Altcoin project Harmony (ONE), which focuses on DApps, has gained more than 100% after announcing its plans to launch a $300 million ecosystem development fund. Analyst Jordan Finneseth says similar incentives have been successfully completed at Avalanche and Phantom. We continue with the details…
What is Harmony (ONE)?
Protocol and community initiatives have become the latest trend in the cryptocurrency market after launching millions of dollars in funding, a series of projects aimed at persuading developers and investors to make the cross-chain transition to the layer 2 ecosystem. The latest project to capitalize on this trend is a Blockchain that can finalize a 2-second transaction and offers cross-chain bridges to a handful of layer one protocols, including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Binance Smart Chain (BSC). became Harmony (ONE) protocol.
Altcoin Harmony (ONE) attracts developers
Data from TradingView shows that since dropping to $0.095 on August 31, ONE price surged 120% to a daily high of $0.21 on September 9, with 24-hour trading volume rising to $717 million. The ONE price hike comes after the project announced a new $300 million ecosystem fund that aims to attract 10,000 developers and project founders to build on the protocol.
cryptocoin.com In addition to the development funding we’ve transferred, ONE price has also benefited from new partnerships and cross-chain integrations established in the last few months. The latest development came with the announcement of a partnership with Anyswap on September 8 that will bring a Bitcoin bridge to Harmony.
Incentives fuel price
Community development funds launched by protocols last month are the new tactic used to attract liquidity. Avalanche was one of the first to do so when it announced its $180 million “Avalanche Rush” DeFi incentive program, followed by a 200% rally in AVAX price. Another example is Fantom, which saw its prices increase 300% after the announcement of the 370 FTM incentive program. Other protocols that have recently launched similar initiatives include Terra, whose “Project Dawn” launch allocated $150 million to help develop the Terra ecosystem, and Algorand, which launched a $300 million Viridis DeFi fund aimed at maximizing the growth of the DeFi ecosystem in Algorand.
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