The current events on the global scene continue to wreak havoc on the traditional markets and the cryptocurrency sector.
Despite these hurdles, projects in the Waves ecosystem have managed to climb even higher in both price and total value (TVL) as a new focus on interoperability with popular blockchain networks has given new impetus.
Total cost is insured on top 3 Waves protocols. Source: Devi Lama
Below is a closer look at the top assets in the Waves ecosystem that have managed to generate positive returns despite negative macroeconomic factors driving cryptocurrencies.
The neutrino is a computationally stable “activation protocol” that creates stablecoins associated with real-world value and cryptocurrency.
The USDN neutrino (USDN) is the most important stablecoin in the Waves system and it goes hand in hand with the Neutrino token (NSBT), a recapitalization and governance token that also enables the creation of stablecoins.
Data from Cointelegraph Markets Pro and CoinGecko show that since hitting a low of $7.07 on January 22nd, the NSBT price has surged 300% to a daily high of $30.33 on March 9th.
3-hour chart of NSBT/USD. Source: CoinGecko
While the price of NSBT rose, the TVL protocol also rose from $379.77 million on February 22 to its current value of $1.15 billion, according to Defi Llama.
Vires Finance (VIRES) is a decentralized, non-security liquidity protocol on the Waves blockchain that uses a pool-based common mechanism to create an evenly distributed interest.
According to data from CoinGecko, VIRES activity started to recover on January 18 when the price reached a low of $19.30 and continued to rise by 460%, reaching an all-time high of $108.44 on January 24 and has since entered into consolidation. A period with a trading price close to $85.
VIRES / US dollar on the one-day chart. Source: CoinGecko
The total value booked in the VIRES protocol rose from $115.84 million on February 1 to a record high of $764.23 million on March 8, according to data from Devi Lama.
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The WAVES token has been a major driver of growth for the Waves ecosystem over the past six weeks, thanks in large part to the ongoing transition to Waves 2.0. The new blockchain will support advanced interoperability features that will connect Waves to major blockchain networks in the crypto sector.
Data from Cointelegraph Markets Pro and TradingView shows that WAVES price rose 192% from a low of $8.37 on February 24 to a daily high of $27.61 on March 9, when 24-hour trading volume reached an all-time high of 2.13 Billion dollar. . .
WAVES/USDT 1-day chart. Source: Trading View
With the recent wave of economic sanctions hitting the Russian economy and the abolition of simple payment rules, some people may have turned to WAVES as an alternative to financial transactions and wealth preservation.
VORTECS data from Cointelegraph Markets Pro began showing a bullish outlook for WAVES on March 5, ahead of the recent price rally.
The VORTECS Male Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions drawn from a range of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.
VOTECS™ result (green) compared to WAVES price. Source: Cointelegraph Markets Pro.
As seen in the chart above, VORTECS for WAVES moved into the green on March 5 and peaked at 77 about four hours before the price started to rise 46% over the next three days.