The price of Harmony digital currency has grown 263 percent over the past two months, and according to experts, the $ 370 million investment of this project to develop its ecosystem is one of the main reasons why the price of this digital currency reaches a new historical peak.
to the Report Coin Telegraph, an ecosystem development investment fund, has recently become an active player in the digital currency market, and protocols with significant liquidity have found that launching incentive and reward programs is one of the most effective ways to attract users and protocols. New to a project.
One of the protocols that has recently been able to increase the value of its network token by launching an incentive program for developers is Harmony. Harmony is a Blockchain protocol that focuses on improving the scalability of mid-chain communication tools. The project uses smart contracts based on Sharded networks and inter-chain communication infrastructures between different blockchains, including Bitcoin, Ethereum, Polkadot and Bainance Smart China.
Market data show that the price of Harmony digital currency, after reaching the floor of $ 0.095 on August 30 (September 8), experienced a growth of 263% and reached its historical peak of $ 0.345 on October 25 (November 3). Is. It is worth mentioning that the volume of harmonic transactions in the last 24 hours has exceeded $ 800 million.
The launch of a $ 370 million ecosystem development fund, the successful completion of the Harmony One World conference in Lisbon, and the addition of several well-known protocols to the Harmony Network are among the main reasons for the digital currency’s price growth in the past two months. We will examine each of them carefully.
Attract new projects by launching a $ 370 million investment fund
The Harmony Foundation announced on September 9th (September 18th) that it has launched a $ 300 million fund to invest in ecosystem development, and this seems to be one of the main reasons for the growth of Harmony prices over the past two months.
Harmony officials say the fund aims to “fund 10,000 co-founders, developers and designers of digital currency-related projects” to expand and strengthen the Harmony ecosystem.
The project recently released a new timeline for 2022 that shows Harmony plans to spend $ 180 million of the fund’s balance between the fourth quarter of 2021 and the first quarter of 2022. According to the timeline, $ 180 million has been announced to help 100 decentralized organizations (DAOs), 1,000 rewards programs, 10 project partners, 100 grant funding options, 500 new project launches, 50 investments, and more. Cost 10 software development events.
The seriousness of Harmony towards the goals set for this fund was proved after the 10 financial aid grants were given to the activists in this field during the One Word Lisbon conference.
Success of One Word Conference
Another reason for the recent rise in the price of harmony was the holding of the OneWord conference in Lisbon. The conference aims to introduce the capabilities of the Harmony Network to the general public and attract new developers to the ecosystem of this digital currency.
The conference was held on Monday, October 18, following which the price of Harmony digital currency reached a historic high of $ 0.345 on October 25 (November 3) from $ 0.22.
The OneWord conference was held before the LISCON 2021 event. LISCON 2021 is an Ethereum conference that, like OneWord, was held in Lisbon, Portugal, and focused on protocols that work with Ethereum and other networks.
Harmonious cooperation with Defy giants
The third reason for the harmonious price growth is the cooperation with some of the platforms active in the field of decentralized finance (DeFi), such as AAVE and Curve Finance.
Collaboration with two of the most widely used Defy programs increases the amount of access and the number of Harmony users, and people can use this network to make transactions in their popular protocols for a much lower fee.
The launch of the WePiggy protocol on the Harmony Network and the addition of the Harmony / USCoin trading market to Crypto.com are other factors influencing the recent rise in the price of this digital currency.
VORTECS data show that the index identified a bullish outlook for harmony a few days before the recent price increase on September 29 (October 7).
The Vertex Score, which is exclusively offered by the Coin Telegraph website, is an algorithmic comparison of historical background and current market situation, which is a combination of several different types of data, including market sentiment, trading volume, recent price fluctuations and Twitter activity.
As can be seen from the chart above, the Vortex Harmony score entered the green (bullish) zone on September 29 (October 7) and reached its peak at 75 levels 12 hours before the 147% price increase in the following month.