The price of WAVES has soared over 100% after announcing its plans to launch a blockchain Metaverse and forming a new partnership with Allbridge to facilitate cross-chain transfers.
This altcoin is up more than 100 percent
Waves is a project trying to stay on top of the innovation wave, a multi-purpose blockchain protocol designed to support a variety of use cases including decentralized applications and smart contracts. The data shows that the price of WAVES has increased 120% since it double bottomed at $8.28 on February 22. Three reasons for the price increase for WAVES are the announcement that the protocol will migrate to Waves 2.0, a partnership with Allbridge that will connect Waves with other popular blockchain networks, and the imminent release of a $150 million fund aimed at stimulating Waves’ growth.
Migrating to Waves 2.0. The biggest impetus for WAVES was the announcement that the protocol started the transition to Waves 2.0. Part of this transition includes the implementation of a new Waves consensus version that will be based on practical proof-of-stake (PPOSS), an upgrade that will help make the network faster, more secure and Ethereum Virtual Machine (EVM) compatible. Development of the EVM-compatible network is scheduled to begin next spring and will connect to the existing network as a way to provide “a smoother transition to Waves 2.0 without reducing the value or effectiveness of the legacy network.”
Partnership with Allbridge
Another development that has helped boost the price of WAVES is a partnership with Allbridge, a protocol focused on facilitating the transfer of assets between all blockchain networks. This partnership was established as part of the larger goal of Waves 2.0 and provides universal bridge integration. The stated goal of the collaboration is to create a unique bridge between Waves and supported EVM as well as non-EVM chains such as NEAR Protocol, Solana, and Terra. The goal, according to the developers at Waves, is to have Allbridge fully integrated by the end of May.
Waves Labs and $150 million ecosystem fund. The third reason for the price increase in WAVES is the addition of new partners to the ecosystem and the establishment of Waves Labs, a US-based company. Waves also announced that it will launch an independent decentralized finance (DeFi) fund in the first quarter of 2022 that will focus on investing in certain Waves-based DeFi products.