High transaction costs take been a thorn in the side of the top blockchain protocols for years as both Bitcoin (BTC) and Ethereum (ETH) have seen the average cost of conducting token transfers skyrocket during times of network congestion and high demand.

One layer-1 (L1) protocol that has been gaining traction in contempo months that seeks to offer a low-cost solution to high fees is the Oasis Network (ROSE), a privacy-focused L1 blockchain built using the Cosmos SDK and designed for open finance and a responsible data economy.

Data from Cointelegraph Markets Pro and TradingView shows that since striking a low of $0.169 on Oct. 28, the ROSE price surged 176.5% to a new record high at $0.466 on Nov. 21 and is once over again on the move after gaining 70% since Dec. 20.

ROSE/USDT 4-hour chart. Source: TradingView

Three reasons for the building momentum and price for ROSE include the launch of a $160 million Oasis ecosystem fund, the introduction of the showtime nonfungible token (NFT) project on the network and a rapidly growing community and ecosystem of decentralized applications.

Oasis ecosystem development fund

The most significant development for ROSE that helped jumpstart its price rally was the Nov. 17 announcement revealing a $160 meg Oasis ecosystem fund designed to help founders and projects build on the Haven Network and ecosystem.

The development fund is backed by a host of partners and investors including Draper Dragon, Hashed, FBG and Pantera Capital, and has the goal of helping aggrandize the ecosystem beyond multiple sectors such every bit decentralized finance (DeFi), NFTs, Metaverse, data tokenization, data DAOs, data governance and privacy applications.

A major factor attracting projects to Oasis is its born privacy features that are designed to support confidential smart contracts; its ability to procedure transactions for 99% less than the cost on Ethereum adds actress incentive to attract promising applications.

Privacy is especially important in DeFi settings and the projects that promote it could assist to facilitate the migration of stakeholders from centralized finance to decentralized alternatives.

NFTs come to Haven

A second reason for the building force of ROSE has been the release of the Haven AI Rose NFTs, the outset NFT project on the network.

To further engage with its customs and display the NFT capabilities of the network, 999 AI-generated roses were minted and airdropped to users.

On meridian of the launch of the outset NFT project specifically for Oasis, the network besides recently signed a partnership with NFTb, which markets itself as a multi-concatenation NFT and DeFi platform. NFTb currently offers a curated NFT marketplace specifically designed for digital artists, gamers and music enthusiasts, likewise as a start-of-its-kind dual NFT and token launchpad designed to help creators launch their projects.

Related: The Metaverse volition bring unbridled evolution to NFTs

An expanding ecosystem

A third factor helping heave the price of ROSE is an expanding ecosystem of decentralized applications and a growing community of agile users.

On Dec. 16, it was revealed that YuzuSwap, the first decentralized exchange built on Haven, had raised $two million in funding for development to become the "cornerstone of the Oasis DeFi ecosystem."

The network as well recently obtained its first generalized project launchpad with the release of LaunchGarden, a platform that will give projects building on Haven access to its expanding community as a way to attract early adopters.

LaunchGarden will too allow users to stake their ROSE or participate in airdrops for early on access to the projects that launch on the platform.

Oasis has also benefited from the Nov. 22 Mainnet launch of Emerald, an Ethereum Virtual Machine compatible ParaTime solution that volition enable the bridging of tokens between Ethereum and the Oasis network.

Every bit a result of the growth in applications on Oasis, the network's customs of supporters has now surpassed 100,000 users and shows no signs of slowing down as new projects continue to be launched.

VORTECS™ information from Cointelegraph Markets Pro began to notice a bullish outlook for ROSE on Nov. 29, prior to the recent cost rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market place sentiment, trading volume, recent price movements and Twitter action.

VORTECS™ Score (green) vs. ROSE price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for ROSE climbed into the green zone on Nov. 29 and reached a high of 76 effectually one calendar week earlier the token's 100% toll run over the next iii weeks.

The views and opinions expressed here are solely those of the writer and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves take a chance, y'all should deport your own research when making a determination.