Protocol and group growth initiatives have turn out to be the newest development within the cryptocurrency market after quite a few initiatives have launched multi-million greenback funds aimed toward attractive builders and traders to make the cross-chain migration into the layer-2 ecosystem.
The most recent challenge to capitalize on this development is Concord (ONE), a blockchain protocol that boasts a 2-second transaction finality and gives cross-chain bridges to a handful of layer-one protocols, together with Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT) and the Binance Good Chain (BSC).
Knowledge from Cointelegraph Markets Pro and TradingView reveals that since hitting a low of $0.095 on Aug. 31, ONE value rallied 120% to a every day excessive at $0.21 on Sept. 9 as its 24-hour buying and selling quantity spiked to $717 million.
The surge in ONE value got here after the challenge introduced a brand new $300 million ecosystem fund aimed toward attracting 10,000 builders and challenge founders to construct on the protocol.
At present, we’re saying our $300 million ecosystem fund to speed up 10,000 builders.
The @harmonyprotocol ecosystem has been rising exponentially and we intention to fund 10,000 extra crypto founders, builders and creatives.
Let’s construct the longer term collectively: https://t.co/6Yb9DoAa65
— Concord (@harmonyprotocol) September 9, 2021
Except for the event fund, Concord value additionally benefited from the brand new partnerships and cross-chain integrations established over the previous few months. The newest growth got here with the Sept. 8 announcement of a partnership with Anyswap that can carry a Bitcoin bridge to Concord.
Funding incentives ignite value rallies
Neighborhood growth funds launched by protocols over the previous month is the brand new tactic getting used to draw liquidity.
Avalanche was one of many first to take action when it introduced its $180 million “Avalanche Rush” DeFi incentive program, which was adopted by a 200% rally within the value of AVAX.
One other instance is Fantom, which has seen its value surge by 300% following the announcement of its 370 FTM incentive program.
Different protocols which have launched comparable initiatives lately embody Terra, whose “Venture Daybreak” launch allocates $150 million to assist enhance the Terra ecosystem and Algorand, which launched a $300 million Viridis DeFi fund aimed toward maximizing the expansion of the DeFi ecosystem on Algorand.
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