The price of bitcoin is still a way out from its all-time high of $69,000, but that isn’t stopping the altcoin from heading to new highs.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.13 on December 4th, the price of Harmony (ONE) is up 163% and set a new all-time high of $0.38 on January 14th .
The expanding ecosystem, the launch of multiple cross-chain bridges, and developers are interested in finding alternatives to the Ethereum network are three reasons for Harmony’s growing strength.
A Benefit from Harmony’s $300 Million Ecosystem Development Fund
The biggest increase to the overall health of the Harmony ecosystem began in September when the project launched a $300 million developer incentive program designed to help build 100 decentralized autonomous organizations (DAOs) on bug bounties, grants and harmony .
Since the launch of the program, 23 DAOs have been funded and launched on the Harmony Network and are currently in development.
The incentive program has helped attract several protocols to the Harmony blockchain in some of the most popular segments of the ecosystem, including DeFi, a payments platform, and non-fungible token (NFT) projects.
1/ @harmonyprotocol Approved 21 more proposals for its $300M ecosystem fund
DFI: @epnsproject @AnChainAI @perpprotocol @freyalacrypto
payment: @allbridge_io @MIM_Spell @klever_io @Trustee_Wallet
NFT: @TheDeFimons @KangaFinance @StoreTheApp @NiftyRow
more pic.twitter.com/zxyl4Z3wWJ
— Harmony (@harmonyprotocol) 13 January 2022
Cross-chain bridges help increase the chances of harmony
Another reason for Harmony’s recent strength is the launch of multiple cross-chain bridges that connect the Harmony network to other Ethereum Virtual Machine compatible networks such as Celer and Polygon.
1/ We are pleased to announce that @CelerNetwork has supported @harmonyprotocol,
A user can now use the multi-chain ‘cBridge’ to transfer $USDC And $WETH Quickly and at a low cost.
more ️
— Harmony (@harmonyprotocol) 12 January 2022
On top of the most recent integration with Celer C-Bridge, which enabled cross-chain transfers of USD Coin (USDC) and Wrapped Ether (WETH), Harmony has launched a cross-chain NFT bridge as part of Horizon Bridge. Did. November 2021.
Recently, the project revealed a collaboration with L1 protocol Cosmos to build a bridge between the two rapidly growing ecosystems to expand its interoperability and scale cross-chain finance. be able to help.
1/ We are pleased to announce that we have approved the grant for @datachain_en to build a bridge between harmony and @universe,
Datachain’s experience in building interoperability solutions using trusted intermediaries is unparalleled.
A step towards increasing cross-chain finance pic.twitter.com/27ueWWUkT0
— Harmony (@harmonyprotocol) 12 January 2022
Harmony is also in the final stages of building a native bridge for the bitcoin network, which is expected to be released before the end of the first quarter of 2022.
related: ICON commits $200M to Interoperability Incentive Fund
Growth of new users and ecosystem records high 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 DeFi Lama data.
Several DeFi protocols are thriving on the Harmony Network, including DeFi Kingdoms (JEWEL) with $747 million in TVL, Tranquil Finance with $201.85 million, and ViperSwap with $54.4 million in TVL.
VORTECS™ data from Cointelegraph Markets Pro began to trace a bullish outlook for ONE on January 8th, ahead of the recent price hike.
The VORTECS™ Score, exclusive to Cointelegraph, 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 seen in the chart above, the VORTECS™ score for ONE moved up into the green zone on January 8, reaching a high of 75 approximately 48 hours before the price increased 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 Cointelegraph.com. Every investment and trading move involves risk, so you should do your own research when making a decision.
