Neutrino, Vires Finance and Waves bag 100%+ gain after pivot toward interoperability
Ongoing developments on the global stage continue to cause havoc in traditional markets and in the cryptocurrency sector.
Despite these headwinds, projects in the Waves ecosystem have managed to climb higher in both price and total value locked (TVL) as a renewed focus on interoperability with popular blockchain networks brought fresh momentum.
Here’s a closer look at the top-performing assets in the Waves ecosystem that have managed to post positive gains despite negative macroeconomic factors that are pressuring cryptocurrencies.
Neutrino is an algorithmic price-stable “assetization protocol” that creates stablecoins tied to real-world assets and cryptocurrencies.
Neutrino USD (USDN) is the main stablecoin of the Waves ecosystem and it goes along with the Neutrino Token (NSBT), a recapitalization and governance token that also enables the creation of stablecoins.
While NSBT price was climbing, the TVL on the protocol also surged from $379.77 million on Feb. 22 to its current value of $1.15 billion according to data from Defi Llama.
Vires Finance (VIRES) is a decentralized, non-custodial liquidity protocol on the Waves blockchain that uses common pool-based mechanics to create equally distributed interest.
According to data from CoinGecko, activity for VIRES began to pick up on Jan. 18 when its price hit a low of $19.30 and proceeded to surge 460% to hit an all-time of $108.44 on Jan. 24 and has since entered a consolidation period with its price currently trading near the $85 mark.
The total value locked on the VIRES protocol has increased from a low of $115.84 million on Feb. 1 to an all-time high of $764.23 million on March 8 according to data from Defi Llama.
WAVES token has been the main driver of growth for the Waves ecosystem over the past six weeks, thanks in large part to the ongoing migration to Waves 2.0. The new blockchain will support advanced interoperability features that connect Waves to the major blockchain networks in the cryptocurrency sector.
Data from Cointelegraph Markets Pro and TradingView shows that the price of WAVES has climbed 192% from a low of $8.37 on Feb. 24 to a daily high at $27.61 on March 9 as its 24-hour trading volume hit a record $2.13 billion.
With the recent wave of economic sanctions pummeling Russia's economy and the removal of easy payment rails, it's possible that some people have turned to WAVES as one option for financial transactions and wealth preservation.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for WAVES on March 5, prior to the recent price rise.
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.
As seen in the chart above, the VORTECS™ Score for WAVES climbed into the green zone on March 5 and hit a high of 77 around four hours before the price began to increase 46% over the next three days.
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