An under-the-radar altcoin is surging as Bitcoin and most of the crypto markets move sideways.
The smart contract blockchain platform Waves (WAVES) is trading at $25.27 at time of writing, up more than 37% from where it was priced one week ago.
Zooming out, the 51st-ranked crypto asset by market cap is up more than 117% in the past month, after retracing from a Wednesday high of $30.34.
Waves allows users to create, launch and trade their own crypto tokens. The platform also gives developers access to several ready-to-use tools and products, empowering them to make new tokens as well as build decentralized applications. Waves’ current total value locked stands around $2 billion.
Last month, the network announced the transition to Waves 2.0, which involves implementing the new version of Waves Consensus based on Practical Proof-of-Stake Sharding.
Explains Waves,
“The development of our highly scalable and [Ethereum Virtual Machine-compatible] network will start this spring. The new network will be connected to the existing one for a smoother transition to Waves 2.0 without depreciating the old network’s value or efficacy.”
Waves Labs, the blockchain technology company behind the project, also plans to launch a $150 million fund and an incubation program to support US-based development teams building projects on the network.
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Featured Image: Shutterstock/Jamo Images/Nikelser Kate