Waves, which is in the 50th place with a capital value of $ 1.93 billion, has become a remarkable altcoin of the crypto money market with its price performance in the last week.
Waves moved in the $9 band last week and showed a serious rise in the last week. Waves doubled its price and is currently hovering around $18. Waves has become the best weekly performing crypto asset among the top 100 cryptocurrencies with its performance in recent days.
Waves, a blockchain platform, is a project that hosts decentralized applications (dApps) and smart contracts. While the Proof of Stake (PoS) consensus is used in the Blockchain network, it is known as the environmentally friendly Blockchain network. It is also possible to produce NFTs on the Waves network. The Waves platform, where transaction costs are also low, currently offers an average transaction fee of $ 0.018.
What triggered the rise of Waves?
As the altcoin market continues to tend to follow Bitcoin price action, cryptocurrencies reacted negatively to this geopolitical risk in the early days of Russia's attack on Ukraine. While there was a sudden increase in demand for cryptocurrencies in the ongoing process, the decrease left its place to a rapid recovery. At that time, Waves diverged positively from the market and received more demand.
Two developments are pointed out as causing the Waves rise. The first was a collaboration between Allbridge and Waves network, which enables transfers between Blockchain networks, and the other was the developer team announced their plans to develop a Blockchain-connected Metaverse.
On the other hand, an announcement made last month that the transition process of the Waves protocol to Waves 2.0 has started caused the eyes to turn to the platform. The Waves platform is expected to accelerate further at the end of this process and work more securely and harmoniously with the Ethereum Virtual machine (EVM). To achieve this, the network's consensus algorithm is scheduled to be updated to a new algorithm known as practical proof-of-stake split (PPOSS).
Also, the establishment of Waves Labs was an important factor in increasing the price. A $150 million fund is planned to be created through Waves Labs for US-based teams to develop Waves-based technologies. Thus, it is aimed to have a significant adoption of the Waves network in the USA this year.