The main characteristics that a blockchain venture that expect to stand for a long period of time are real-world adoption and capability to serve the requirements of a broad range of industries in a fast-growing and highly competitive domain.
One crypto venture that has been in existence since 2016 and has recorded a new high in May’s price rally is Waves (WAVES), a multi-dimensional blockchain covenant that has recorded considerable expansion in 2021, primarily due to latest advancements in decentralized finance (DeFi), real-world adoption and non-fungible tokens (NFT).
Data provided by CoinGecko.com indicates that the token, after recording a low of $12.22 on April 25, has rallied over 205% to hit a fresh all-time peak of $37.61, with a record $1.24 billion worth trading volume in 24-hours, resulting in a 60% price surge on May 3.
The trigger that paved way for the double-digit rally last week paralleled with the announcement that Waves Enterprise had collaborated with the Russian space agency Roscosmos to trial a tool that uses blockchain technology in avoiding intellectual property violation.
The momentum for Waves token has continued to increase following the Roscosmos press release. The uptrend was also fueled partly by the ongoing Wave EGG NFT marketing program, which brings together community members and makes them to perform tasks to get rewarded in EGG tokens and mint distinct NFTs.
There has been considerable growth of DeFi on Waves as demonstrated by the Neutrino stablecoin covenant of the network eclipsing $1 billion in TVL (total value locked) on April 29. The surge in the price of Waves on May 3 was sparked by a tweet made in the previous day by the decentralized oracle provider Chainlink talking about WAVES/USD data feeds that can be simply embedded into DeFi markets.
Furthermore, rising optimism about the project on social media platforms also provided the necessary impetus to the price rally, as per the info provided by TheTie. As a matter of fact, the long-time sentiment score has increased to 93, from 53 within a week in parallel to a comparable spike in Tweet volume.
🚀@roscosmos and #WavesEnterprise launch a new blockchain service to protect IP rights. The service brings together subject matter experts from Roscosmos and elsewhere, providing smooth detection and violation management as well as token incentives.https://t.co/Vec6gNmTKG
— Waves Enterprise (@wvsenterprise) April 27, 2021
Neutrino triumphs by surpassing $1 billion in TVL (Total Value Locked)! 🤩 Would you celebrate this milestone? 🥂 pic.twitter.com/YYuDvSl5H0
— Neutrino Protocol (@neutrino_proto) April 29, 2021
Chainlink’s decentralized oracle networks support the growth of #DeFi by securely bringing external data on-chain. Easily integrate #Chainlink’s pre-built WAVES/USD Price Feed to build derivatives markets around @wavesprotocol’s native asset, already relied on by @Bondedfinance.
— Chainlink – Official Channel (@chainlink) May 2, 2021
With an increase in momentum due to proactive NFT and DeFi members and also real-world illustrations that lure governments and corporations intending to embed distributed ledger technology, the Waves covenant is a venture to have track as blockchain adoption rises in mainstream arena.
