$300M incentive program backs 100% rally in Harmony (ONE) price


Protocol and group improvement initiatives have change into the newest pattern within the cryptocurrency market after numerous tasks have launched multi-million greenback funds aimed toward attractive builders and traders to make the cross-chain migration into the layer-2 ecosystem.

The most recent challenge to capitalize on this pattern is Concord (ONE), a blockchain protocol that boasts a 2-second transaction finality and provides cross-chain bridges to a handful of layer-one protocols, 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 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.

ONE/USDT 4-hour chart. Supply: TradingView

The surge in ONE value got here after the challenge introduced a brand new $300 million ecosystem fund aimed toward attracting 10,000 builders and challenge founders to construct on the protocol.

Apart from the event fund, Concord value additionally benefited from the brand new partnerships and cross-chain integrations established over the previous few months. The newest improvement got here with the Sept. 8 announcement of a partnership with Anyswap that may deliver a Bitcoin bridge to Concord.

Associated: New fund aims to put hundreds of millions toward Algorand DeFi growth

Funding incentives ignite value rallies

Neighborhood 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.

One other instance is Fantom, which has seen its value surge by 300% following the announcement of its 370 FTM incentive program.

Different protocols which have launched comparable initiatives just lately embrace Terra, whose “Challenge Daybreak”  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.

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