3 Reasons Harmony (ONE) Returned to All-Time High This Week
Bitcoin price is still far from its all-time high of $69,000, but that’s not stopping altcoins from hitting new highs.
Data from TBEN Markets Pro and TradingView shows that since hitting a low of $0.13 on December 4, the price of Harmony (ONE) has risen 163% to set a new all-time high of 0.38 $ on January 14.
Three reasons for Harmony’s growing strength include an expanding ecosystem, the launch of multiple cross-chain bridges, and developer interest in finding alternatives to the Ethereum network.
ONE benefits from Harmony’s $300 million ecosystem development fund
One of the biggest improvements to the overall health of the Harmony ecosystem began in September when the project launched a $300 million developer incentive program designed to help fund bug bounties, grants, and the creation of 100 decentralized autonomous organizations (DAO) on Harmony.
Since the launch of the program, 23 DAOs have been funded and launched on the Harmony Network and more are currently in development.
The incentive program has also helped attract several protocols to the Harmony blockchain in some of the ecosystem’s most popular sectors, including DeFi, payment platforms, and non-fungible token (NFT) projects.
1/ @harmonyprotocol approves 21 more proposals for its $300 million Ecosystem Fund
Challenge : @epnsproject @AnChainAI @perpprotocol @freyalacrypto
Payments: @Allbridge_io @MIM_Spell @klever_io @Trustee_Wallet
NFT: @TheDeFimons @KangaFinance @StoreyTheApp @NiftyRow
And more ⬇️ pic.twitter.com/zxyl4Z3wWJ
— Harmony (@harmonyprotocol) January 13, 2022
Cross-Chain Bridges Help Improve Harmony’s Prospects
Another reason for Harmony’s recent strength is the launch of several cross-chain bridges that connect the Harmony network to other Ethereum Virtual Machine-enabled networks like Celer and Polygon.
1/ We are delighted to announce that @CelerNetwork extended its support to @harmonyprotocol.
ONE users can now use multi-channel “cBridge” to transfer $USDC and $WETH instantly and inexpensively.
More ⬇️
— Harmony (@harmonyprotocol) January 12, 2022
In addition to the most recent integration with the C Celer bridge, which enabled cross-chain transfer of USD Coin (USDC) and Wrapped Ether (wETH), Harmony launched a cross-chain NFT bridge as part of the Horizon deck aft. November 2021.
More recently, the project revealed a collaboration with the L1 Cosmos protocol to create a bridge between the two rapidly growing ecosystems with the aim of further expanding its interoperability and helping to scale cross-chain finance.
1/ We are happy to announce that we have approved a grant for @datachain_en build a bridge between Harmony & @cosmos.
Datachain’s experience in building interoperability solutions using trustless intermediaries is unmatched.
ONE step closer to scaling cross-chain finance pic.twitter.com/27ueWWUkT0
— Harmony (@harmonyprotocol) January 12, 2022
Harmony is also in the final stages of building a native bridge to the Bitcoin network which is expected to be released before the end of Q1 2022.
Related: ICON Commits $200M to Interoperability Incentive Fund
New users and ecosystem growth return to an all-time high from TVL
Another bullish metric supporting Harmony’s growth is its rising TVL, which is now at an all-time high of $1.25 billion according to data from Defi Llama.
Several DeFi protocols are thriving on the Harmony network, including DeFi Kingdoms (JEWEL), which accounts for $747 million TVL, Tranquil Finance with $201.85 million, and Viperswap with $54.4 million TVL.
VORTECS™ data from TBEN Markets Pro began detecting a bullish outlook for ONE on January 8, ahead of the recent price rally.
The VORTECS™ score, exclusive to TBEN, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity. .
As shown in the chart above, the VORTECS™ score for ONE hit the green zone on January 8 and hit a high of 75 about 48 hours before the price rose 50% over the next four days.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of TBEN.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.