Waves has been making rounds in the market with its phenomenal performance during the bullish year of 2021. The cryptocurrency started the year off with a price level of $6 and reached towards an all-time high of $41 during May. The cryptocurrency; however, could not sustain the ATH price but the price subsequently traded effectively above $10. In the recent timeframes, the token has been on a bearish roll with a steep downtrend as the whole cryptocurrency market turned bearish. At the time of writing, the cryptocurrency stands at a price level of $20. The downtrend may be reversed soon as the price has increased by 4% during the past twenty-four hours. Moreover, the daily trading volume has also surged by more than 130%.
What is Waves?
Waves is an open-source platform for decentralized applications. The platform aims to maximize the benefits of blockchain technology while ensuring a minimal carbon footprint as it employs a proof-of-stake consensus which is known to be more environmentally friendly. The platform has multiple use cases as it does not operate in one niche in order to maximize its offerings. The ecosystem consists of wallets, DeFi projects like Swop.fi, Nutrino and an exchange, games and collections, blockchain explorers as well as applications for development.
Recent developments
The developments on the platform are going full force with updates rolled out consistently. Recently, the platform announced a partnership with Ergo to enable oracle pools for enterprise-grade blockchains. The partnerships will enable users to integrate secure and trusted external data into their blockchain-based solutions. One of the DeFi projects, Swop.fi has also announced a burning event next week in December.
Moreover, the team also updated the Waves Keeper which is an intuitive browser extension designed to keep users’ funds safe at all times. The network cites security and users experience to be two major focus areas of the development activities which is why the browser extension was updated in several aspects. The technical additions and updates of the Keeper extension are designed to enhance convenience as well as security.
Future outlook
Waves should be one the list of crypto investors as it is one of the interesting projects in the market. The cryptocurrency is currently the sixtieth largest in the market. It is also working towards innovation and is active in new developments in the market. Apart from its original mission, the platform also aims to become the toolset for the Web 3.0. It also has a positive future outlook. According to the estimates of Wallet Investor, the cryptocurrency is expected to be operating at a price level of $40 in a year’s time while the five-year projection places it at $123.
