A proof-of-stake blockchain project that offers a toolkit for building decentralized applications (DApps) is riding a wave of momentum to higher valuations.
The Waves (WAVES) ecosystem aims to arm developers with a wide variety of building options, including for decentralized exchanges (DEXs), automated market makers (AMMs), lending, and non-fungible tokens (NFTs).
The project also offers tokenization and smart contracts while striving for low carbon emissions.
According to the project website,
“Waves’ technology stack can benefit in any use cases that demand security and decentralization – open finance, personal identification, gaming, sensitive data and many others.”
The price rise follows the recent announced of Waves 2.0, which is designed to be highly scalable and compatible with the Ethereum Virtual Machine (EVM). The WAVES token offers block rewards and the Waves Association DAO (decentralized autonomous organization) emphasizes community participation.
According to DeFi tracker DeFi Llama, the Waves ecosystem currently has over $1.66 billion in total value locked (TVL).
The TVL of a DeFi protocol represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
At time of writing, Waves is the 65th-largest crypto asset by market cap. As crypto bounces back, WAVES is up a whopping 42.22% on the day and trading for $17.89, significantly outperforming most of the overall digital asset marketplace.
A week ago the altcoin was priced at $8.56 before soaring 122% to a high of $19.08 earlier today.