For years, high transaction costs have been a problem for the best blockchain protocols, as in Bitcoin (BTC) and Ethereum (ETH), the average cost of performing a token transfer has increased during network congestion and high demand.
The Layer 1 (L1) protocol that has been gaining traction in recent months that aims to offer an affordable solution at a high cost is the Oasis Network (ROSE), a privacy-focused L1 blockchain built with the Cosmos SDK and designed for open access. and a responsible computer economy.
Data from Cointelegraph Markets Pro and TradingView show that since hitting a low of $ 0.169 on October 28, the ROSE price has surged 176.5% to a new all-time high of $ 0.466 on November 21, and is back on track after rising 70% since December. … twenty.
ROSE / USDT 4-hour chart. Source: TradingView
Three reasons for building momentum and ROSE grants include the launch of the $ 160 million Oasis ecosystem fund, the introduction of the first off-chain token (NFT) project, a fast-growing community, and an ecosystem for decentralized applications.
Oasis Ecosystem Development Fund
The most significant ROSE achievement that helped trigger the price hikes was the November 17 announcement that the $ 160 million Oasis Ecosystem Fund was launched to help founders and projects grow the Oasis network and ecosystem.
The development fund is backed by a number of partners and investors, including Draper Dragon, Hashed, FBG, and Pantera Capital, and aims to help expand the ecosystem across many sectors such as Decentralized Finance (DeFi), NFT, Metaverse, Data Tokenization. and data management organizations. Data, data management and privacy applications.
An important factor that attracts projects at Oasis is its built-in privacy features designed to support sensitive smart contracts; Its ability to process transactions at 99% cheaper than Ethereum’s cost provides an additional incentive to attract promising applications.
Privacy is especially important in the DeFi environment, and the projects it promotes can help smooth the transition of stakeholders from centralized funding to decentralized alternatives.
NTF come to the oasis
Another reason why ROSE is so strong is the launch of NFT Oasis AI Rose, the first networked NFT project.
To share with the community and showcase the power of NFT, 999 AI roses were engraved and sent to users.
In addition to launching its first dedicated NFT project for Oasis, the network also recently signed a partnership with NFTb, which markets itself as a multi-chain NFT and DeFi platform. NFTb currently offers a dedicated NFT marketplace designed specifically for digital artists, gamers and music lovers, as well as a dual NFT launch pad and a unique token launch pad to help creators launch their projects.
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The third factor behind the emergence of ROSE is the expanding ecosystem of decentralized applications and a growing community of active users.
On December 16, it was revealed that YuzuSwap, the first decentralized exchange built on Oasis, has raised $ 2 million in development funding to become “the cornerstone of the Oasis DeFi ecosystem.”
The network also recently reached its first public project launch platform, launching LaunchGarden, a platform that will give Oasis-based projects access to an expanding community as a way to attract early adopters.
LaunchGarden will also allow users to place bets on ROSE or participate in draws for early access to projects launched on the platform.
Oasis also benefited from the November 22 launch of Mainnet by Emerald, a ParaTime-compatible Ethereum virtual machine solution that will enable a token bridge between Ethereum and the Oasis network.
As a result of the growth in the number of applications at Oasis, the network’s sponsor community has now surpassed 100,000 users and shows no signs of slowing down as new projects continue to be launched.
VORTECS data from Cointelegraph Markets Pro began providing an upbeat outlook for ROSE on November 29, ahead of the recent rally in prices.
The VORTECS Men’s Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions compiled from a range of data points including market sentiment, trading volume, recent price movements, and Twitter activity.
VORTECS ™ result (green) compared to ROSE price. Source: Cointelegraph Markets Pro
As you can see from the graph above, the ROSE VORTECS ™ result rose sharply on November 29 and peaked at around 76 in the week before the price