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.
ONE/USDT 4-hour chart. Source: TradingView
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.
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