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The growing ecosystem of decentralized applications and community of active users has contributed to the rising price of ROSE.
Oasis Network native token, ROSE, has continued to build momentum, gaining 70% since December 20. After its all-time low of $0.169 on October 28, its price spiked by 176.5% to $0.466 on November 21 and has now continued to gain.
Factors Responsible for the Rising ROSE Price
There are suggestions that the rising ROSE price is due to the launch of the $160 million Oasis Network development fund, the new NFT project, and an expansive network of decentralized applications.
Recall that the Oasis Network on November 17 announced it completed a funding round in which it raised $160 million. The round was led by Dragonfly, Capital Partners, Draper Dragon, FBG, Jump Capital, and Hashed among others. According to the announcement, the fund would be released to encourage developers to build on the Oasis Network and ecosystem.
The fund, it was hoped, would attract developers of decentralized finance (DeFi), NFTs, Metaverse, data tokenization, data DAOs, data governance, and privacy applications. Consequently, this would lead to an expansion of the ecosystem.
Also, the project launched its own NFT project, the Oasis AI Rose NFTs. Of the available NFTs, 999 were minted and airdropped to customers. The project also reached an agreement with NFTb to design an NFT marketplace and an NFT and token Launchpad. These two products are expected to help creators launch their products and reach a wider audience.
Finally, the growing ecosystem of decentralized applications and community of active users has contributed to the rising price of ROSE. For example, decentralized exchange YuzuSwap recently raised $2 million to continue building on the Oasis DeFi ecosystem. A generalized project launchpad called LaunchGarden, also launched on the network making it easy for projects building in the network to expand their community globally.
What Makes the Oasis Network Viable?
Oasis Network provides a ready solution to the high transaction fees that plague networks like Bitcoin and Ethereum. The network is designed on the Cosmos SDK and processes transactions for 99% less than on Ethereum. Additionally, it has in-built privacy settings which allow the execution of confidential smart contracts. This fact is particularly important in DeFi and has continued to attract developers and users to the network. Already, the network has a community numbering over 100,000 users.
The company has also been inking partnerships to improve its positioning in the DeFi ecosystem. Active projects on the network include Cipher ParaTime, Parcel Paratime, Emerald ParaTime, YuzuSwap. There are also many others in development.
At the time of writing, the token was trading at $0.395 up 3.86% according to CoinMarketCap.