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

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Ecosystem growth funds have develop into one of many newest market-moving developments within the crypto sector, and protocols with massive treasuries have found that incentive packages are among the best 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, a blockchain protocol centered on bettering scalability between networks. The venture makes use of cross-sharded contracts and a cross-chain infrastructure amongst a number of blockchains, together with Bitcoin, Ethereum, Polkadot and the Binance Sensible Chain.

Information from Cointelegraph Markets Pro and TradingView reveals that since hitting a low close to $0.095 on Aug. 30, the value of Concord (ONE) has surged 263% to a brand new file 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 embrace 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 pressure behind the rally seen in ONE over the previous two months.

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

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

Proof that the fund is severe with its objective 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 teach 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 which 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 motive for the momentum seen in ONE has been a sequence of partnerships, together with integrations with decentralized finance (DeFi) platforms corresponding to Aave and Curve.

The addition of two of probably the most extensively used DeFi functions within the cryptocurrency ecosystem has helped enhance the attain and userbase of the Concord blockchain, which presents a lot decrease transaction charges for customers of the favored protocols.

Different latest integrations embrace 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 knowledge 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 12 hours earlier than the value started to extend by 147% over the subsequent month.

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 includes danger, you need to conduct your individual analysis when making a call.