In the cryptocurrency industry, some of the latest trends that almost every crypto-startup is aiming to adopt include community and protocol development initiatives. Surprisingly, these trends have been brought into play by huge crypto- and non-crypto investors, eager to revolutionize the crypto markets.
To achieve this goal and execute it in the most efficient and effective manner, entities are pouring in huge investments in any startup they see in the crypto-sector. However, the startup (protocol) needs to fulfill one condition, which is to ensure that it has the potential to grow and compete with world-class protocols currently in play.
At present, some of the most demanded and highly funded projects in the crypto-sector are the ones focused on the layer-2 ecosystem enabling cross-chain migration for users. As the cryptocurrency industry continues to grow, several protocols are being launched that tend to work independently.
Therefore, the investors and venture capital firms are going after projects that focus their expertise towards enabling cross-chain trades and asset movements. At the end of the day, this is the trend that is able to attract the majority of the big guns to make huge investments if a project wants to outperform others.
Harmony (ONE) is the latest project that has managed to attract such investors with its promising objective. As a result of its efforts and fundamentals, the project has managed to attract many investors and has generated high capital in return.
Harmony is a protocol that is based on the blockchain network. It currently boasts offering users the ability to perform cross-chain transactions through the bridges built across cross-chains. Furthermore, the protocol also boasts transactions finality, which it claims to consist of just 2 seconds.
One of the most unique utilities of Harmony is that despite being a layer-two protocol, it builds cross-chain bridges even with layer-one protocols. Some of the major blockchain networks it has formed bridges with include Binance Smart Chain (BSC), Polkadot (DOT), Ethereum (ETH), and Bitcoin (BTC). All these networks are known to be layer-one protocols.
This very capability and utility offered by Harmony have helped it gather a huge rally towards its protocol (ONE). A couple of on-chain data analyzing firms have shared the rally report that ONE is observing at present.
The data from the research firms shows that on August 31, 2021, the price of ONE was at $0.095, which was a low figure. However, until September 9, 2021, ONE had experienced over 120% rally, bringing its price all the way up to $0.21 per ONE.
The data shows that its trading volume on September 9, 2021, was all the way up to $717 million in a 24-hour period.
The surge in ONE’s price was observed shortly after Harmony’s announcement of securing $300 from a funding round. The funding was led by several major investors and was focused on the development of several protocols within the cryptocurrency ecosystem.