Since the start of February, Harmony (ONE) has rallied by 230% and while the proof-of-stake smart contract platform benefited from Ethereum’s skyrocketing gas fees, the recent meteoric rise appears to be driven by more fundamental factors.
Harmony (ONE), ATOM, SOL, NEAR, OMG at Binance. Source: TradingView
Harmony is a sharding protocol with a trustless Ethereum bridge that separates the chain into segments that process transactions and store data in parallel. It’s considered a layer-2 solution as it splits both the nodes and blockchain states into shards. This means the network can scale linearly.
Each shard has 250 nodes to guarantee cryptographic randomness and by using a Practical Byzantine Fault Tolerance consensus, the network maintains low transaction fees and single block final confirmation.
Harmony’s mainnet went live in June 2019 and currently, it offers staking and