Waves is a versatile blockchain platform that supports various applications, including decentralized applications (DApps) and smart contracts. Launched in June 2016, Waves aimed to enhance the speed, utility, and user-friendliness of the first blockchain platforms. The platform's native token is WAVES, which is used for standard payments such as block rewards.
Waves is closely associated with its founder, Ukrainian-born scientist Alexander Ivanov, also known as Sasha Ivanov. Before creating Waves, Ivanov was already active in the cryptocurrency space, having launched the instant exchange Coinomat and indexing site Cooleindex. He also developed an early version of a stablecoin, CoinoUSD, tied to the U.S. dollar. Ivanov actively promotes Waves and frequently gives interviews on the platform and trends in the broader blockchain industry.
WAVES started as a fixed-cap token for the Waves platform with 100 million tokens available. Over time, its utility increased, and in 2019, it was decided to remove the supply cap, with decision-making transferred to network participants. Currently, the block reward is 6 WAVES, and any changes come in the form of votes — users must choose whether or not to decrease the block reward by 0.5 WAVES every 110,000 blocks.
As a cryptocurrency on the market for over four years, WAVES is widely tradable on a large number of exchanges. Pairs operate between WAVES and other cryptocurrencies, stablecoins, and fiat currencies. Binance and Huobi Global are among the largest market venues where you can buy WAVES.
Waves is designed to appeal to prospective business clients looking to use blockchain to improve processes or create new services. It supports smart contract and DApp development, ensuring that speeds and ease-of-use surpass competition at the time. Other products have appeared, including Gravity, a cross-chain and oracle network, and decentralized finance (DeFi) focused platform Neutrino. Waves DEX is a decentralized cryptocurrency exchange.
In 2020, Waves announced that its platform would be interoperable with the Ethereum network by releasing the WAVES token as an ERC-20 standard asset. This development is a significant step towards enhancing the functionality and reach of Waves in the crypto ecosystem. Waves uses a modified proof-of-stake algorithm called WavesNG, based on Bitcoin-NG, a scaling proposal by well-known Bitcoin advocate, Cornell University developer Emin Gün Sirer. Waves highlights that its code is open source, allowing for more trust and ease of maintenance than closed source enterprise blockchain solutions.
In recent news about Waves, the team announced a master plan to rejuvenate its DeFi Protocols, leading to a significant recovery in the Waves price. The platform, which enables the creation of custom crypto tokens and smart contracts, has seen a 120% spike, breaking past a major resistance point.
Waves founder, Sasha Ivanov, has been actively managing a significant debt to prevent the depegging of USDN, a stablecoin within the Waves ecosystem. In response to a liquidity crisis on Vires.Finance, a lending protocol on Waves, the community voted in favor of a "DeFi Revival Plan". This plan offers two options to governance token holders for reimbursement, aiming to resolve the crisis.
Waves news today highlights the platform's focus on community engagement and governance. The launch of the Ambassador Program DAO aims to transform passive community members into active supporters. Waves Ducks, a game within the ecosystem, is initiating a collective farm liquidation process based on community voting. These developments underscore Waves' commitment to decentralized governance and community involvement.
Waves Exchange, the ecosystem's own decentralized exchange (DEX), continues to offer services for fast deposit and withdrawal of cryptocurrency, token exchange, and investment opportunities. The platform also introduced decentralized Forex (DeFo) for stable crypto assets, allowing users to swap seven different stable cryptocurrencies. If you're wondering where to buy Waves or explore investment opportunities, Waves Exchange could be a good starting point.