$300M incentive program backs 100% rally in Harmony (ONE) price
13 Sep 2021 #Harmony
ONE price gained more than 100% after announcing plans to launch a $300 million ecosystem development fund. Protocol and community development initiatives have become the latest trend in the cryptocurrency market after a number of projects have launched multi-million dollar funds aimed at enticing builders and investors to make the cross-chain migration into the layer-2 ecosystem. The latest project to capitalize on this trend is Harmony (ONE), a blockchain protocol that boasts a 2-second transaction finality and offers cross-chain bridges to a handful of layer-one protocols, including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT) and the Binance Smart Chain (BSC).
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.095 on Aug. 31, ONE price rallied 120% to a daily high at $0.21 on Sept. 9 as its 24-hour trading volume spiked to $717 million.
The surge in ONE price came after the project announced a new $300 million ecosystem fund aimed at attracting 10,000 developers and project founders to build on the protocol. Aside from the development fund, Harmony price also benefited from the new partnerships and cross-chain integrations established over the past few months. The most recent development came with the Sept. 8 announcement of a partnership with Anyswap that will bring a Bitcoin bridge to Harmony.
Funding incentives ignite price rallies
Community development funds launched by protocols over the past month is the new tactic being used to attract liquidity. Avalanche was one of the first to do so when it announced its $180 million “Avalanche Rush” DeFi incentive program, which was followed by a 200% rally in the price of AVAX.
Another example is Fantom, which has seen its price surge by 300% following the announcement of its 370 FTM incentive program.
Other protocols that have launched similar initiatives recently include Terra, whose “Project Dawn” launch allocates $150 million to help improve the Terra ecosystem and Algorand, which launched a $300 million Viridis DeFi fund aimed at maximizing the growth of the DeFi ecosystem on Algorand.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | Volume 24h | |
| 1 |  BTC |
Bitcoin predictions | 83.6% | 24 | $48 023.28 | -0.71% | 3.44% | $903 705 648 774 | $30 868 405 829 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 71.6% | 52 | $3 563.80 | -1.89% | 4.12% | $418 950 530 113 | $18 493 669 977 | |
| 3 |  ADA |
Cardano predictions | 66% | 64 | $2.42 | -2.23% | -3.43% | $77 683 489 177 | $3 095 901 217 | |
| 4 |  BNB |
Binance Coin predictions | 68.4% | 70 | $421.22 | -2.55% | -0.83% | $70 821 892 729 | $1 657 577 581 | |
| 5 |  USDT |
Tether predictions | 96% | 1 | $1.000499 | 0.02% | 0.05% | $68 288 037 795 | $74 172 515 331 | |
| 6 |  XRP |
XRP predictions | 71.2% | 56 | $1.093567 | -2.51% | -3.05% | $50 984 520 461 | $3 018 193 479 | |
| 7 |  SOL |
Solana predictions | 57.2% | 89 | $146.88 | -7.34% | -21.00% | $43 597 219 268 | $3 263 512 936 | |
| 8 |  DOT |
Polkadot predictions | 63.2% | 83 | $36.36 | 1.92% | 15.42% | $35 909 826 746 | $2 318 625 572 | |
| 9 |  DOGE |
Dogecoin predictions | 66.4% | 65 | $0.254974 | 3.69% | 0.76% | $33 480 789 211 | $1 873 594 606 | |
| 10 |  USDC |
USD Coin predictions | 94.8% | 1 | $1.000186 | 0.02% | 0.01% | $29 230 519 112 | $2 845 039 489 | |
| 11 |  UNI |
UniSwap predictions | 68.8% | 56 | $25.82 | -4.67% | 9.72% | $15 791 177 382 | $595 594 004 | |
| 12 |  LUNA |
Terra predictions | 68% | 67 | $36.20 | -0.80% | 12.70% | $14 549 248 511 | $1 555 371 086 | |
| 13 |  AVAX |
Avalanche predictions | 69.2% | 69 | $64.76 | 6.83% | 48.17% | $14 265 392 957 | $2 603 032 868 | |
| 14 |  LINK |
Chainlink predictions | 74% | 56 | $29.85 | -5.29% | 4.13% | $13 491 251 604 | $1 523 058 445 | |
| 15 |  BUSD |
Binance USD predictions | 96% | 1 | $1.000197 | 0.01% | 0.02% | $12 747 342 580 | $6 385 206 639 |
