- Waves, a project that emphasizes the ease of onboarding developers has launched a DAO, giving more power to its community.
- The project is also set to introduce the Java and Go libraries, further expanding upon what developers can build on the Waves blockchain.
- After being de-pegged twice, the Waves team has worked to restore the 1:1 peg of its algorithmic stablecoin to the U.S. Dollar.
- Waves (WAVES) has gained in value by more than 140% over the last week, making it one of the best performing cryptos on the market.
The Waves blockchain enables users to create and launch custom crypto tokens. Unlike most blockchains, Waves allows users to create trademark tokens without the need for extensive smart contract programming.
The project places heavy emphasis on the ease it affords developers looking to onboard and build on the protocol. So, how has the easy to adopt protocol been performing recently?
Recent Developments and Future Events
Waves recently announced the launch of a decentralized autonomous organization (DAO). The council is composed of Waves Enterprises, Waves Labs, and Tokenomika.
The DAO was introduced to manage and execute the decisions made by the community members. In addition to this, the protocol has made the its software code open-source, enabling developers to leverage it for their own builds.
Large accounts have been liquidated, and their collateral taken over to be used for the benefit of the Waves ecosystem.
Prior to the notorious de-pegging of Terra’s UST stablecoin, Waves’ algorithmic stablecoin, Neutrino USD (NUSD), also suffered the ignominy of losing its peg to the value of the U.S. dollar in early April. The failure occurred due to aggressive selling of the token in the USDN liquidity pool on Curve Finance.
Despite having fallen to as low as $0.68, the NUSD is once again pegged at 1:1 with the dollar as of this writing, and in order to prevent the event from being repeated, Waves released a revival plan.
Waves set a threshold of 1, and a max APR borrowing limit to 400 tokens to prevent the aggressive selling of it’s tokens. Furthermore, borrowers must now return 99.98% of their loans or risk the liquidation of their positions.
In additional measures, the daily withdrawal limits for USDT and USDC across all the DeFi protocols on the Waves ecosystem have been set at $1,000, thereby discouraging the use of DeFi bit by whales who could pull massive liquidity from a protocol in a single instance.
Priding itself on being an easily onboarded project for developers, Waves is adding Java and Go library updates to its protocol. According to Waves, the update will support all features of the Waves blockchain, and will be made available “soon”.
Despite the plunging prices of crypto assets across the boad, Waves (WAVES) has been one of the better performers. In the last one week alone, the price of WAVES has risen by more than 140%.
The seven day price chart for Waves (WAVES). Source: CoinMarketCap
The rally saw WAVES hit a three week high of $11.28, up from the low of $4.6 recorded on May 27th. Following the massive rally, WAVES has corrected to $9.2, and is up marginally by 0.51% over the last 24 hours.
The 24 hour price chart for Waves (WAVES). Source: CoinMarketCap
WAVES now trades at $9.60, at the time of writing, and is ranked as the 51st largest cryptocurrency with a market cap of $1.07 billion.
The revival plan appears to have caused a spike in the overall trade volume of WAVES, which reached a high of $3.8 billion on June 1st—a sizeable increase from the $173.4 million recorded on May 28th.
On the Flipside
- Since the start of May, USDN has lost its peg twice, but is trading at $0.9913 at press time.
- With Waves USDN losing its peg multiple times, analysts have warned investors to steer clear of the stablecoin to avoid a repeat of the LUNA UST collapse.
Waves is a community-centric project, and this is reflected in the recent launch of its DAO. Waves grants its community members the power to reject proposals that they perceive to be against free-market values, and to accept proposals that benefit the long-term sustainability of the Waves DeFi ecosystem.
The project also enjoys immense community support from members who believe in the DeFi ecosystem Waves is building. @bryptokenneth3 writes about the project:
$WAVES | @wavesprotocol is building at such an incredible pace:— Lenny (@TraderLenny) September 23, 2020
- Partnered with $FTM
- Leveraged token pools
- Launched the #Gravity developer network
- Upcoming $WAVES version of Uniswap, which will be both cheaper and faster
- $USDN has just exceeded 30m
Bullish on $WAVES.🌊 pic.twitter.com/Y4bAO1Fsub
Zhu Shu, the co-founder of Three Arrows Capital, also recognized the potential of WAVES in a recent tweet. Shu shared:
Boomers thought Luna1 collapse would take down the crypto industry— Zhu Su 🔺 (@zhusu) June 1, 2022
Instead, Tron, Waves, and other chains still working hard on next-gen algostable coins
Luna2 reuniting the Terra community as they rebuild the ecosystem
All w/ zero need for govt bailouts
Predicting a further uptrend for WAVES, Sander de Mooij writes:
Something is brooding at @wavesprotocol ... $waves coins has a massive volume last few weeks but even this week it is insane!— Sander de Mooij (@MooijCapital) June 3, 2022
This together with a nice reaction/bounce from support zone..
Will this be the reversal ?
Will $BTC not ruin the chart ? 👀
Exciting weeks coming !! pic.twitter.com/TZZsqHZiUl
Why You Should Care
The ability of the Waves team to restore the peg of its USDN stablecoin after being de-pegged is a testament to its potential, and the effort being put into the project’s development.