WAVES token has more than doubled in value this week after Binance said it would start accepting the coin as collateral on its lending platform. The token is now trading at a three-month high of $20.5.
Trading volumes of the token jumped more than 200% this week after Binance said it would accept the token. WAVES has outperformed the broader cryptocurrency market by a wide margin, with the latter trading about 7% higher this week, data from Coinmarketcap shows.
Binance also approved MATIC, SLP and THETA as collateral.
The token is part of the WAVES protocol, an open source blockchain project that allows users to build scalable apps. According to the website, the project has a market cap of $1.6 billion and an average of 38,000 trades are executed daily. There are 108 million tokens in circulation.
WAVES’s price rally supports the already growing optimism towards the crypto market, after Bitcoin and other major tokens showed a strong recovery from the month-long lows. But the rally now appears to have cooled, with the focus on Russia-Ukraine talks and a Federal Reserve meeting later this month.
WAVES 2.0 in pictures
The project had recently announced an update, WAVES 2.0, that would increase interoperability with other networks, especially through support for Ethereum Virtual Machine (EVM). This move would give users access to digital assets on various mainstream networks.
To this end, WAVES recently announced an integration with multi-chain hub Allbridge, which aims to connect WAVES to various EVM and non-EVM networks.
Our goal is to create a unique bridge between Waves and supported EVM and non-EVM chains, such as NEAR Protocol, Solana and Terra.
-Allbridge
The project also founded WAVES Labs, a Miami-based company focused on developing products for the US market. Another key aspect of the update is the project’s plan to launch a $150 million fund to boost adoption in the United States, which it sees as an important market.
WAVES also outlined plans for its own integrated games metaverse, which will be unveiled later this month.
Disclaimer
The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
With over five years of experience in global financial markets, Ambar plans to leverage this knowledge for the fast-growing world of crypto and DeFi. His main interest lies in finding out how geopolitical developments could affect crypto markets and what that could mean for your bitcoin holdings. When he’s not scouring the internet for the latest news, you can watch him play video games or watch Seinfeld reruns. You can reach him at [email protected]
This post WAVES Token Price Shoots Up 100% In A Week On Binance Announcement
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