ROSE gains 54% in a week as the Oasis Network ecosystem expands

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High transaction costs have been a thorn in the side of major blockchain protocols for years, as Bitcoin (BTC) and Ethereum (ETH) have seen the average cost of token transfers skyrocket during times of network congestion and high demand.

One layer one (L1) protocol that has gained traction in recent months and seeks to provide a low cost, high cost solution is the Oasis Network (ROSE), a privacy-focused L1 blockchain built using the Cosmos SDK and designed for open finance and responsible data economy.

Data from Cointelegraph Markets Pro and TradingView show that since hitting a low of $ 0.169 on October 28, the ROSE price has jumped 176.5% to a new high of $ 0.466 on November 21 and is at again on the move after gaining 70% since December. 20.

ROSE / USDT 4 hour chart. Source: TradingView

The launch of a $ 160 million Oasis ecosystem fund, the introduction of the first non-fungible token (NFT) project to the network and a rapidly growing community and decentralized application ecosystem are three reasons for the momentum and price of ROSE.

Oasis Ecosystem Development Fund

The most significant development for ROSE that helped jumpstart its price rally was the November 17 announcement revealing a $ 160 million Oasis Ecosystem Fund designed to help founders and projects build on the Oasis network and ecosystem.

The development fund is supported by a host of partners and investors, including Draper Dragon, Hashed, FBG and Pantera Capital, and aims to help expand the ecosystem in several sectors such as decentralized finance (DeFi) , NFTs, metaverse, data tokenization, data DAOs, data governance and privacy applications.

A major factor attracting projects to Oasis is its built-in privacy features designed to support confidential smart contracts; its ability to process transactions for 99% less than the cost on Ethereum adds an additional incentive to attract promising applications.

Privacy is especially important in DeFi settings; projects that promote it could help facilitate the migration of stakeholders from centralized finance to decentralized alternatives.

NFTs come to Oasis

A second reason for ROSE’s building strength was the release of the NFT Oasis AI Rose, the first NFT project on the network.

To interact more with his community and display the network’s NFT capabilities, 999 AI-generated roses were created and dropped to users.

In addition to the launch of the first NFT project specifically for Oasis, the network also recently sign a partnership with NFTb, which markets itself as a multi-channel NFT and DeFi platform. NFTb currently offers an NFT marketplace specifically designed for digital artists, gamers, and music enthusiasts, along with a first dual and token NFT launch platform designed to help creators get their projects off the ground.

Related: The Metaverse will bring unbridled evolution to NFTs

An expanding ecosystem

A third factor contributing to increasing the price of ROSE is an 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, had raised $ 2 million in development funding to become the “cornerstone of the Oasis DeFi ecosystem.”

The network also recently got its first widespread project launch pad with the release of LaunchGarden, a platform that will give Oasis-based projects access to its expanding community in order to attract early adopters.

LaunchGarder will also allow users to put their ROSE into play or participate in airdrops for early access to projects launched on the platform.

Oasis also benefited from the launch of Emerald on the Mainnet on November 22, a ParaTime solution compatible with the Ethereum virtual machine that will allow token bridging between Ethereum and the Oasis network.

Due to the growth of apps on Oasis, the network’s community of supporters has now surpassed 100,000 users and shows no signs of slowing down as new projects continue to be launched.

Cointelegraph Markets Pro’s VORTECS ™ data began to detect a bullish outlook for ROSE on November 29, ahead of the recent price hike.

The VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements and activity Twitter.

VORTECS ™ score (green) against the ROSE price. Source: Cointelegraph Markets Pro

As shown in the graph above, the VORTECS ™ score for ROSE soared into the green zone on November 29 and peaked at 76 about a week before the price of 100% of the token soared over the years. next three weeks.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move comes with risk, you should do your own research before making a decision.