Harmony is a protocol in blockchain that focuses on improving inter-network stability. The protocol has seen the price of its token, ONE, rally after a grant for ecosystem development was released. TradingView and Cointelegraph Markets data showed that it hit its lowest of $0.095 on 30th August. Since then, on 25th October, it has recorded an ATH of $0.345 after surging 263%.
The Factors Pushing The Rise Of Harmony
On 9th September, Harmony had announced a development fund for the ecosystem worth $300mn. This seems to be have been the primary factor behind ONE’s two-month-long rally. Recently, a timeline was released by the project for 2022 that describes its plans of spending $180mn between Q4 2021 and Q3 2022. The fund made its intent serious after recently awarding 10 grant recipients during its Lisbon conference called “ONE World”.
This conference is one more reason behind the rise of Harmony’s ONE. The Lisbon conference is educating the public regarding the Harmony network’s capabilities. It has also become a platform for attracting new developers to the enriching the ecosystem.
The event started on 18th October. Coincidentally, it also marked the starting of one of ONE’s price rallies. The rally ended on 25th October pushing the token to a new ATH after starting from $0.22. Harmony’s conference was expected to be in alignment with 2021 LISCON – a conference focused on Ethereum.
The final reason behind ONE’s price rally seems to be the number of partnerships that have been announced for the protocol. This includes DeFi platforms integrations like Curve and Aave. This addition has increased the userbase and reach of Harmony. The blockchain protocol is known for offering much lower fees for a transaction when it comes to these popular protocols. Another recent integration was the WePiggy protocol for lending.