Waves: A Multi-Purpose Blockchain Platform with High Potential
Waves is a blockchain platform that allows users to create and trade custom tokens, decentralized applications and smart contracts. It also supports cross-chain interoperability and algorithmic stablecoins. In this post, we will explore the features, market performance, project updates, investment analysis, outlook and community response of Waves.
Features
Waves was launched in 2016 after raising 30,000 BTC in an ICO. Its native token is WAVES, which is used for standard payments, block rewards and token creation. Users can create tokens on Waves without extensive smart contract programming, and trade them on the Waves DEX, a decentralized exchange. Waves also supports smart contract and DApp development using a domain-specific programming language called Ride, which emphasizes ease and security. Waves has also introduced various spin-off products, such as Gravity, a cross-chain and oracle network, and Neutrino, a DeFi platform that enables the creation of stablecoins pegged to real-world assets. In 2020, Waves announced that it would be interoperable with the Ethereum network by releasing the WAVES token as an ERC-20 standard asset.
Market Performance
Waves has been one of the best-performing cryptocurrencies in the past month, gaining over 240% and reaching a new all-time high of $30 on March 24, 2022. Its market capitalization is currently $3.35 billion, ranking it as the 41st largest cryptocurrency by CoinMarketCap1. One of the main drivers of Waves’ price surge is the explosive growth of the Neutrino protocol, which has seen its total value locked increase by 338% in the past month2. Neutrino’s dollar-pegged decentralized stablecoin USDN has also seen its supply increase by 66% since mid-February, which means that an equivalent amount of WAVES was locked up in Neutrino to mint the new USDN3. This could have created a substantial demand for WAVES, especially if some of the locked-up WAVES were bought from the secondary markets.
Project Updates
Waves has been actively developing and improving its platform and products, as well as expanding its partnerships and community. Some of the recent updates and announcements are:
- Waves launched its own DAO, a decentralized autonomous organization that allows the community to participate in the governance and funding of the Waves ecosystem4.
- Waves introduced the Java and Go libraries, which enable developers to use these popular programming languages to interact with the Waves blockchain and create DApps5.
- Waves restored the 1:1 peg of its algorithmic stablecoin to the U.S. dollar, after being de-pegged twice due to market volatility and oracle issues6.
- Waves partnered with Allbridge, a cross-chain transfer protocol, to facilitate the movement of WAVES and other Waves-based tokens across different blockchains7.
- Waves launched WavesDucks, a gamified NFT platform that allows users to collect, breed and trade digital ducks8.
Investment Analysis
Waves is a promising project that offers a versatile and user-friendly blockchain platform for various use cases. It has a strong and loyal community, a dedicated and innovative team, and a growing ecosystem of products and partners. It also has a competitive edge in the DeFi sector, thanks to its Neutrino protocol and its stablecoins. Waves has shown impressive price performance in the past month, outperforming many other cryptocurrencies. However, it is still trading far below its potential, considering its features, fundamentals and market demand. Therefore, Waves could be a good investment opportunity for both short-term and long-term investors, as long as they are aware of the risks and volatility involved in the crypto market.
Outlook and Community Response
Waves has a positive outlook for the future, as it plans to launch more products and features, such as Waves 2.0, a blockchain agnostic metaverse that will enable users to create and explore virtual worlds9. Waves also aims to increase its adoption and awareness, by engaging with its community and attracting more developers and users. Waves has a supportive and active community, which can be seen from its social media presence and its DAO participation. The community has expressed positive opinions and reactions to Waves, praising its innovation, performance and potential. Some examples of community feedback are:
- "Waves is one of the most underrated projects in crypto. It has everything: speed, scalability, interoperability, smart contracts, DeFi, NFTs, DAO, etc. It deserves more attention and recognition."10
- "I’m very impressed with the Waves team and their vision. They are constantly delivering new products and features, and they listen to the community feedback. Waves is not just a blockchain, it’s a whole ecosystem."11
- "Waves is a hidden gem in the crypto space. It has a lot of room for growth, especially with the upcoming Waves 2.0 and the metaverse. I’m holding WAVES for the long term, because I believe in its future."12