16. Januar 2021

Waves’s initiatives on DeFi, staking and interoperability

Waves’s initiatives on DeFi, staking and interoperability cause a 107% increase

A special focus on interoperability and staking has enabled Waves to reverse course with a 107% increase over the course of a month.

The first half of 2020 was rather tumultuous for Waves (WAVES). Altcoin performed 36% less than Ether (ETH).

Despite the short period in the Top 20 in December 2018, the proof-of-stake project created in 2016 by Russian physicist Alexander Ivanov seemed to have lost its momentum.

The platform’s success was initially due to its mobile application designed to simplify the user experience of decentralised applications (dApps). Waves‘ blockchain Bitcoin Code combines on-chain governance and blockchain-based computing; unlike Ethereum, however, it has fixed fees.

This means that there are no variable processing costs for miners and validators. In addition, the network has its own programming language for smart contracts called Ride. While not as comprehensive as the more complex Solidity used by Ethereum, Ride offers formal verification.

To date, several applications have been created, including decentralised exchange (DEX), marketplace, p2p loans, video games and escrow services. Similar to Ethereum’s Metamask, Waves Keeper is a browser plug-in that allows users to interact with the Waves ecosystem, including websites and dApps.

In addition to these apps, the project also has its own exchange that supports trading with crypto and fiat currencies. Similar to major exchanges such as Coinbase and Binance, Waves Exchange can also be accessed from Android and iOS apps.

After a long period of hibernation, the token price gained momentum in August

This recovery came about following the introduction of portability on the Ethereum network of the algorithmic stablecoin Neutrino Dollar (USDN) based on the Waves blockchain.

A week later, on 12 August, Waves announced the Malibu v1.2 Mainnet, which took 11 months to develop. In addition to increased network security through Verifiable Random Functions (VRF), the update solved the problem that failed complex transactions paid no fees. By adding the new Ride v4 programming language, it made the network more robust and DDoS-resistant.

On 17 August, Neutrino Dollar (USDN) reached $50 million in total blocked value (TVL), becoming the largest DeFi project outside the Ethereum ecosystem.

In the following months, a quieter period caused a 28% drop in the price of WAVES compared to Ether, but things changed after the announcement of the ERC-20 portability, which arrived on 22 October. This new tokenized version provided access to a wider range of dApps and DeFi protocols.