the sharp increase in the value of this protocol compared to Ethereum

The WAVES token, issued by the protocol with ties to Russia, saw its price triple in just two weeks, an event that coincides with Russia’s invasion of Ukraine.

the sharp increase in the value of this protocol compared to Ethereum
Source: AdobeStock / Alexander

These gains also follow the token’s integration into the cryptocurrency exchange’s lending platform. Binance last week, and the release of a new roadmap with plans to roll out a modified consensus mechanism and compatibility with Ethereum Virtual Machine (EVM).

WAVES, currently ranked 52nd by market value according to CoinGecko, rose 28% in the last 24 hours and 172% in the last two weeks, trading at $ 23.5.

Price development for WAVES over the last 30 days:

Source: CoinGecko

The founder of the project is said to have ties to both Ukraine and Russia. Some online users even have it called “Russian Ethereum”.

The Waves project was founded in 2016 in Russia by the Ukrainian-born physicist Alexander Ivanov according to Crunchbase and registered in Switzerland in 2017.

In his post on February 27, Ivanov called for peace.

In 2019, Ivanov sold its stake in the platform Vostok founded by the Waves team for the investor Mark Garberfrom the financial consulting firm in Moscow The GHP group. Ivanov said he wanted to focus on the Waves project and its international development.

Vostok has itself entered into a number of partnerships with large Russian companies and organizations, including state-owned ones, such as Dom.RFa financial institution for housing development established by a decree of the Government of the Russian Federation, as well as the production conglomerate Rostecowned by the state for a long time, according to Gazeta.ru.

While Waves has distanced itself from Vostok – and therefore associated devices – the founder had told CoinDesk:

“We can not completely separate ourselves from our Russian roots, although it may hamper the business a bit. I think we should become the main proponent of blockchain technology in Russia.”

Binance approval, PPOSS and multi-chain bridges

These latest gains come when Binance last week announced that WAVES is now among the digital assets that can be used as collateral on their lending platform.

The token was added with MATIC, THETA and SLP, a move that is interpreted as a sign that the stock exchange considers these assets important enough to be used as collateral for crypto loans.

Meanwhile, the team behind Waves has also announced a new roadmap in recent weeks outlining a number of protocol changes scheduled to be launched in 2022.

According to the roadmap, the Waves Protocol will implement a new consensus mechanism called Practical Proof-of-Stake Sharding (PPOSS), the development of which will begin “in the spring.”

With this, Waves should become compatible with the Ethereum virtual machine, which will make it more accessible to external development teams and be able to attract more users.

“The new network will connect to the existing one for a smoother transition to Waves 2.0 without compromising the value or efficiency of the old network,” the Waves team wrote.

Separately, the team also stated that Waves will integrate Gravity and Allbridge multi-chain bridges to enable Waves connectivity with all EVM-enabled blockchains, as well as Bitcoin (BTC) and Solana (SOL) blockchains.

The move to establish better interoperability with other channels comes on top of the announcement of the formation of US-based Waves Labs, which will establish a store in Miami in the first quarter of this year.

“The United States is a key market for mass adoption in 2022,” the Waves team said of their decision to place themselves there, adding that they will also set up a $ 150 fund. million dollars and an incubator program to help drive decentralized financing (DeFi) adoption in the country.

Finally, from a technical analysis perspective, WAVES has already broken through several resistance levels on the upside, suggesting that a strong momentum is supporting the rally. However, the relative strength index (RSI) of the chart is currently at its highest level since August last year and is in overbought territory, indicating that the bullish momentum may soon disappear.

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