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 from Cointelegraph Markets Pro and TradingView shows that the WAVES price is up 120% since forming a double bottom at $8.28 on Feb. 22.

WAVES/USDT 4-hour chart. Source: TradingView

Three reasons for the WAVES price increase include the recent announcement that the protocol will be migrating 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.

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 drive up the price of WAVES 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 goal of the collaboration is to “create a unique bridge between Waves and compatible EVM, as well as non-EVM chains such as NEAR Protocol, Solana, and Terra.”

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 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.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should do your own research when making a decision.

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