$300M incentive program backs 100% rally in Harmony (ONE) value
Protocol and neighborhood improvement initiatives have turn into the most recent development within the cryptocurrency market after quite a few initiatives have launched multi-million greenback funds aimed toward engaging builders and traders to make the cross-chain migration into the layer-2 ecosystem.
The newest mission to capitalize on this development is Harmony (ONE), a blockchain protocol that boasts a 2-second transaction finality and affords cross-chain bridges to a handful of layer-one protocols, together with Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT) and the Binance Smart Chain (BSC).
Data from Cointelegraph Markets Pro and TradingView reveals that since hitting a low of $0.095 on Aug. 31, ONE value rallied 120% to a each day excessive at $0.21 on Sept. 9 as its 24-hour buying and selling quantity spiked to $717 million.
The surge in ONE value got here after the mission introduced a brand new $300 million ecosystem fund aimed toward attracting 10,000 builders and mission founders to construct on the protocol.
Today, we’re asserting our $300 million ecosystem fund to speed up 10,000 builders.
The @harmonyprotocol ecosystem has been rising exponentially and we purpose to fund 10,000 extra crypto founders, builders and creatives.
Let’s construct the long run collectively: https://t.co/6Yb9DoAa65
— Harmony (@harmonyprotocol) September 9, 2021
Aside from the event fund, Harmony value additionally benefited from the brand new partnerships and cross-chain integrations established over the previous few months. The most up-to-date improvement got here with the Sept. 8 announcement of a partnership with Anyswap that may carry a Bitcoin bridge to Harmony.
Related: New fund goals to place tons of of thousands and thousands towards Algorand DeFi progress
Funding incentives ignite value rallies
Community improvement funds launched by protocols over the previous month is the brand new tactic getting used to draw liquidity.
Avalanche was one of many first to take action when it introduced its $180 million “Avalanche Rush” DeFi incentive program, which was adopted by a 200% rally within the value of AVAX.
Another instance is Fantom, which has seen its value surge by 300% following the announcement of its 370 FTM incentive program.
Other protocols which have launched related initiatives just lately embody Terra, whose “Project Dawn” launch allocates $150 million to assist enhance the Terra ecosystem and Algorand, which launched a $300 million Viridis DeFi fund aimed toward maximizing the expansion of the DeFi ecosystem on Algorand.
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