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

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Ecosystem improvement funds have develop into one of many newest market-moving developments within the crypto sector and protocols with giant treasuries have found that  reward and incentive applications are top-of-the-line methods to draw new customers and protocols to a venture. 

One protocol that has just lately seen its token worth rally following the discharge of an ecosystem improvement 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 value of ONE has surged 263% to a brand new document 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 rising worth of ONE embody the launch of a $370 million ecosystem improvement 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 improvement fund attracts new expertise

Concord introduced a $300 million ecosystem improvement 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 acknowledged purpose of this system is to “fund 10,000 extra crypto founders, builders and creatives” to assist strengthen and broaden the Concord ecosystem.

Most just lately, the venture launched a timeline for the yr 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 severe with its purpose was just lately displayed after the protocol awarded 10 new grant recipients throughout its “ONE World” convention in Lisbon.

ONE World Convention attracts a crowd

One more reason for the current energy from ONE is its ongoing ONE World convention in Lisbon which helps to coach the general public concerning the capabilities of the Concord community and entice 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 cause for the momentum seen in ONE has been a collection of partnerships, together with integrations with DeFi platforms like AAVE and Curve.

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

Different current 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 current worth rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mixture of knowledge factors together with market sentiment, buying and selling quantity, current 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 value started to extend by 147% over the subsequent month.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, you must conduct your personal analysis when making a call.