3 reasons why Harmony (ONE) rallied to a new all-time high

The latest market trend in crypto is ecosystem development funds. Protocols with large treasuries discovered that reward programs and incentives are the best way to attract new users to their projects.

Harmony (ONE), which is a blockchain protocol that aims to improve scalability among networks, has seen its token price rise following the recent release of an ecosystem grant. This project utilizes cross-sharded contract technology and a cross chain infrastructure that connects multiple blockchains, including Bitcoin (BTC), Ethereum(ETH), Polkadot DOT and Binance Smart Chains (BSC).

Cointelegraph Markets Pro and TradingView data show that ONE’s price has risen 263% since Aug. 30, when it was at its lowest point of $0.095, and then reached $0.345 on October 25, as its 24-hour trading volume soared to over $800 million.

Chart for 4 hours: ONE/USDT Source: TradingView

There are three reasons why ONE is now more expensive than ever: the launch and completion of the Harmony One World conference, which was a success in Lisbon, and the launch many major protocols on the Harmony network.

New talent attracted to Ecosystem Development Fund

Harmony announced a $300,000,000 ecosystem development fund Sept. 9, and this seems to be the driving force behind the rallies seen in ONE over two months.

The program’s stated goal is to “fund 10,000 additional crypto founders, builders, and creatives” in order to strengthen and expand Harmony.

The project recently released a timeline detailing how it will spend $180million from Q4 2021 to Q3 2022 in order to fund 100 decentralized autonomous organisations (DAOs), 1000 bounties and 10 partners. It also plans to invest $180 million between Q4 2021 and Q3 2022 in order to fund 500 launches, 50 investments, 50 grants, 100 grants, 100 grant applications, and 10 hackathons.

The fund’s seriousness in achieving its goals was demonstrated recently when the protocol granted 10 new grant recipients at the “ONE World” conference held in Lisbon.

ONE World Conference draws a crowd

Another reason for ONE’s recent success is the ongoing ONE World conference held in Lisbon. This conference is designed to educate the public and to attract new developers to the Harmony ecosystem.

1/ The Harmony ONE World conference has finally arrived! It was a packed house, as per protocol. The event celebrated #Harmonycommunity. The discussion also discussed ways to create a better future for the community. Here’s what happened. pic.twitter.com/d47BoxGVkb
— Harmony (@harmonyprotocol) October 18, 2021

This event took place on Oct. 18, and coincided the start of a price rally at ONE, which rose from $0.22 to a new record high on Oct. 25,

ONE World was to be a part of LISCON 2021 in Lisbon, an Ethereum-focused conference. It showcased protocols that are interoperable and compatible with Ethereum and other Blockchains.

Related: Near launches $800M DeFi fund to compete with Ethereum competitors

Token listings and protocol integration

A series of partnerships has also contributed to the momentum in ONE, including integrations with DeFi platforms such as Curve and AAVE.

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

Two of the most popular DeFi apps in the cryptocurrency ecosystem have been added to the Harmony blockchain. This has increased the reach and userbase for the Harmony blockchain. It offers lower transaction fees than other protocols.

Recent integrations include the WePiggy lending protocol’s launch and the listing on Crypto.com of a ONE/USDC pairing.

VORTECS(tm), data from Cointelegraph Markets Pro began to detect a bullish outlook on ONE on September 29, before the recent price rise.

Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is based on a combination data points, including trading volume, market sentiment and recent price movements, and tweet activity.

VORTECS(tm), Score (green) vs. the ONE price Source: Cointelegraph Markets Pro

The chart shows that the VORTECS(tm), Score for ONE rose into the green zone. It reached a peak at 75 on September 29, just twelve hours before the price increased by 147%.

com. You should do your research before making any investment or trading decision.
https://cointelegraph.com/news/3-reasons-why-harmony-one-rallied-to-a-new-all-time-high

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