Blockchain sector development never ends. Projects that are constantly evolving will be the ones that survive long-term.
Waves is a multipurpose blockchain protocol that supports a wide range of uses. It’s one project trying to keep up with the innovation wave.
Cointelegraph Markets Pro and TradingView data show that WAVES prices have risen 120% since the formation of a double bottom at $8.28 in February 22nd.
WAVES/USDT 4-hour chart. Source: TradingView
There are three reasons Waves has seen its price rise: the recent announcement of Waves 2.0 as a protocol, a partnership between Allbridge and Waves with other popular networks and the upcoming launch a $150 million fund to support Waves’ growth in America.
Migration to Waves 2.0
Waves 2.0 is the most significant development that has sparked momentum.
Protocol updates: The new Waves version will be based upon Practical Proof-of-Stake Sharding, (PPOSS), Consensus, and support Ethereum Virtual Machines (EVM). A smooth transition is assured! We are now transitioning to Waves 2.0, which has a multi-nuclei structure
— Waves (12) (@wavesprotocol February 10, 2022
This transition will include the implementation of a new Waves consensus based on practical proof of stake sharding (PPOSS). This upgrade will make the network more secure, faster, and compatible with the Ethereum Virtual Machine (EVM).
The EVM-compatible network development is expected to begin this spring. It will be connected to existing networks in order to offer a “smoother switch to Waves 2.0” without degrading the value or efficacy of the old network.
Waves 2.0 will include a new generic governance system, gravity bridges to all EVM-compatible network and the creation a blockchain agnostic Level 0 Inter-Metaverse protocol that can be used as a toolbox to create connected metaverses that are unified through a shared economy.
A partnership with Allbridge has also helped to boost the price for WAVES. Allbridge is a protocol that facilitates the transfer of assets across all blockchain networks.
This partnership is part of Waves 2.0’s larger goal and aims to establish universal bridge integration.
The collaboration’s stated goal is to “create a unique bridge between Waves, supported EVM chains as well as non EVM chains such as Terra, Solana, and NEAR Protocol.”
Waves developers claim that Allbridge will be fully integrated by May’s end.
Related: Allbridge will become the first token bridge to the Stacks token
Waves Labs, $150 million ecosystem fund
Waves Labs, a U.S-based company, is another reason behind the price increase in WAVES.
Waves Labs is a Miami-based company that supports rapid growth in the ecosystem. Waves Labs will soon launch a $150m fund and an incubator program for US teams working on Waves products. The US is an important market for mass adoption in 2022.
Waves (12) (@wavesprotocol February 10, 2022)
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