While the broad cryptocurrency market is trending weaker these days, Waves (WAVES) cryptocurrency is bucking the trend and may even grow. In the last 24 hours, Waves Coin has gained more than 6 percent. On a weekly basis, it’s even more than 65 percent.
Waves had already shown strong performance in the last week and was able to take the lead among the top 100 cryptocurrencies (see tweet below). The relative strength of the last few days is certainly remarkable. However, since the all-time high in May 2021, Waves has been badly hit by more than $35. Meanwhile, the price had fallen by more than 70 percent (see chart above). However, the price recovery is not just technical. Fundamental news also appears to play a significant role in the emerging strength.
Network update generates euphoria
One of the main reasons for the relatively strong pricing performance is likely to be an announced network upgrade. In it, the developers announced a concrete plan for how to envision the transition to Waves 2.0. By switching to a Proof-of-Stake (PPOSS) practical sharding model, it will be possible to significantly increase the speed of transactions in the future. To make the platform more attractive, Waves also plans to make it compatible with the Ethereum Virtual Machine (EVM). In points two and three of the upgrade plan, Waves goes into detail about the introduction of a DAO framework and the planned cross-chain bridges. According to the company, the aforementioned innovations are expected to be in June 2022 (see timeline below).
Another reason should be the news about the internal Defi platform. neutrino be. Extensive news is expected here, which should fuel the growth of the platform. Above all, Neutrino should become significantly more decentralized.
Depending on the analytics platform defilama Total Value Locked (TVL) has also increased more strongly since February 2022 and currently stands at US$1.74 billion.
What does Waves do?
Waves cryptocurrency was founded in 2016 by Ukrainian physicist Sasha Ivanov. The Waves blockchain platform is behind the coin. Waves supported the development of Smart Contracts and DApps. Meanwhile, Waves has also penetrated the DeFi space with its in-house Neutrino platform. In addition, other applications have already been developed and released. These include decentralized Exchange Waves DEX and Gravity, a cross-chain, and an Oracle network.
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