- Waves price has been in a strong bullish trend recently.
- Vires Finance has seeen its total value locked jump to $108M.
- Neutrino (USDN) will rebrand to Waves Ecosystem Index Token (WIXT)
Waves crypto price has soared in the past few weeks as investors cheer the performance of Vires Finance, the biggest DeFi platform in its ecosystem. The Waves crypto coin jumped to a high of $1.84, which was the highest point since December 6. It has surged by more than 37% from the lowest point in 2022, giving it a market cap of over $191 million.
Vires Finance activity rises
Waves is a blockchain project that aims to be the best platform for developers to build applications. The project has been used to build some well-known projects in the industry.
After experiencing a lot of success earlier on, Waves suffered the same challenge that Terra faced. Its biggest stablecoin in its ecosystem, Neutrino (USDN), lost its peg in 2022. It has never regained its peg and is trading at $0.39.
Waves price has risen in the past few weeks as the total value locked in Vires Finance surge. According to DeFi Llama, the total value locked in the ecosystem has risen by 45% in the past 30 days. It has a TVL of over $108 million.
Vires Finance is a lending protocol that enables people to earn returns by staking their coins. Still, there are concerns about Vires since it uses Neutrino’s stablecoin.
Other Waves DeFi projects that have done well recently are Swop, Puzzle Swap, and PepeTeam. On the other hand, WX.Network and Neutrino have seen significant outflows.
Waves crypto price has also risen as investors wait for the network’s rebrand. The developers will launch Waves 2.0 litepaper, introduce a new token bridge, and launch the $Power airdrop.
Another major development is that the developers are working to migrate from Neutrino to Waves Ecosystem Index Token (WIXT). The developers wrote the following about WIXT.
“WIXT will be collateralized by a basket of Waves Ecosystem tokens and will no longer be pegged to $1. Instead, the value of WIXT will float based on supply and demand and indirectly based on the Backing Ratio (BR). The BR is the total value of all the assets held in collateral against the value of the circulating supply.”
Waves crypto price prediction
The four-hour chart shows that the Waves crypto price has been in an upward trend ahead of major changes in the network. It moved above the 25-day and 50-day moving averages. It also jumped above the important resistance point at $1.6890, the highest point on January 9. Therefore, I suspect that Waves will continue rising as buyers target the next key resistance at $2.
