Waves blockchain founder announces ecosystem relaunch

Waves blockchain founder announces ecosystem relaunch

Author: Robert Strickland

Waves blockchain founder announces ecosystem relaunch
Sasha Ivanov, the founder of Waves blockchain and the cryptocurrency of the same name, announced the restart of the ecosystem with the POWER token
WAVES owners will have to return their assets to the blockchain within two weeks to get the new POWER tokens needed for the new version of the network

Waves blockchain creator Sasha Ivanov announced the ecosystem relaunch. He said that POWER tokens will be required to participate in the updated version of the network, which will accrue to all users who store WAVES tokens in the Waves blockchain.

As such, he urged users to move assets in WAVES from centralized exchanges to the original network. According to Ivanov, they have two weeks to do so.

Waves is a Tier 1 blockchain launched in 2016. The platform is designed to issue all sorts of crypto-assets and conduct crowdfunding campaigns. In late 2019, the network also launched its own algorithmic stabelcoin, Neutrino USD (USDN).

The Ivanov ecosystem has faced a number of problems in the past year. USDN lost its peg to the U.S. dollar several times during the year, which also affected the WAVES exchange rate. Because of this, in early December the Digital Asset Exchanges Association of South Korea (DAXA) issued a warning about the riskiness of investing in the cryptocurrency WAVES, after which the exchange rate dropped immediately by 13%.

A few days later, Ivanov announced a rescue plan for the collapsed USDN and the release of a new stabelcoin, which he promised to make "untied" (that is, its value will not differ from the value of the underlying asset). In early January, Neutrino USD was renamed Neutrino Index Token (XTN), and its exchange rate is now provided by a basket of tokens from the Waves ecosystem without a link to the US dollar.

On February 20, the exchange rate of the WAVES token, amid news of the ecosystem relaunch, updated its highest in 3.5 months, rising to $3.37 for the first time since November 9. According to CoinGecko, it is trading at $3.07 as of 3:30 pm Moscow time. The token has a market capitalization of $306 million and a daily trading volume of $718 million.

In late December, Ivanov published a plan for the development of the Waves ecosystem for 2023. According to him, Waves 2.0 will include the Ethereum virtual machine (EVM), the Proof-of-Stake (PoS) algorithm and the new Power DAO management model.



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