Since the project developers unveiled plans to switch to Waves 2.0 to boost interoperability with key blockchains in the sector, NSBT, WAVES, and VIRES have been on a tear.
Ongoing geopolitical events continue to wreak havoc on traditional markets as well as the cryptocurrency sector.
Despite these obstacles, Waves ecosystem projects have managed to gain ground in terms of price and total value locked (TVL), thanks to a renewed focus on compatibility with popular blockchain networks.
Here’s a closer look at the Waves ecosystem’s top-performing assets, which have managed to post positive gains despite negative macroeconomic circumstances that are putting pressure on the cryptocurrency market.
Neutrino is a price-stable algorithmic “assetization system” that creates stablecoins related to real-world assets and cryptocurrencies.
The Waves ecosystem’s main stablecoin is Neutrino USD (USDN), which is paired with the Neutrino Token (NSBT), a recapitalization and governance token that also allows stablecoin development.
According to data from multiple analysts and CoinGecko, the price of NSBT has risen 300 percent since hitting a low of $7.07 on Jan. 22 to a daily high of $30.33 on March 9.
According to data from Defi Llama, the TVL on the protocol increased from $379.77 million on Feb. 22 to $1.15 billion today.
Vires Finance (VIRES) is a Waves-based decentralised non-custodial liquidity protocol that employs common pool-based principles to generate evenly distributed interest.
VIRES’ activity began to ramp up on Jan. 18 when its price hit a low of $19.30 and proceeded to climb 460 percent to an all-time high of $108.44 on Jan. 24. It has since entered a consolidation period, with its price currently trading near the $85 mark, according to data from CoinGecko.
According to data from Defi Llama, the total value locked on the VIRES protocol has climbed from a low of $115.84 million on Feb. 1 to an all-time high of $764.23 million on March 8.
The Waves WAVES token has been the key driver of growth for the Waves ecosystem during the last six weeks, thanks in part to the ongoing Waves 2.0 migration. Waves will be able to link to the major blockchain networks in the cryptocurrency sector thanks to the new blockchain’s advanced interoperability features.
According to data from multiple analysts and TradingView, the price of WAVES has risen 192 percent from a low of $8.37 on February 24 to a daily high of $27.61 on March 9, with a record $2.13 billion in 24-hour trading volume.
With the latest wave of economic sanctions pounding Russia’s economy and the removal of simple payment rails, it’s probable that some people have turned to WAVES as a means of completing financial transactions and preserving their cash.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.