Ecosystem development funds have become one of the latest trends in market development in the crypto industry and protocols with great treasures have discovered that reward and incentive programs are one of the best ways to attract new users and protocols to a project.
Harmony (ONE), a blockchain protocol focused on improving scalability between networks, recently saw its token price increase following the release of an ecosystem development grant. The project uses cross-share contracts and cross-chain infrastructure between multiple blockchains, including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), and Binance Smart Chain (BSC).
Data from TUSEN Markets Pro and TradingView shows that since hitting a low of nearly $ 0.095 on August 30, ONE’s price has jumped 263% to a new high of $ 0.345 on October 25 as its 24-hour trading volume exceeded $ 800 million. .
There are three reasons for the increase in the price of ONE: the launch of a $ 370 million ecosystem development fund, the successful completion of the Harmony One World conference in Lisbon, and the launch of many renowned protocols on the Harmony network.
The ecosystem development fund attracts new talents
Harmony announced a $ 300 million Ecosystem Development Fund on September 9 and this appears to have been the driving force behind the rally seen in ONE over the past two months.
The stated goal of the program is to “fund 10,000 additional founders, builders and creators of cryptocurrencies” to help strengthen and expand the Harmony ecosystem.
Most recently, the project released a timeline for the coming year that outlines how it plans to spend $ 180 million from Q4 2021 to Q3 2022 to help fund 100 Decentralized Autonomous Organizations (DAOs), 1,000 bonuses, 10 partners, 100 grants, 500 launches, 50 investments and 10 hackathons.
Evidence that the fund is serious with its purpose was recently posted after the protocol awarded 10 new grant recipients at its “ONE World” conference in Lisbon.
ONE World Conference draws a crowd
Another reason for ONE’s recent strength is its ONE World conference underway in Lisbon, which helps educate the public about the capabilities of the Harmony network and attract new developers to join the ecosystem.
1 / The Harmony ONE World conference is finally here!
The session started with a full house (following the protocols of course)
The event celebrated the #Harmonycommunity and discussed how to build a better future for the community
Here is what happened ! pic.twitter.com/d47BoxGVkb
– Harmony (@harmonyprotocol) October 18, 2021
The event took place on October 18 and coincided with the start of a price hike for ONE, which rose from $ 0.22 to a new all-time high on October 25.
ONE World was scheduled to align with LISCON 2021, an Ethereum-focused conference that was also held in Lisbon and showcased interoperable protocols with Ethereum and other blockchains.
Related: Ethereum Competitor Near Launches $ 800 Million Development Fund As DeFi Competition Intensifies
Protocol integrations and token lists
A third reason for the momentum seen in ONE has been a series of partnerships, including integrations with DeFi platforms like AAVE and Curve.
– Charlie Watkins (@charlie_eth) 12 October 2021
The addition of two of the most widely used DeFi apps in the cryptocurrency ecosystem has helped increase the reach and user base of the Harmony blockchain, which offers much lower transaction fees for users of the popular protocols.
Other recent integrations include the launch of the WePiggy lending protocol and listing a ONE / USDC pair on Crypto.com.
TUSEN Markets Pro’s VORTECS ™ data began to detect a bullish outlook for ONE on September 29, ahead of the recent price hike.
The VORTECS ™ score, exclusive to TUSEN, 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 Twitter.
As shown in the graph above, the VORTECS ™ score for ONE fell into the green zone and peaked at 75 on September 29, approximately twelve hours before the price began to increase 147% during the month. following.
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