Bitcoin Bridge Contributes to Harmony ONE’s Price Surge in Jan 2022

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Harmony ONE hit an all time high this week, allowing the crypto altcoin to reach $.38.  There are a number of contributing factors to this win including:

  • Robust fundamentals, the latest influx of users, and the newly released developer incentive of $300 Million, are just a few causes for Harmony’s surge.
  • Harmony is also at the end of the road for creating an indigenous bridge for the network of Bitcoin, which might launch by the first quarter of the year.
  • As the article was being written, the market value of Harmony’s indigenous coin, One, was trending at $0.3441, up by 3.11%.

Bitcoin’s market value is still miles away from its peak, $69,000, but is not acting as a barrier for other altcoins from soaring.

As per the analytics data, since slipping down to $0.13 in December beginning, Harmony (ONE) has surged by 163% to set a new peak of $0.38 in Mid January.

The reason for the fattening strength of Harmony involves an extending ecosystem, multiple cross bridges release, and interest of devs in discovering network alternatives of Ethereum.

Development Fund of $300 Million for the Ecosystem

One of the prominent uplift to the Harmony ecosystem’s overall health, initiated in September with the release of a $300 million program for developer incentives, customized to assist in funding bug bounties, grants and for creating 100 DAOs on the network.

Since the program’s release, 23 Decentralized Autonomous Organizations have been funded and released on the network of harmony, while more projects are in development.

The program also assisted in luring multiple protocols on harmony network in some prominent parts of the ecosystem.

Cross-Chain Bridges’ Assistance

Another cause for the firmness of Harmony is the release of numerous cross-chain bridges, connecting the network with other EVM compatible networks such as Polygon and Celer.

On the peak of the latest collaboration with the c-bridge of Celer, allowing cross-chain transactions oh wETH and USDC, a cross-chain NFT bridge was released by Harmony as an element of Horizon bridge in November previous year.

The project disclosed that it is joining hands with Cosmos, L1 protocol to develop a bridge among a couple of constantly growing ecosystems in an attempt to extend the interoperability and assist in scaling cross-chain finance.

Harmony is also at the end of the road in developing an indigenous bridge to the network of Bitcoin, which is anticipated to be launched by the end of the first quarter of the year.

Ecosystem’s Growth and Latest Users

Another metric riding the bulls was Harmony’s Total Value Locked, which is currently at $1.23 Billion, as per the data from DeFi Llama.

Numerous protocols on the network of Harmony are flourishing, such as Viperswap with the TVL of $54.3 Million, Tranquil Finance with the TVL of $176.9 Million, and DeFi Kingdoms with a TVL of $748.1 Million, at the time of this writing.

As per the data from Lunarcrush, live social volume was 37, which touched a week’s high of 263, with a live price of $0.34.

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