'Russian Ethereum' Spiked 90% Last Week, Outperforming Bitcoin, Dogecoin

Zinger Key Points
  • Waves emerges as top weekly gainer
  • 'Russian Ethereum' riding high on calls for Neutrino USD to "come back" home
  • Waves.exchange is also holding a supercar giveaway

Waves (WAVES), sometimes dubbed as “Russian Ethereum” was the top gainer last week. The Sasha Ivanov-created token soared over 90% to $8.77 over a seven-day period, according to CoinMarketCap data.

WAVES weekly gains outpaced those of major coins such as Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD.

Top Gainers of Week Ending June 6, 2022 (Data via CoinMarketCap)
Cryptocurrency 7-Day % Change (+/-) All-Time High Value/Date Reached % Change (+/-) Since All-Time High
Waves (WAVES) +90.8% $62.36 On Mar 31, 2022 -85.8%
Helium (HNT) +25.6% $55.22 On Nov 12, 2021 -82.2%
Cardano (ADA) +20.4% $3.10 On Sep 2, 2021 -80%
Chiliz (CHZ) +15.15% $0.89 On Mar 13, 2021 -85.05%
Chainlink (LINK) +14% $52.88 On May 10, 2021 -84.8%
AAVE (AAVE) +11.4% $44.17 On May 3, 2021 -56.1%

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Call For Neutrino To Come Home To Waves

The Neutrino Protocol called for the holders of the token to “come back” to Waves. Neutrino USD (USDN) has lost its peg twice in a period spanning two months and there are dangers of a third de-pegging should large-scale selling occur, said the Protocol in a blog post last week.
The call by the protocol behind Neutrino is geared at supporting the stability of the coin and reducing the effect of external liquidity pools and improving the liquidity on Waves among other reasons, according to the blog.

Meanwhile, Ivanov pointed out that USDN annual percentage yield is nearly 70% on Vires, a decentralized non-custodial liquidity protocol based on Waves.

Master Plan For DeFi

Last week, Waves also released its DeFi Master Revival plan, which addressed the de-pegging of USDN from the dollar after Terra Classic (LUNC) and TerraClassicUSD (USTC) collapsed.

The plan involves buying and locking CRV tokens with 45% of WAVES staking profits from Neutrino. 

Lamboway Contest

Waves.Exchange is holding a Lamboway Contest, which began on May 30. Anyone who invests a small amount of USDT or USTC, in the Lambo Investments product stands a chance to win a supercar.

Read Next: Dogecoin Co-Founder: Crypto Is 'Parasitic' With Its Claws In Every Scam

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