The crypto market has had an incredible year, with investor enthusiasm driving the prices of several altcoins and Bitcoin high. One of them is WAVES which has reached fresh new highs in the month of May.
Waves which is a blockchain network that first debuted in 2016, making it one of the earliest cryptocurrency investments. Waves can be used for a variety of purposes, but it is most commonly used as a medium for developing decentralised applications. Like Ethereum, it has a smart contract chain
Because of its recent price surge, the cryptocurrency is attracting a lot of attention from investors. Since April 24, Waves has been on an upward trajectory, rising from $13.50 to its all-time peak of $38 today.
Waves’ most recent collaboration with Rosmocos, the Russian space agency. To maintain and verify a database of IP data, the space agency uses an IP security solution based on the Waves Enterprise blockchain platform.
Following the Roscosmos announcement, momentum for WAVES has continued to grow, thanks in part to the ongoing promotion of the Wave EGG NFT campaign, which recruits community members and encourages them to complete tasks in exchange for EGG tokens and exclusive NFTs.
DeFi on Waves has also grown significantly, with the network’s Neutrino stablecoin protocol exceeding $1 billion in total value locked on April 29.
The May 3 price spike was followed by a tweet from Chainlink, a decentralised oracle provider, on May 2 discussing its WAVES/USD data feeds that can be easily incorporated into DeFi markets.
Analysts are undecided about Waves, and this vagueness is influencing Waves price forecasts. Platforms that help DApps and smart contracts are a dime a dozen these days, so the technology isn’t exactly cutting-edge. However, it is still one of the first players in the DApps room, and it deserves credit for that.