After announcing plans to develop a blockchain-agnostic Metaverse and a new cooperation with Allbridge to facilitate cross-chain transfers, the WAVES price soared by more than 100 percent.
In the blockchain industry, development never stops, and projects that continue to progress are the ones that stay on top and survive in the long run.
Waves, a multi-purpose blockchain protocol meant to enable a number of use cases, including decentralised applications and smart contracts, is one project seeking to keep on top of the innovation wave.
WAVES has gained 120 percent since creating a double bottom at $8.28 on Feb. 22, according to data from TradingView.
The recent announcement that the protocol will migrate to Waves 2.0, a partnership with Allbridge that will connect Waves with other popular blockchain networks, and the upcoming launch of a $150 million fund aimed at fostering Waves’ growth in the United States are three reasons for the price increase for WAVES.
Waves 2.0 Migration
The revelation that WAVES has began the process of upgrading to Waves 2.0 has been the most significant development for the protocol.
✔️ Protocol updates: the new version of Waves will be based on Practical Proof-of-Stake Sharding (PPOSS) Consensus and support Ethereum Virtual Machine (EVM).
Smooth transition is guaranteed! We're now in transition to Waves 2.0 with a multi nuclei structure 🚀
— Waves 🌊 (1 ➝ 2) (@wavesprotocol) February 10, 2022
The deployment of a new version of Waves consensus based on practical proof-of-stake sharding (PPOSS), an upgrade that will help make the network quicker, more secure, and Ethereum Virtual Machine (EVM) compatible, is one part of this shift.
The EVM-compatible network will be built this spring and will be connected to the existing network to offer a “smoother transition to Waves 2.0 without diminishing the value or efficacy of the previous network.”
Waves 2.0 will also contain a new generic governance architecture, gravitational bridges to all EVM-compatible networks, and the establishment of a blockchain-agnostic Level 0 Inter-Metaverse protocol capable of offering a toolbox for connecting metaverses with a shared economy and identity.
Collaboration with Allbridge
A cooperation with Allbridge, a protocol dedicated to enabling the transfer of assets between all blockchain networks, has also aided the price of WAVES.
This relationship was formed as part of Waves 2.0’s greater goal of establishing universal bridge connectivity.
“To establish a unique bridge between Waves and supporting EVM as well as non-EVM chains, such as NEAR Protocol, Solana, and Terra,” the collaboration says.
The goal, according to Waves developers, is to have Allbridge fully integrated by the end of May.
Waves Labs is collaborating with a $150 million ecosystem fund.
The addition of additional partners to the ecosystem and the establishment of Waves Labs, a US-based corporation, are the third reasons for WAVES price growth.
💼 Waves Labs, now headquartered in Miami, are coming back to support rapid growth across the ecosystem.
$150m fund and an incubation program will soon be started for the US teams, building products on Waves. The US is a key market to drive mass adoption in 2022. 🔥
— Waves 🌊 (1 ➝ 2) (@wavesprotocol) February 10, 2022
Waves also announced that in Q1 2022, it would launch a stand-alone decentralised finance (DeFi) fund that will focus on investing in Waves-based DeFi products.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
