3 reasons why Harmony (ONE) returned to ATH this week
3 reasons why Harmony (ONE) returned to ATH this week.
Bitcoin price is still a long way off the all-time high (ATH) of $69,000 it set on Nov. 10, but that hasn’t stopped altcoins from moving to new highs.
Data from TradingView shows that the price of Harmony (ONE) has surged 163% since touching $0.13 on December 4 to establish a new ATH of $0.38 on January 14 and by 10 % has fallen to trade at $0.35 right now.
ONE/USDT daily frame price chart | Source: TradingView
Three reasons for Harmony’s growing strength are its growing ecosystem, the launch of more cross-chain bridges, and developers’ interest in finding solutions that replace the Ethereum network.
ONE benefits from a $300 million fund to develop the Harmony ecosystem
One of the biggest drivers of the overall strength of the Harmony ecosystem began in September, when the project launched a $300 million developer incentive program designed to fund bounty, bug grants, and the creation of 100 Decentralized Autonomous Organizations (DAOs ) should contribute harmony.
Since debut Through the program, 23 DAOs have been funded and launched on the Harmony network, with more currently under development.
The incentive program has also helped attract more protocols to join the Harmony blockchain in some of the ecosystem’s most popular areas, including DeFi, payment platforms, and NFT projects.
First/ @harmony protocol approves 21 more proposals for its $300 million ecosystem fund
And more️ pic.twitter.com/zxyl4Z3wWJ
— Harmony (@harmonyprotocol) January 13, 2022
Cross-chain bridges improve Harmony’s prospects
Another reason driving Harmony’s recent rally is that debut of multiple cross-chain bridges connecting the Harmony network to other Ethereum Virtual Machine (EVM) compatible networks such as Celer and Polygon.
“We are pleased to announce that Celer Network has expanded Harmony. ONE users can now use the multi-chain ‘cBridge’ to transmit USDC and WETH instantly and cost-effectively.”
In addition to Celer’s recent integration with c-Bridge, which enables USD Coin (USDC) and Wrapped Ether (wETH) cross-chain trading, Harmony has introduced an NFT cross-chain bridge as part of the Horizon Bridge, which again in November 2021 will .
Last the project disclosure Partnering with Cosmos, the Layer 1 protocol to create a bridge between two fast-growing ecosystems to further expand interoperability and expand cross-chain funding.
“We are pleased to announce that we have approved a Datachain grant to create a bridge between Harmony and Cosmos. Datachain’s experience in building interactive solutions with trusted intermediaries. ONE is approaching the expansion of cross-chain financing.”
Harmony is also in the final stages of creating a native bridge to the Bitcoin network, which is expected to be released before the end of Q1 2022.
New users and TVL of the ecosystem are growing again
Another bullish indicator supporting Harmony’s growth is TVL, which hit an ATH of $1.25 billion yesterday and is currently at $1.23 billion, according to data from Defi Llama.
Total locked on Harmony | Source: Defi Llama
Several DeFi protocols are thriving on the Harmony network, including DeFi Kingdoms (JEWEL) with $748 million in TVL, Tranquil Finance with $178.66 million, and Viperswap with $54.36 million.
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