• Harmony (ONE) price is up 100% thanks to a $300 million incentive program

  • After a number of projects launched multi-million dollar funds aimed at enticing builders and investors to make the cross-chain migration into the layer-2 ecosystem, protocol and community development initiatives have become the latest trend in the cryptocurrency market.

    Harmony (ONE), a blockchain protocol with a 2-second transaction finality and cross-chain bridges to a handful of layer-one protocols such as Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), and the Binance Smart Chain, is the most recent project to capitalize on this trend (BSC).

    According to TradingView data, since hitting a low of $0.095 on Aug. 31, the ONE price has risen 120 percent to a daily high of $0.21 on Sept. 9, with its 24-hour trading volume increasing to $717 million.

    The price of ONE increased after the project announced a new $300 million ecosystem fund with the goal of attracting 10,000 developers and project founders to build on the protocol.

    Aside from the development fund, the Harmony price has benefited from new partnerships and cross-chain integrations formed in recent months. The most recent development was the announcement on September 8 of a partnership with Anyswap that will bring a Bitcoin bridge to Harmony.

    Incentives for funding stoke price rallies

    Protocols’ recent launch of community development funds is a new strategy for attracting liquidity.

    Avalanche was among the first to do so, announcing its $180 million “Avalanche Rush” DeFi incentive program, which triggered a 200 percent increase in the price of AVAX.

    Another case in point is Fantom, whose stock price has risen by 300 percent since the announcement of its 370 FTM incentive program.

    Other protocols that have recently launched similar initiatives include Terra, which has allocated $150 million to help improve the Terra ecosystem, and Algorand, which has launched a $300 million Viridis DeFi fund aimed at maximizing the growth of the Algorand DeFi ecosystem.

    The author’s views and opinions are solely his or her own and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk; therefore, before making a decision, you should conduct your own research.

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