WAVES Price Surged 100% In One Week, And Here’s Why

Time Stamp: March 2, 2022 5:36 AM
Source Node: 1194553

The WAVES price surged 100% in one week after unveiling the plans to launch a blockchain-agnostic Metaverse and will establish a new partnership with Allbridge to facilitate cross-chain transfers so let’s read more about today’s latest altcoin news.

The development never stops in the blockchain sector and all projects that keep on evolving are the ones that stay at the forefront and survive in the long term. One project that tried to stay on top of innovation was WAVES whcih is a multi-purpose blockchain protocol that supports plenty of use cases like a decentralized app and a smart contract possibility. The data from TradingVeiw shows that the WAVES price surged 100% since forming a bottom at $8.28 in February.

The three reasons for the price growth can be the recent announcement of the migration to Waves 2.0, a partnership with Allbridge that can connect WAVES with other blockchains, and last, the launch of a $150 million fund aimed at fostering Waves’ growth in the US. The biggest development that sparked momentum for Waves was the annoucnement that the protocol started the process of migrating to 2.0 already. A part of this transition includes the implementation of a new consensus that will be based on a PoS sharding as an upgrade that can help make the network faster and even more secure but also EVM compatible.

waveusdt
WAVESUSDT 4-hour chart. Source TradingView

The development of the EVM-compatible network is scheduled to start this upcomign spring and will be connected to the network to provide a smooth transition to Waves 2.0 without having to lower the network’s value or efficacy. Waves 2.0 will include a new governance model and gravity bridges to all EVM-compatible networks as well as the creation of a blockchain agnostic Level 1 Metaverse protocol that can provide a toolbox for creating a connected metaverse that is unified by a shared economy.

Another development that helped boost the wave’s price was the partnership with Allbridge which is focused on facilitating the transfer of assets between blockchains. The partnership was established as a part of a larger goal of Waves 2.0 and established universal bridge integration. The goal of the collaboration is to create a unique bridge between Waves and EVM chains like Near, Terra, and Solana. The goal is to have Allbridge integrated fully by May. A third reason for the price growth in WAVES has been the addition of the partners to the ecosystem and the establishment of Waves Labs that are US-based.

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