3 the explanation why Harmony (ONE) rallied again to its all-time excessive this week

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Data from Cointelegraph Markets Pro and TradingView reveals that since hitting a low of $0.13 on Dec. 4, the value of Harmony (ONE) has risen 163% to ascertain a brand new all-time excessive of $0.38 on Jan. 14

ONE/USDT 1-day chart. Source: TradingView

Three causes for the rising energy of Harmony embrace an increasing ecosystem, the launch of a number of cross-chain bridges and builders curiosity find Ethereum community alternate options.

ONE advantages from Harmony’s $300 million ecosystem growth fund

One of the largest boosts to the general well being of the Harmony ecosystem started again in September when the undertaking launched a $300 million developer incentive program designed to assist fund bug bounties, grants and the creation of 100 decentralized autonomous organizations (DAOs) on Harmony.

Since the launch of this system, 23 DAOs have been funded and launched on the Harmony community with extra at the moment in growth.

The incentive program has additionally helped appeal to a number of protocols to the Harmony blockchain in among the hottest sectors of the ecosystem, together with DeFi, fee platforms and nonfungible token (NFT) initiatives.

1/ @harmonyprotocol approves 21 extra proposals for its $300M Ecosystem Fund

DeFi: @epnsproject @AnChainAI @perpprotocol @freyalacrypto

Payments: @Allbridge_io @MIM_Spell @klever_io @Trustee_Wallet

NFT: @TheDeFimons @KangaFinance @StoreyTheApp @NiftyRow

And extra ⬇️ pic.twitter.com/zxyl4Z3wWJ

— Harmony (@harmonyprotocol) January 13, 2022

Cross-chain bridges assist elevate Harmony’s prospects

Another motive for Harmony ‘s latest energy is the launch of a number of cross-chain bridges that join the Harmony community with different Ethereum Virtual Machine appropriate networks like Celer and Polygon.

1/ We are excited to announce that @CelerCommunity has prolonged help to @harmonyprotocol.

ONE customers can now use the multi-chain ‘cBridge’ to switch $USDC and $WETH immediately and at a low-cost.

More ⬇️

— Harmony (@harmonyprotocol) January 12, 2022

On high of the latest integration with the Celer c-bridge, which enabled the cross-chain switch of USD Coin (USDC) and Wrapped Ether (wETH), Harmony launched a cross-chain NFT bridge as a part of the Horizon bridge again in November of 2021.

Most not too long ago, the undertaking revealed a collaboration with the L1 protocol Cosmos to create a bridge between the 2 quickly rising ecosystems in an effort to additional develop its interoperability and assist scale cross-chain finance.

1/ We are glad to announce that now we have permitted a grant for @datachain_en to construct a bridge between Harmony & @cosmos.

Datachain’s expertise in constructing interoperability options utilizing trustless intermediaries is peerless.

ONE step nearer in direction of scaling cross-chain finance pic.twitter.com/27ueWWUkT0

— Harmony (@harmonyprotocol) January 12, 2022

Harmony can also be within the ultimate phases of making a local bridge to the Bitcoin community which is anticipated to be launched earlier than the tip of Q1 2022.

Related: ICON commits $200M to interoperability incentive fund

New customers and ecosystem progress again document excessive TVL

Another bullish metric backing Harmony’s progress is its rising TVL, which is now at an all-time excessive of $1.25 billion in response to knowledge from Defi Llama.

Total worth locked on Harmony. Source: Defi Llama

Several DeFi protocols are thriving on the Harmony community, together with DeFi Kingdoms (JEWEL), which accounts for $747 million of the TVL, Tranquil Finance with $201.85 million and Viperswap with a $54.4 million TVL.

VORTECS™ knowledge from Cointelegraph Markets Pro started to detect a bullish outlook for ONE on Jan. 8, previous to the latest worth rise.

The VORTECS™ Score, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mix of knowledge factors together with market sentiment, buying and selling quantity, latest worth actions and Twitter exercise.

VORTECS™ Score (inexperienced) vs. ONE worth. Source: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Score for ONE spiked into the inexperienced zone on Jan. 8 and hit a excessive of 75 round 48 hours earlier than the value proceeded to extend 50% over the following 4 days.

The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Every funding and buying and selling transfer includes danger, it is best to conduct your personal analysis when making a call.

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