3 reasons why Waves’ price is up 120% over the week

The constant further development in the blockchain area and the constantly evolving projects are projects that have always been in the foreground and have existed for a long time.

The project trying to be at the forefront of the wave of innovation is Waves (WAVES), a multi-purpose blockchain protocol that aims to support a variety of use cases, including decentralized applications (dApps) and smart contracts.

Data from TradingView shows that WAVES price is up 120% since forming a double bottom at $8.28 on February 22nd.

4 hour frame WAVES/USDT price chart | Source: TradingView

The three reasons behind WAVES’ recent move higher are the move to Waves 2.0, the partnership with Allbridge that will connect Waves to other popular blockchain networks, and the upcoming launch of a $150 million fund aimed at bringing the To increase popularity of WAVES in the United States.

Migrate to Waves 2.0

The strongest bullish driver for WAVES is protocol work notification begin the transition to Waves 2.0.

“Protocol update: The new version of Waves will be based on Practical Proof-of-Stake Sharding (PPOSS) and will support the Ethereum Virtual Machine (EVM). The transition will always be guaranteed! We are currently migrating to Waves 2.0 with a multipurpose architecture.”

Part of this transition includes the implementation of a new version of Waves Consensus that will be based on PPOSS, an upgrade that will help make the network faster, more secure, and EVM-compliant.

Development of the EVM-compatible network is scheduled to begin next spring and will be connected to the existing network to allow for a “smooth transition to Waves 2.0 with no loss of value” or the efficiency of the old network.

Waves 2.0 will also feature a new shared governance model, gravitational bridges to all EVM-compatible networks, and the creation of a blockchain-agnostic level 0 inter-metaverse protocol capable of providing a toolbox for creating connected metaverses who are united by the sharing economy and identity.

Partnership with Allbridge

Another development that has given WAVES a boost is its partnership with Allbridge, a protocol focused on facilitating the transfer of assets between all blockchain networks.

“We are pleased to announce our strategic partnership with the Waves protocol! Allbridge will integrate Waves, enabling asset transfers between Waves and multiple supported networks.”

This partnership is part of the larger Waves 2.0 goal of establishing a global bridge integration.

The stated goal of the partnership is to “create a single bridge between Waves and supported EVMs as well as non-EVM chains such as NEAR Protocol, Solana and Terra”.

According to Waves developers, the goal is to fully integrate Allbridge by the end of May.

Waves Labs and a $150 million ecosystem fund

The third reason for increasing the WAVES price is the addition of new partners to the ecosystem and the creation of Waves Labs, a US-based company.

“Waves Labs, now headquartered in Miami, continues to support rapid growth across the ecosystem. Funding and a $150 million incubation program will soon be launched for US teams developing products on Waves. The US is a key market to drive mass adoption through 2022.”

Waves also announced that it will launch a standalone DeFi fund sometime in the first quarter of this year, which will focus on investing in select Waves-based DeFi products.

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