High transaction costs have been a thorn in the side of major blockchain protocols for years, as both Bitcoin (BTC) and Ethereum (ETH) have seen the average cost of making token transfers skyrocket during times of network congestion and high demand.
A layer one (L1) protocol that has been gaining traction in recent months and that seeks to offer a low-cost solution for high fees is the Red Oasis (ROSE), a privacy-focused L1 blockchain built with the SDK. from Cosmos and designed for open finance and a responsible data economy.
Data of Cointelegraph Markets Pro Y TradingView shows that since hitting a low of $ 0.169 on Oct 28, ROSE price rose 176.5% to a new high of $ 0.466 on Nov 21 and is back on the move after gaining 70% from Dec 20 .
Three reasons for ROSE's build momentum and price include the launch of a $ 160 million Oasis ecosystem fund, the introduction of the first non-fungible token (NFT) project on the network, and a decentralized application community and ecosystem in fast growth.
Oasis Ecosystem Development Fund
The most significant development for ROSE that helped fuel its price rally was the November 17 announcement that revealed a $ 160 million Oasis ecosystem fund designed to help founders and projects build on the Oasis network and ecosystem.
The development fund is backed by a host of partners and investors, including Draper Dragon, Hashed, FBG, and Pantera Capital, and aims to help expand the ecosystem across multiple sectors such as decentralized finance (DeFi), NFT, Metaverse. , data tokenization, data DAO, privacy applications and data governance.
A major factor attracting projects to Oasis is its built-in privacy features that are designed to support sensitive smart contracts; Its ability to process transactions for 99% less than the cost in Ethereum adds an additional incentive to attract promising applications.
Privacy is especially important in DeFi environments and projects promoting it could help facilitate the migration of stakeholders from centralized finance to decentralized alternatives.
The NFTs arrive at Oasis
A second reason for ROSE's building strength has been the launch of Oasis AI Rose NFT, the first NFT project on the network.
Is it a bird, a plane, a superwoman? No, it's the Oasis AI ROSE NFTs coming out of the Metaverse!
If you were whitelisted for airdrop, check your wallet to see if you received one of the first NFTs created in Oasis
Unpacking occurs on December 25, 2021 https://t.co/va54RcCNqm pic.twitter.com/VjK5zVGeyI
- Oasis Foundation (@OasisProtocol) December 23, 2021
To further engage with your community and showcase the network's NFT capabilities, 999 AI-generated roses were minted and released to users.
In addition to the launch of the first NFT project specifically 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 select NFT marketplace specifically tailored for digital artists, gamers, and music enthusiasts, as well as a one-of-a-kind dual NFT and token launch pad designed to help creators launch their projects.
Related: The Metaverse Will Bring Unbridled Evolution to NFTs
An expanding ecosystem
A third factor that helps drive up 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 in 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 launch of LaunchGarden, a platform that will give Oasis-based projects access to its expanding community as a way to attract early adopters.
LaunchGarden will also allow users to stake their ROSE or participate in airdrops for early access to projects that are launched on the platform.
Introducing LaunchGarden - the first launch pad connecting the Oasis community and ecosystem!
Everyone can use and build on the Oasis network, LaunchGarden will provide Oasis projects with easy access to early adopters with a multitude of features like stakeout and airdrops.https://t.co/diQnrjp6hp pic.twitter.com/gVXlcBkOdW
- Oasis Foundation (@OasisProtocol) December 22, 2021
Oasis has also benefited from the Mainnet launch on November 22 of Emerald, a ParaTime solution compatible with the Ethereum virtual machine that will enable token bridging between Ethereum and the Oasis network.
As a result of the growth of applications at Oasis, the network's fan community has surpassed 100,000 users and shows no signs of slowing down as new projects continue to be launched.
VORTECS โข data from Cointelegraph Markets Pro began to spot a bullish outlook for ROSE on November 29, ahead of the recent price spike.
The VORTECS โข Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements, and trading activity. Twitter
As seen in the graph above, the VORTECS โข score for ROSE climbed into the green zone on November 29 and peaked at 76 about a week before the 100% token price ran for the 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 business move involves risk, you should do your own research when making a decision.
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