If you have not noticed, the price of cryptocurrency Waves has taken a big leap this week. Yesterday, Waves actually rose 40%, so it’s time to look back at what’s happening.
Last week, Waves traded at 7.66 EUR. The Waves price has now risen to EUR 16.11. Yesterday around 14:00 the value was even briefly 17.68 euros.
So there are several reasons why Waves has gotten a lot of hype, but before we get into this: Get 10 euros today to buy cryptocurrency Waves.
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Good to know with this type of articles, it is never impossible to say with 100% certainty whether there is a causal link between certain news and a price increase. But if news is shared in the same time frame as a major price movement, it’s interesting to keep an eye on.
Migration to Waves 2.0
We start with the news on February 10, when it was announced that Waves was starting to migrate to an upgrade called… Waves 2.0.
An important part is that they come with a new version by proof-of-work. The new consensus mechanism is based on Practical proof-of-stake sharding (PPOSS), an upgrade that should make the network faster and more secure.
The underlying philosophy of ‘sharding’ is to relieve the blockchain by letting smaller blockchains take over the work.
What is decomposition?
With sharding, nodes on the blockchain only need access to the data processed in the smaller blockchain and not the entire main blockchain. In theory, this should lead to lower transaction costs. A shard blockchain is also smaller than a main blockchain, making it possible to start a node with simple computers.
More participation means more decentralization, which in turn should lead to more robust security protocols.
EVM and metaverse
In addition, Waves will soon be able to use the Ethereum Virtual Machine (EVM).
The entire Waves network is expected to be compatible with EVM from next spring. The transition to 2.0 should be smooth without compromising the value or efficiency of the old network.
Waves 2.0 will also introduce a new management model, provide bridges to all EVM compliant networks and help metaverse. The latter requires a little more explanation. Waves wants to develop a toolbox that works with on blockchain, with which projects can connect different metavers together. This is to ensure that the economies of the various metavers overlap and that users can take their online identities with them to other digital worlds.
Collaboration with Allbridge
Another development that has given the course of WAVES a boost is the collaboration with Allbridge. This protocol aims to facilitate the transfer of value between multiple blockchain networks.
The goal of the partnership is “to create a unique bridge between Waves and supported EVM and non-EVM chains, such as NEAR Protocol, Solana and Terra.”
Waves is expected to fully integrate Allbridge by the end of May.
$ 150 million
Another reason for optimism is the creation of Waves Labs. A $ 150 million fund has been opened for this, and the goal is simple: Build cool stuff on Waves.
In addition, the focus in the coming year will be on DeFi and it is expected that a new fund will also be opened for this. It is primarily intended to encourage third parties to build DeFi products on Waves.