DeFi Protocol Waves Surges 120% in a Week Amid New Partnerships

Developments in the crypto space never cease, and projects that continually evolve and survive in the long term are those that remain at the forefront. At the moment, it is the Waves protocol staying atop the innovation wave, and the biggest reason for its latest price increase is its just-announced partnership with Allbridge.

About Waves

Waves, launched in 2016, is a global open-source platform for decentralised applications (dApps). Based on proof-of-stake consensus, Waves aspires to make the most of blockchain, with a minimal carbon footprint. Waves’ technology stack can benefit in any use cases that demand security and decentralisation, such as open finance, personal identification, gaming, and sensitive data.

Data from TradingView suggests that the price of WAVES has rallied 120 percent since its low of US$8.28 on February 22. As it stands, WAVES is trading at US$17.99, according to data from CoinMarketCap.

Why Waves is Pumping

The recent surge of WAVES’ price can be attributed to three different factors:

• the announcement that the protocol will migrate to Waves 2.0;
• the partnership with Allbridge that will connect Waves with other popular blockchain networks; and
• the upcoming launch of a US$150 million fund aimed at fostering Waves’ growth in the US.

Other DeFi tokens such as Anchor Protocol also soared this week amid a new tokenomics model.

Waves’ Partnership with Allbridge

Boosting the price of Waves is its new partnership with Allbridge, a protocol focused on facilitating the transfer of assets between all blockchain networks:

The partnership is part of the larger goal of Waves 2.0 towards universal bridge integration. The intended goal is “to create a unique bridge between Waves and supported EVM as well as non-EVM chains such as NEAR protocol, Solana and Terra”.

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

Another DeFi token making waves is Anchor Protocol (ANC), who recently surged 50 percent following the announcement of its new tokenomics model.