecosystem is Harmony (ONE), a blockchain protocol focused on improving scalability between networks. The project uses fragmented contracts and a cross-chain infrastructure between multiple blockchains, including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), and the Binance Smart Chain (BSC).
Data from Cointelegraph Markets Pro and TradingView shows that, Since reaching a low of USD 0.095 on August 30, ONE’s price has risen 263% to reach a new peak of USD 0.345 on October 25, while its daily trading volume exceeded USD 800 million.
Three reasons behind ONE’s price rally are the launch of a USD 370 million development fund, the successful completion of the Harmony One World conference in Lisbon, and the launch of many important protocols on the Harmony network.
Ecosystem Development Fund attracts new talent
Harmony announced on September 9 a $ 300 million fund to foster the development of its ecosystem, which appears to have been the catalyst for ONE’s price rally in the past two months.
The goal of the program is to “fund 10,000 more cryptocurrency founders, developers, and creators” to help strengthen and grow the Harmony ecosystem.
Most recently, the project published a schedule for next year that outlines how you plan to spend $ 180 million from Q4 2021 through Q3 2022 with the goal of helping fund 100 decentralized autonomous organizations (DAOs), 1,000 bounties, 10 partners, 100 grants, 500 launches, 50 investments, and 10 hackathons .
Proof that the fund is serious about its goal was shown recently after the protocol awarded 10 new grants during its “ONE World” conference in Lisbon.
One World conference draws a crowd
Another reason for ONE’s recent strength is its ONE World conference, held in Lisbon and is helping educate the public about the capabilities of the Harmony network and attract new developers to create and launch their applications in the ecosystem.
1 / The Harmony ONE World conference is finally here!
The session began with a packed house (following the protocols of course)
The event celebrated the #Harmonycommunity and discussed how to build a better future for the community
Here’s what happened! pic.twitter.com/d47BoxGVkb
– Harmony (@harmonyprotocol) October 18, 2021
The Harmony ONE World conference is finally here!
The session started with a full house (following the protocols, of course)
The event celebrated the Harmony community and discussed how to create a better, better future for it.
The event was held on October 18 and coincided with the start of a rally in ONE’s price, which went from $ 0.22 to a new all-time high on October 25.
ONE World was scheduled to coincide with LISCON 2021, an Ethereum-centric conference also held in Lisbon, showcasing protocols interoperable with Ethereum and other blockchain networks.
Token Quotes and Protocol Integrations
A third reason behind ONE’s momentum has been a series of partnerships, including integrations with DeFi platforms like AAVE and Curve.
We’ve just launched on @harmonyprotocol with some $ ONE rewards.https: //t.co/n4Fu5C0lNm pic.twitter.com/ytu8sFkE1w
– Charlie Watkins (@charlie_eth) October 12, 2021
We just launched into Harmony with some ONE rewards.
The addition of two of the most widely used DeFi applications in the crypto ecosystem has contributed to increasing the reach and user base of the Harmony blockchain, which offers much lower transaction fees for users of the most popular protocols.
Other recent integrations include the launch of the WePiggy loan protocol and the listing of the ONE / USDC pair on Crypto.com.
VORTECS ™ data from Cointelegraph Markets Pro began to spot a bullish outlook for the ONE token on September 29, ahead of the recent price appreciation.
The VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements and activity in Twitter
As seen in the graphic above, ONE’s VORTECS ™ score rose to the green zone and peaked at 75 on September 29, about twelve hours before the price began to increase 147% over the following month.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and business move involves risks, you must do your own research when making a decision.
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