Waves has zoomed 33 per cent in the last 24 hours to $24.3, the data from Coinmarketcap suggests. The volumes on the token jumped more than 155 per cent as tokens worth over $2.03 billion exchanged hands in the last 24 hours. In the last one month alone, the crypto token has surged as much as 140 per cent.
The latest spike in Waves is attributed to the announcement of its migration to Waves 2.0, which was made in February 2022. Under Waves 2.0, there will be a new generic governance model.
Jay Hao, CEO of OKX, said, “Waves is an underlying tech for a variety of decentralized apps and smart contracts. The recent upgrade to Waves 2.0, which was announced last month, may have sparked investor interest in the native token.”
“The upgrade to Waves 2.0 will ensure more transparency and better governance within the network. Waves are also used extensively to distribute block rewards so in a sense it is the currency of the blockchain world,” he added.
Since its inception in mid-2016, the token has delivered more than 12,000 per cent returns to investors and commands a market cap of more than $2.5 billion.
The Waves token is a deflationary one, which means its supply is unlimited. However, currently, 107,679,088 tokens are in supply, the coinmarketcap data showed.
The network announced a partnership with Allbridge, a protocol for the transfer of assets on multiple blockchains. It is expected that Allbridge could be fully integrated with Wave protocol by the end of May 2022.
Ishan Arora, Partner, Tykhe Block Ventures said that Waves is a vast and complex ecosystem, built for Defi. “It uses three blockchain protocols — Waves, Neutrino and Gravity — providing a developer-friendly infra for creating cutting-edge products.”
In the current economic sentiment, one should be cautious and invest with a long term vision. It might have more room to rally in the immediate short term, said Arora, adding that investors must consider the macro environment while investing in altcoins.