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Real-world acceptance and an increasing DeFi environment contribute to WAVES reaching a new all-time peak.
Real-world acceptance and the potential to meet the demands of a diverse variety of sectors are critical characteristics for blockchain ventures seeking long-term sustainability in an increasingly crowded and changing environment.
Waves (WAVES), a multi-faceted blockchain protocol that has seen substantial development in 2021 due to recent advances in decentralised finance (DeFi), nonfungible tokens (NFT), and real-world acceptance, is one cryptocurrency project from 2016 that has seen its price breakout to new peaks in May.
Data from Tradingview shows that after hitting a low of $12.22 on April 25, the price of Waves has swelled more than 205% to a new all-time high at $37.61, with a record $1.24 billion in 24-hour trading volume leading to a 60% spike in price on May 3.
Real-world adoption ignites rally
The catalyst for the recent double-digit rally was the revelation that Waves Enterprise had collaborated with the Russian space agency Roscosmos to test a platform that uses blockchain technology to combat intellectual property infringement.
🚀@roscosmos and #WavesEnterprise launch a new blockchain service to protect IP rights. The service brings together subject matter experts from Roscosmos and elsewhere, providing smooth detection and violation management as well as token incentives.https://t.co/Vec6gNmTKG
— Waves Enterprise (@wvsenterprise) April 27, 2021
Following the Roscosmos launch, momentum for WAVES has continued to grow, due in part to the continuing marketing of the Wave EGG NFT campaign, which recruits group members and encourages them to complete tasks to receive EGG tokens and mint special NFTs.
DeFi on Waves has also seen significant growth as evidenced by the network’s Neutrino stablecoin protocol surpassing $1 billion in total value locked on April 29.
The price increase in WAVES on May 3 was followed by a tweet on May 2 from the decentralised oracle provider Chainlink about its WAVES/USD data feeds that can be quickly inserted into DeFi markets.
Chainlink’s decentralized oracle networks support the growth of #DeFi by securely bringing external data on-chain. Easily integrate #Chainlink’s pre-built WAVES/USD Price Feed to build derivatives markets around @wavesprotocol’s native asset, already relied on by @Bondedfinance.
— Chainlink – Official Channel (@chainlink) May 2, 2021
According to TheTie’s most recent results, social opinion has risen in lockstep with price. Indeed, the long-term sentiment score has risen from 53 to 93 in less than a week, paralleling a similar increase in Tweet length.
The WAVES protocol is a project to keep an eye on as blockchain adoption begins to spread into mass society, with traction already building due to active DeFi and NFT communities, as well as real-world usage cases capturing the attention of policymakers and businesses seeking to incorporate distributed ledger technologies.