Ecosystem growth funds have change into one of many newest market-moving tendencies within the crypto sector, and protocols with massive treasuries have found that incentive packages are top-of-the-line methods to draw new customers and protocols to a mission.
One protocol that has lately seen its token worth rally following the discharge of an ecosystem growth grant is Concord, a blockchain protocol targeted on enhancing scalability between networks. The mission makes use of cross-sharded contracts and a cross-chain infrastructure amongst a number of blockchains, together with Bitcoin, Ethereum, Polkadot and the Binance Sensible Chain.
Knowledge from Cointelegraph Markets Pro and TradingView exhibits that since hitting a low close to $0.095 on Aug. 30, the worth of Concord (ONE) has surged 263% to a brand new document excessive at $0.345 on Oct. 25 as its 24-hour buying and selling quantity spiked above $800 million.
Three causes for the rising worth of ONE embrace the launch of a $370-million ecosystem growth fund, the profitable completion of the Concord One World convention in Lisbon, and the launch of many big-name protocols on the Concord community.
Ecosystem growth fund attracts new expertise
Concord introduced a $300-million ecosystem growth fund on Sept. 9, and this seems to have been the driving power behind the rally seen in ONE over the previous two months.
The said objective of this system is to “fund 10,000 extra crypto founders, builders and creatives” to assist strengthen and increase the Concord ecosystem.
Most lately, the mission launched a timeline for the yr forward that outlines the way it plans to spend $180 million from This autumn 2021 by Q3 2022 to assist fund 100 decentralized autonomous organizations, 1,000 bounties, 10 companions, 100 grants, 500 launches, 50 investments and 10 hackathons.
Proof that the fund is critical with its objective was lately displayed after the protocol awarded 10 new grant recipients throughout its “ONE World” convention in Lisbon.
ONE World Convention attracts a crowd
Another excuse for the latest power from ONE is its ongoing ONE World Convention in Lisbon, which helps to coach the general public concerning the capabilities of the Concord community and entice new builders to construct within the ecosystem.
1/ The Concord ONE World convention is lastly right here!
The session started with a packed home (following the protocols in fact)
The occasion celebrated the #Harmonycommunity and mentioned the best way to construct a greater future for the neighborhood
Right here’s what occurred! pic.twitter.com/d47BoxGVkb
— Concord (@harmonyprotocol) October 18, 2021
The occasion was held on Oct. 18 and coincided with the start of a worth rally for ONE, which elevated from $0.22 to a brand new all-time excessive on Oct. 25.
ONE World was scheduled to line up with LISCON 2021, an Ethereum-focused convention that was additionally held in Lisbon and showcased protocols which are interoperable with Ethereum and different blockchains.
Protocol integrations and token listings
A 3rd cause for the momentum seen in ONE has been a sequence of partnerships, together with integrations with decentralized finance (DeFi) platforms comparable to Aave and Curve.
— Charlie Watkins (@charlie_eth) October 12, 2021
The addition of two of probably the most extensively used DeFi functions within the cryptocurrency ecosystem has helped improve the attain and userbase of the Concord blockchain, which gives a lot decrease transaction charges for customers of the favored protocols.
Different latest integrations embrace the launch of the WePiggy lending protocol and the itemizing of a ONE/USDC pair on Crypto.com.
VORTECS™ knowledge from Cointelegraph Markets Pro started to detect a bullish outlook for ONE on Sept. 29 previous to the latest worth rise.
The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market situations derived from a mix of information factors, together with market sentiment, buying and selling quantity, latest worth actions and Twitter exercise.
As seen within the chart above, the VORTECS™ Rating for ONE elevated into the inexperienced zone and reached a excessive at 75 on Sept. 29, round 12 hours earlier than the worth started to extend by 147% over the following month.
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