Top Altcoin Gainer Waves (WAVES) Surges 67% In 24 Hours
What Happened: Waves, the native token of the multipurpose Waves blockchain platform, has surged 67% since its low of $12.54 yesterday to a new all-time high of $21.47 earlier today.
The WAVES token was trading at $20.07 at press time.
Trading volume for the cryptocurrency was up over 790% in the past 24-hours as the token reached $2.14 billion in market cap, while 47% of supply is locked up in DeFi contracts.
Why It Matters: The Waves ecosystem is fairly extensive, leveraging three blockchain protocols: decentralized exchange Waves, DeFi platform Neutrino and cross-chain oracle network Gravity. The idea was to provide developer-friendly infrastructure to create new products with the potential for mass adoption.
This hasn’t been limited to a particular industry, as seen by Waves' most recent partnership with Russian space agency Rosmocos. The space agency uses an IP protection solution based on the Waves Enterprise blockchain platform to maintain and verify a database of IP data.
According to Waves Enterprise chief commercial officer Igor Kuzmichev, network participants will be rewarded with “cosmotokens” for detecting IP infringement cases, which can be exchanged for merchandise across a number of space organizations.
The tool is currently in the beta testing phase and will be fully rolled out in the summer of 2021.
What Else: According to Waves founder Sasha Ivanov, the goal is to get $10 billion in total value locked (TVL) on Waves by October 2021. Synthetic assets, a DeFi lending protocol, and Ethereum interoperability seem to be on the horizon as per a roadmap shared by the founder.
“The Ethereum network has the most liquidity now but, at the same time, is the most congested one. By redirecting part of ETH liquidity to Waves, we help Ethereum and boost Waves’ usability,” said Ivanov.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.