WAVES prices rose more than a 100% after the company unveiled its plans to launch a blockchain Metaverse which is agnostic. The company is also in a new partnership with Allbridge to make transfers across cross-chains easier. Development is always ongoing in the blockchain arena along with evolving projects. These are necessary to stay at the front of the pack and to ensure long term survival.
WAVES is one such project which is always trying to stay abreast of innovation. This blockchain is a multi-purpose protocol which is set up to support a range of use cases including smart contracts and decentralized application. According to data provided by analytics firms, WAVES prices rallied 120% after touching an all time low of $8.28 Februrary 22nd, 2022.
The three key reasons for the rise in WAVES prices are
· an announcement about the protocol migration to WAVES 2
· the launch of a fund worth $150 million which will be used to foster growth in the US
· and the all important Allbridge partnership. This is going to help WAVES connect with other blockchain networks.
There is no doubt the biggest driver to spark momentum is the migration announcement. This transition will include the implementation of a new consensus which is based on EVM compatibility and practical PoS sharding and a network upgrade to speed up work. WAVES also said that it plans to launch a DeFi fund which will be a stand-alone feature. This is going to happen sometime in the first quarter of 2022. The focus will be on investments in selected DeFi products which are based on WAVES.