Altcoin

$300M incentive program backs 100% rally in Concord (ONE) value

Protocol and neighborhood growth initiatives have grow to be the most recent pattern within the cryptocurrency market after quite a lot of initiatives have launched multi-million greenback funds aimed toward attractive builders and buyers to make the cross-chain migration into the layer-2 ecosystem.

The newest venture to capitalize on this pattern is Concord (ONE), a blockchain protocol that boasts a 2-second transaction finality and presents cross-chain bridges to a handful of layer-one protocols, together with Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT) and the Binance Good Chain (BSC).

Information from Cointelegraph Markets Professional and TradingView exhibits that since hitting a low of $0.095 on Aug. 31, ONE value rallied 120% to a every day excessive at $0.21 on Sept. 9 as its 24-hour buying and selling quantity spiked to $717 million.

ONE/USDT 4-hour chart. Supply: TradingView

The surge in ONE value got here after the venture introduced a brand new $300 million ecosystem fund aimed toward attracting 10,000 builders and venture founders to construct on the protocol.

Except for the event fund, Concord value additionally benefited from the brand new partnerships and cross-chain integrations established over the previous few months. The latest growth got here with the Sept. 8 announcement of a partnership with Anyswap that can deliver a Bitcoin bridge to Concord.

Associated: New fund goals to place a whole lot of hundreds of thousands towards Algorand DeFi development

Funding incentives ignite value rallies

Group growth funds launched by protocols over the previous month is the brand new tactic getting used to draw liquidity.

Avalanche was one of many first to take action when it introduced its $180 million “Avalanche Rush” DeFi incentive program, which was adopted by a 200% rally within the value of AVAX.

One other instance is Fantom, which has seen its value surge by 300% following the announcement of its 370 FTM incentive program.

Different protocols which have launched comparable initiatives lately embody Terra, whose “Challenge Daybreak”  launch allocates $150 million to assist enhance the Terra ecosystem and Algorand, which launched a $300 million Viridis DeFi fund aimed toward maximizing the expansion of the DeFi ecosystem on Algorand.

The views and opinions expressed listed below are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, you must conduct your individual analysis when making a choice.

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