Development never stops in the blockchain industry and the projects that continually evolve are the ones that stay ahead and survive for the long haul.
One project trying to keep up with the wave of innovation is Waves, a multipurpose blockchain protocol designed to support a variety of use cases, including decentralized applications and smart contracts.
Data of Markets Cointelegraph Pro and TradingView shows that the WAVES price is up 120% since it formed a double bottom at $8.28 on Feb 22.
Three reasons for the price growth of WAVES are the recent announcement that the protocol will migrate to Waves 2.0, a partnership with Allbridge that will connect Waves to other popular blockchain networks, and the upcoming launch of a $150 million fund aimed at fostering growth. of Waves in the United States.
Migration to Waves 2.0
The biggest development that created momentum for WAVES has been the announcement that the protocol has begun the migration process to Waves 2.0.
โ๏ธ Protocol updates: The new version of Waves will be based on the Proof-of-Stake Practical Fragmentation Consensus (PPOSS) and will support the Ethereum Virtual Machine (EVM).
Smooth transition is guaranteed! We are now transitioning to Waves 2.0 with a multi-core framework
โ Waves (1 โ 2) (@wavesprotocol) February 10, 2022
Part of this transition includes the implementation of a new version of the Waves consensus that will be based on Proof-of-Stake Practical Sharding (PPOSS), an update that will help make the network faster, more secure, and compatible with the Ethereum Virtual Machine. (EVM). .
Development of the EVM-compliant network is scheduled to begin next spring and will plug into the existing network as a way to provide a "smoother transition to Waves 2.0 without depreciating the value or effectiveness of the previous network."
Waves 2.0 will also include a new generic governance model, gravity bridges to all EVM-compliant networks, and the creation of a blockchain-agnostic Tier 0 Inter-Metaverse protocol capable of providing a toolbox for creating connected metaverses that are unified. for a shared economy and identity. .
Partnership with Allbridge
Another development that helped push the price of WAVES higher is a partnership with Allbridge, a protocol focused on facilitating the transfer of assets between all blockchain networks.
This partnership was established as part of the larger Waves 2.0 goal and establishes a universal bridge integration.
The stated objective of the collaboration is โto create a unique bridge between Waves and supported EVM, as well as non-EVM chains such as NEAR Protocol, Solana and Terra.โ
According to the Waves developers, the goal is to have Allbridge fully integrated by the end of May.
Related: Allbridge will become the first token bridge for the Stacks token
Waves Labs and a $150 million ecosystem fund
A third reason for the price increase in WAVES has been the addition of new partners to the ecosystem and the establishment of Waves Labs, which is a US based company.
Waves Labs, now based in Miami, returns to support rapid growth throughout the ecosystem.
A $150 million fund and incubation program for US teams building products on Waves will soon be launched. The United States is a key market to drive mass adoption in 2022.
โ Waves (1 โ 2) (@wavesprotocol) February 10, 2022
Waves also revealed that it will launch an independent decentralized finance (DeFi) fund sometime in Q1 2022 that will focus on investing in select Waves-based DeFi products.
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