The turning of the waves towards DeFi, deployment and interoperability trigger a rally of 107%

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The first half of 2020 was quite turbulent for Waves (WAVES) as the Altcoin left the Ether (ETH) price behind by 36%.

Waves (WAVES) in ETH terms. Source: Digital asset data

While it was a top 20 cryptocurrency for a brief period in December 2018, the proof-of-stake project created by Russian physicist Alexander Ivanov in 2016 seemed to have lost its traction.

The platform’s success was originally based on its mobile application, which is designed to optimize the user experience when using decentralized applications (dApps). Waves Blockchain combines on-chain governance with blockchain-based computing, but unlike Ethereum, it offers fixed fees.

This means that there are no variable processing fees for miners and examiners. The network also has its own smart contract programming language called Ride. While Ride isn’t complete like the more complex Solidity used by Ethereum, it still provides a formal review.

A number of applications have been written to date, including DEX (Decentralized Exchanges), marketplaces, P2P lending, gaming apps, and fiduciary facilities. Much like Ethereum’s metamask, Waves Keeper is a browser plug-in that allows users to interact with the Waves ecosystem, including websites and dApps.

In addition to these apps, the project also owns an exchange that supports trading from crypto to crypto and fiat. Similar to large exchanges such as Coinbase and Binance, Waves Exchange can also be accessed via Android and iOS apps.

Screenshot from Waves Exchange. Source: wave.exchange

After a long period of hibernation, the token price gained momentum in August. It did so around the same time that the algorithmic stable coin of the neutrino dollar (USDN) running on the Waves blockchain became portable to the Ethereum network.

A week later, on August 12th, Waves announced its Malibu v1.2 mainnet after eleven months of development. In addition to increasing network security using Verifiable Random Functions (VRF), the upgrade ended the scenario where complex failed transactions did not pay any fees. With a new programming language from Ride v4, the network became more robust and DDos-resistant.

On August 17, the Neutrino Dollar (USDN) reached a Total Value Locked (TVL) of USD 50 million, making it the largest DeFi project outside of the Ethereum ecosystem.

A slightly quieter period caused the price of WAVES to drop 28% in ether terms after August, but the tide began to change after ERC-20 portability was announced on October 22nd. This new tokenized version enabled access to a wider range of dApps and DeFi protocols.