Key Takeaways:
- Decentralized Finance platform Harmony’s total value locked (TVL) clocked at $371 million.
- The growing interest towards the play-to-earn (P2E) industry facilitated the uptrend.
- As a result, Harmony’s governance token ONE gained 10% in the previous two days, hinting at more gains.
YEREVAN (CoinChapter.com) – DeFi platform Harmony (ONE) reached a new record high of $371 million in TVL. The most profitable project on the blockchain platform is DeFi Kingdoms, a gamified DEX (decentralized exchange), a “liquidity pool opportunity,” and an NFT marketplace. DeFi Kingdom’s success is in tune with the growing interest in play-to-earn projects, a way to combine investment and gaming.
As of publication, the protocol contributes $160 million to Harmony’s TVL, while the latter broke into the top 10 largest DeFi platforms.
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However, Harmony is not alone. The whole blockchain gaming industry enjoys increased attention from investors and gamers alike.
Gaming boom in DeFi
According to the Q3 Dapp Industry Report, gaming is booming on various DeFi platforms. The number of Unique Active Wallets (UAW) on gaming-related blockchain platforms increased by 140% quarter-on-quarter, and Q4 might show a similar picture compared to Q3.
The report also states that DeFi platforms such as Solana and Avalanche largely contributed to the sector’s popularity.
The DeFi space gets competitive as Terra, Solana and Avalanche consolidate as DeFi players. The TVL in the industry rose 53.45% QoQ reaching $178.12 billion.
read the report.
Andrew Wilson, the CEO of gaming giant Electronic Arts (EA), agrees that blockchain gaming and the ‘play-to earn’ sector have potential. Moreover, many job listings from EA contain the magic words “blockchain” and “NFT.”
I think that in the context of the games we create and the live services that we offer, collectible digital content is going to play a meaningful part in our future. So, it’s still early to tell, but I think we’re in a really good position, and we should expect us to kind of think more innovatively and creatively about that on a go-forward basis.
said the CEO.
Also read: NFT collection from Bollywood legend Amitabh Bachchan is worth $9.6M.
As a result of the record TVL and growing gaming industry popularity, Harmony’s governance token ONE gained 111% quarter-to-date.
Harmony (ONE) four-hour chart
The digital asset traded at $0.314 in the New York session Monday. On Nov 7, it broke out of the Falling Wedge formation it traded in for two weeks. In hindsight, the Falling Wedge features two converging trendlines that envelop the price action while driving it down.
ONE complied with the bullish formation’s prediction and put on an additional 10% after the breakout, hinting more gains in the upcoming sessions. However, the higher trading volumes throughout the past four days signify that the Harmony bears and bulls still struggle to establish a dominant bias.
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The booming DeFi and P2E markets facilitated the growing ecosystem, and subsequently, the increasing TVL on platforms like Harmony. As a result, ONE is at the gates of the top 50 cryptocurrencies by market cap, ranked #54, with a market cap of $3.4 billion. Additionally, Harmony’s TVL reached a new record high at $371 million on Nov 8.
