NFT

ROSE Gained 54% In One Week With Oasis Network Expanding


ROSE gained 54% in one week thanks to the $160 million ecosystem fund that helped facilitate the launch of the first NFT and Defi projects on Oasis Network so let’s take a closer look at today’s altcoin latest news.

The high transaction costs were a thorn in the eye of the top blockchain protocols for years as both BTC and ETH saw the average cost of conducting token transfers that surge in times of network congestion and high demand. One layer-one protocol was gaining traction over the past few months, it seeks to offer a low-cost solution to high fees is the OSasis Network which is a privacy-focused blockchain that was built using the Cosmos SDK and designed for open finance and data economy.

The data from TradingView showed that after hitting a low of $0.196, the ROSE price surged 176% to a new high of $0.466 and it is once again on the move after gaining 70% by the end of December. Three reasons for the building momentum and the price of ROSE include the launch of a $160 million Oasis ecosystem fund with the introduction of the first NFT project on the network and a growing community and ecosystem of decentralized applications.

The biggest development for ROSE which helped the price surge was the announcement of the $160 million Oasis ecosystem fund designed to help the founders as well as the projects that were built on the Oasis network and ecosystem. The development fund got backed by a host of partners and investors like Draper Dragon, Pantera Capital, Hashed FBG and it even has a goal of expanding the ecosystem across multiple sectors like NFTs, Metaverse, Defi, and DAOs. The major factor that attracts more projects to Oasis is the privacy features that are designed to support smart contracts and the ability to process transactions 99% less than the cost of ETH that adds another incentive to attract some promising applications.

roseusdt
ROSEUSDT 4-hour chart. Source TradingView

Privacy is very important in Defi settings and the projects which promote it could help it facilitate the migration of stakeholders from centralized finance to decentralized alternatives. The second reason why ROSE gained traction, was the release of the Oasis Al Rose NFTs as the first project on the network. To engage with the community and display the NFT capabilities of the network, the AI-generated roses were minted and then airdropped. The third factor that helped boost the price of ROSE is an expanding ecosystem of decentralized applications with a growing community of active users. It was also revealed that YuzuSwap is the first decentralized exchange that was built on Oasis and It raised $2 million in funding for development to become a cornerstone of the Oasis Defi ecosystem.

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