The development never stops in the blockchain sector and the projects that are constantly evolving are at the forefront and will last for the long term.
One of the projects trying to stay ahead of the innovation wave is Waves, a versatile blockchain protocol designed to support a variety of applications, including decentralized applications and smart contracts.
Data from Cointelegraph Markets Pro and TradingView shows that the price of WAVES is up 120% since the double bottom at $8.28 on February 22.
WAVES/USDT, 4-hour chart. Source: Trading View
Three reasons for the price increase for WAVES: the recent announcement of the protocol’s transition to Waves 2.0, the partnership with Allbridge that will connect Waves to other popular blockchain networks, and the upcoming launch of a $150 million fund to spur the growth of Waves in the US.
Move to Waves 2.0
The biggest impetus for the development of WAVES was the announcement that the protocol had begun the transition to Waves 2.0.
Part of this transition includes implementing a new version of Waves Consensus that will be based on Proof of Practical Share (PPOSS), an update that will help make the network faster, more secure, and compatible with the Ethereum Virtual Machine (EVM). .
Development of an EVM-compatible network will begin this spring and will be connected to the existing network to provide “a smoother transition to Waves 2.0 without compromising the value or efficiency of the legacy network”.
Waves 2.0 will also include a new shared management model, gravity bridging for all EVM-compatible networks, and the creation of a layer 0-independent protocol between the metaverse capable of providing a toolkit for creating metaverses linked to the shared economy and identity. .
Partnership with Allbridge
Another development that has helped drive up the price of WAVES is the partnership with Allbridge, a protocol focused on facilitating the transfer of assets between all blockchain networks.
This partnership was created as part of Waves 2.0’s broader goal and provides global bridge integration.
The stated goal of the collaboration is “to create a unique bridge between Waves and supported EVM devices, as well as non-EVM chains such as the NEAR Protocol, Solana and Terra.”
According to the developers of Waves, the goal is to fully integrate Allbridge by the end of May.
Related: Allbridge will be the first Stacks token bridge
Waves Labs and $150 Million in Ecosystem Funds
The third reason for the high price of WAVES is the addition of new partners to the ecosystem and the creation of the American company Waves Labs.
Waves also revealed that it will launch a separate Decentralized Financial Fund (DeFi) sometime in the first quarter of 2022 that will focus on investing in Waves-based DeFi products.