Harmony Hits All-Time High As Market Continues To Climb Thanks To DeFi Plays
Harmony is up almost 40% in the last 24 hours.
Covered:
- Harmony’s Rise
- TVL And Fantom
Harmony One’s Rise
Harmony 24-Hour Chart. Credit: CoinMarketCap.com
Harmony (ticker symbol: ONE) leads all top 100 projects with a 40% gain in the last 24 hours. The scaling solution protocol is trading in the $0.23 USD range. $0.23 is also the long-dormant project’s all-time high.
Harmony is a high-speed, low-cost transaction platform, boasting “2-second transaction finality and 100 times lower fees.”
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As well, ONE is an all-in-one scaling and interoperability solution that bills itself as a secure bridge to transfer cross-chain assets with Ethereum, Binance, amongst others. Most recently, an insecure bridge was to blame for the Poly Network hack.
As far as news catalysts go, there isn’t much recently that can explain ONE’s sudden rise. Yesterday, they announced via Twitter the launch of the first DEX analytics aggregator. In addition, back in early September, Anyswap announced a bridge to bring native Bitcoin to to the Harmony network.
Harmony One, TVL, And Fantom
Nevertheless, Total Value Locked (TVL) is up 35% in the last seven days, and up 15% in the last 24 hours. That makes it the 2nd biggest gainer among top 100 projects TVL-wise in that timeframe.
Current Gas Fees for October 8th. Credit: Crypto.com
A quick look at gas fees shows the biggest DEX, Uniswap requiring $160 USD to complete a swap. With gas prices as high as they are right now, it’s hardly surprising that DeFi users are seeking scaling solutions like Harmony.
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Fantom, a similar project to Harmony is also performing well.
Fantom 24-Hour Chart. Credit: CoinMarketCap.com
Fantom is up 15% in the last 24 hours, trading in the $2.26 USD range. Fantom is a similar scaling solution project. It bills itself as a “highly scalable blockchain platform for DeFi, crypto dApps, and enterprise applications.”
As far as TVL goes, it’s the only top 100 project ahead of Harmony at the moment. Fantom is up a massive 177% TVL-wise in the last 24 hours.
Total Value Locked On All Chains. Credit: defillama.com/
On the strength of DeFi scaling solutions like Harmony and Fantom, the market is up another 1.6%, bringing the total market cap to $2.32 trillion USD.
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Text source: CryptosRus
