Neutrino, Vires Finance and Waves gain over 100% after pivot to interoperability

Ongoing developments on the global stage continue to wreak havoc on traditional markets and the cryptocurrency industry. Despite these h...


Ongoing developments on the global stage continue to wreak havoc on traditional markets and the cryptocurrency industry.

Despite these headwinds, projects in the Waves ecosystem have managed to climb both in terms of price and total value locked (TVL), as the renewed focus on interoperability with popular blockchain networks has given a new impetus.

Total value locked on the first 3 Waves protocols. Source: Llama Challenge

Here is a look at some of the best performing assets in the Waves ecosystem that have managed to post positive gains despite negative macro factors putting pressure on cryptocurrencies.

Neutrinos

Neutrino is a price-stable algorithmic “assetization protocol” that creates stablecoins tied to real-world assets and cryptocurrencies.

Neutrino USD (USDN) is the main stablecoin in the Waves ecosystem and it goes hand in hand with the Neutrino Token (NSBT), a recapitalization and governance token that also enables the creation of stablecoins.

Data from Cointelegraph Markets Pro and CoinGecko shows that since hitting a low of $7.07 on January 22, the price of NSBT has soared 300% to a daily high of $30.33 on March 9.

NSBT/USD 3 hour chart. Source: CoinGecko

As the price of NSBT increased, the TVL on the protocol also rose from $379.77 million on February 22 to its current value of $1.15 billion, according to to Defi Llama data.

Vires Finance

Vires Finance (VIRES) is a decentralized, non-custodial liquidity protocol on the Waves blockchain that uses common pool-based mechanisms to create evenly distributed interest.

According to According to data from CoinGecko, VIRES activity began to pick up on January 18 when its price hit a low of $19.30 and rose 460% to an all-time high of $108.44 on January 24. January and has since entered a period of consolidation with its price currently trading near the $85 mark.

VIRES/USD 1 day chart. Source: CoinGecko

The total value locked on the VIRES protocol rose from a low of $115.84 million on February 1 to an all-time high of $764.23 million on March 8, according to data from Defi Llama.

Related: 3 Reasons Waves Price Surged 100%+ Last Week

Waves

The WAVES token has been the main driver of growth for the Waves ecosystem over the past six weeks, largely due to the ongoing migration to Waves 2.0. The new blockchain will support advanced interoperability features that connect Waves to major blockchain networks in the cryptocurrency industry.

Data from Cointelegraph Markets Pro and TradingView shows that the price of WAVES soared 192% from a low of $8.37 on February 24 to a daily high of $27.61 on March 9, as its 24-hour trading volume hit a record $2.13 billion.

WAVES/USDT 1-day chart. Source: Trading View

With the recent wave of economic sanctions hitting the Russian economy and the removal of easy payment rails, some people may have turned to WAVES as an option for financial transactions and wealth preservation.

VORTECS™ data from Cointelegraph Markets Pro started detecting a bullish outlook for WAVES on March 5, ahead of the recent price rally.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity. .

VORTECS™ score (green) versus WAVES price. Source: Cointelegraph Markets Pro

As shown in the chart above, the VORTECS™ score for WAVES moved into the green zone on March 5 and hit a high of 77 about four hours before the price began to rise 46% over the three days. following.

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