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Waves protocol - WAVES

Updated: Jun 21

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Waves protocol market


What is Waves protocol (WAVES) and how does it work?


Waves is a blockchain platform designed to have multiple purposes, including decentralized applications (DApps) and smart contracts. Waves was launched in 2016 by Alexander Ivanov a Ukrainian-born scientist that was already known in the crypto community for having released the now-defunct instant exchange Coinomat and indexing site Cooleindex. He also tried to release an early version of a stablecoin, CoinoUSD, which was tied to the U.S. dollar.


Waves was initially launched with one of the industry's first initial coin offerings (ICO), and aimed to improve the first blockchain platforms by increasing speed, utility and user-friendliness, an issue that was plaguing most early companies in the industry. Ever since the platform has undergone several changes and has added spin-off features to build on its original design. Together with the platform, Waves crypto launched its own coin, known as Waves coin, an uncapped supply token used for standard payments such as block rewards.



What makes this crypto unique has been its development and early contribution in the field, as it originally set out to improve on the early blockchain platforms and products, with the goal, from the outset, to appeal to prospective business clients looking to use blockchain to improve processes or create new services; looking to help companies in traditional finance move into the crypto sphere.


Additionally, Waves supported smart contract and DApp development, ensuring that speeds and ease-of-use surpassed competition at the time, a unique feature that differentiated them from most competitors. Since then, it has upgraded and included new features, such as Gravity protocol, a cross-chain and oracle network, and decentralized finance (DeFi) focused platform Neutrino.


Gravity is an agnostic protocol for communication between blockchains and with the outside world, working with native token economies, it provides multi-purpose cross-chain interaction, but without introducing a new Gravity token. Whereas Neutrino is an algorithmic price-stable protocol acting as an accessible DeFi toolkit built. It enables the creation of stable coins pegged to specific real-world assets, such as national currencies or commodities. The crypto also has its own decentralized exchange WavesDEX.


Moreover, in 2020, Waves crypto upgraded its platform to be compatible with the Ethereum network by making its Waves token and ERC-20 standard asset, being therefore transferable on the Ethereum blockchain.


 

Coin Analysis

Last update 31/5/2022


The crypto saw its Waves Binance listing in early 2020, where it started trading at around $1.30 after its ICO. The listing was followed by a few weeks of price dropping where the crypto went as low as $0.60 before rebounding and making a move back towards and above all-time highs. This was followed by several cycles of breaking all-time highs and slowly correcting, before breaching the previous highs once again. It followed this through highs at $4, $9, $17, $32 and all the way to its highest level around $47, a price that it reached in April 2022, before undergoing a major correction. Ever since, Waves Binance price has crashed, dropping as low as $4, or around 90% from its all-time high levels.


WAVES/BUSD weekly candles chart
WAVES/BUSD weekly candles chart

Even though this crash has not been great, the token has slowly started recovering from it making a push back up to around $9 where it's trying to form a bottom. If its price manages to hold around this level it could potentially move back upwards and towards the $9 resistance level.


The price prediction would suggest a potential recovery over the next few weeks with prices signalling higher levels. However, traders need to also monitor closely Bitcoin, Ethereum and other major coins, as a further drop for them would result in most, if not all, of the remaining crypto also taking a dive once again.


WAVES is available for trading on BmyBit.com dApp.


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Waves token coinmarketcap

Waves website





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