Neutrino, Vires Finance and Waves bag 100%+ gain after pivot toward interoperability

The ongoing developments on the global stage continue to wreak havoc on traditional markets and the cryptocurrency sector.

Despite these headwinds, projects in the Waves ecosystem have managed to rise higher in both price and total value locked (TVL) as a renewed focus on interoperability with popular blockchain networks brought new momentum. .

Here is a closer look at the top performing assets in the Waves ecosystem that have managed to post positive gains despite the negative macroeconomic factors that are putting pressure on cryptocurrencies.

neutrino

Neutrino is a price-stable algorithmic “valuation protocol” that creates stablecoins linked to real-world assets and cryptocurrencies.

Neutrino USD (USDN) is the main stablecoin in the Waves ecosystem and is paired with Neutrino Token (NSBT), a recapitalization and governance token that also enables the creation of stablecoins.

Data of Markets Cointelegraph Pro and Coin Gecko shows that since hitting a low of $7.07 on Jan 22, the price of NSBT soared 300% to hit a daily high of $30.33 on March 9.

While the price of NSBT was rising, the TVL on the protocol also increased from $379.77 million on February 22 to its current value of $1.15 billion. according to Defi Llama data.

Vires Finance

Vires Finance (VIRES) is a non-custodial, decentralized liquidity protocol on the Waves blockchain that uses common pool-based mechanisms to create equally distributed interest.

According according to data from CoinGecko, VIRES activity started to pick up on Jan 18 when its price hit a low of $19.30 and proceeded to surge 460% to reach an all-time high of $108.44 on Jan 24 and ever since it has entered a period of consolidation with its price currently trading near the $85 mark.

The total value locked in the VIRES protocol increased from a low of $115.84 million on February 1 to an all-time high of $764.23 million on March 8, according to data from Defi Llama.

Related: 3 reasons why the price of Waves increased more than 100% in the last week

Waves

The WAVES token has been the main driver of growth in the Waves ecosystem for the past six weeks, thanks in large part to the ongoing migration to Waves 2.0. The new blockchain will support advanced interoperability features that connect Waves with the leading blockchain networks in the cryptocurrency sector.

Data of Markets Cointelegraph Pro and TradingView shows that the price of WAVES is up 192% from a low of $8.37 on Feb 24 to a daily high of $27.61 on March 9, as its 24-hour trading volume hit a record high of $2, 13 billion.

With the recent wave of economic sanctions hitting Russia's economy and the removal of easy payment rails, some people may have turned to WAVES as an option for financial transactions and wealth preservation.

VORTECS™ data from Markets Cointelegraph Pro started spotting a bullish outlook for WAVES on March 5, prior to the recent price rally.

Exclusive to Cointelegraph, the VORTECS™ Score is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements, and trading activity. Twitter.

As seen in the chart above, the VORTECS™ Score for WAVES rose into the green zone on March 5 and reached a high of 77 around four hours before the price began to rise 46% over the next three days.

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