The developing ecosystem of decentralized applications, as well as the community of active users, have all contributed to ROSE’s rising price.
ROSE, the native token of the Oasis Network, has gained 70 percent since December 20. After reaching an all-time low of $0.169 on October 28, its price increased by 176.5 percent to $0.466 on November 21 and has since continued to rise.
Factors Contributing to the ROSE’s Price Increase
Some speculate that the rising ROSE price is the result of the $160 million Oasis Network development fund, the new NFT project, and a vast network of decentralized applications.
On November 17, the Oasis Network announced that it has closed a $160 million fundraising round. Among those who participated in the round were Dragonfly, Capital Partners, Draper Dragon, FBG, Jump Capital, and Hashed. The investment, according to the announcement, would be made available to encourage developers to build on the Oasis Network and ecosystem.
It was hoped that the fund will attract developers of DeFi, NFTs, Metaverse, data tokenization, data DAOs, data governance, and privacy apps. As a result, the ecology would grow larger.
The project has created its own NFT project, Oasis AI Rose NFTs. Only 999 NFTs were minted and airdropped to buyers. The initiative also agreed to collaborate with NFTb on the creation of an NFT marketplace as well as an NFT and token Launchpad. These two items are designed to assist creators in launching their products and reaching a larger audience.
Finally, the burgeoning ecosystem of decentralized applications and active user community has led to ROSE’s rising price. For example, YuzuSwap, a decentralized exchange, has raised $2 million to expand the Oasis DeFi network. LaunchGarden, a generalized project launchpad, was also developed on the network, making it simple for projects built on the network to spread their community globally.
What Allows the Oasis Network to Exist?
The Oasis Network is a ready-made alternative to the excessive transaction costs that afflict networks like as Bitcoin and Ethereum. The network is built on the Cosmos SDK and processes transactions at a fraction of the cost of Ethereum. It also includes privacy settings that enable the execution of secret smart contracts. This is especially crucial in DeFi, as it has kept engineers and consumers interested in the network. The network already boasts a community of over 100,000 users.
In addition, the company has formed alliances to strengthen its position in the DeFi ecosystem. Cipher ParaTime, Parcel ParaTime, Emerald ParaTime, and YuzuSwap are all active initiatives on the network. There are also a slew of others in the works.
According to CoinMarketCap, the cryptocurrency was trading at $0.395 at the time of writing, up 3.86 percent.