Tuesday, August 16, 2022

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

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Ecosystem growth funds have turn out to be one of many newest market-moving traits within the crypto sector and protocols with massive treasuries have found that  reward and incentive applications are probably the greatest methods to draw new customers and protocols to a venture. 

One protocol that has lately seen its token worth rally following the discharge of an ecosystem growth grant is Concord (ONE), a blockchain protocol targeted on enhancing scalability between networks. The venture makes use of cross-sharded contracts and a cross-chain infrastructure between a number of blockchains together with Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT) and the Binance Good Chain (BSC).

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Knowledge from Cointelegraph Markets Pro and TradingView reveals that since hitting a low close to $0.095 on Aug. 30, the worth of ONE has surged 263% to a brand new report excessive at $0.345 on Oct. 25 as its 24-hour buying and selling quantity spiked above $800 million.

ONE/USDT 4-hour chart. Supply: TradingView

Three causes for the growing worth of ONE embody the launch of a $370 million ecosystem growth fund, the profitable completion of the Concord One World convention in Lisbon and the launch of many big-name protocols on the Concord community.

Ecosystem growth fund attracts new expertise

Concord introduced a $300 million ecosystem growth fund on Sept. 9 and this seems to have been the driving power behind the rally seen in ONE over the previous two months.

The said aim of this system is to “fund 10,000 extra crypto founders, builders and creatives” to assist strengthen and increase the Concord ecosystem.

Most lately, the venture launched a timeline for the 12 months forward which outlines the way it plans to spend $180 million from This fall 2021 by Q3 2022 to assist fund 100 decentralized autonomous organizations (DAOs), 1,000 bounties, 10 companions, 100 grants, 500 launches, 50 investments and 10 hackathons.

Proof that the fund is critical with its aim was lately displayed after the protocol awarded 10 new grant recipients throughout its “ONE World” convention in Lisbon.

ONE World Convention attracts a crowd

Another excuse for the latest energy from ONE is its ongoing ONE World convention in Lisbon which helps to coach the general public in regards to the capabilities of the Concord community and appeal to new builders to construct within the ecosystem.

The occasion was held on Oct. 18 and coincided with the start of a worth rally for ONE which elevated from $0.22 to a brand new all-time excessive on Oct. 25.

ONE World was scheduled to line up with LISCON 2021, an Ethereum-focused convention that was additionally held in Lisbon and showcased protocols that are interoperable with Ethereum and different blockchains.

Associated: Ethereum competitor Near launches $800M developer fund as DeFi competition heats up

Protocol integrations and token listings

A 3rd purpose for the momentum seen in ONE has been a sequence of partnerships, together with integrations with DeFi platforms like AAVE and Curve.

The addition of two of probably the most broadly used DeFi purposes within the cryptocurrency ecosystem has helped improve the attain and userbase of the Concord blockchain, which provides a lot decrease transaction charges for customers of the favored protocols.

Different latest integrations embody the launch of the WePiggy lending protocol and the itemizing of a ONE/USDC pair on Crypto.com.

VORTECS™ knowledge from Cointelegraph Markets Pro started to detect a bullish outlook for ONE on Sept. 29, previous to the latest worth rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market situations derived from a mixture of information factors together with market sentiment, buying and selling quantity, latest worth actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. ONE worth. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for ONE elevated into the inexperienced zone and reached a excessive at 75 on Sept. 29, round twelve hours earlier than the worth started to extend by 147% over the subsequent month.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, it’s best to conduct your individual analysis when making a call.