Many crypto projects fly under the radar because many cryptocurrency enthusiasts and investors often focus on the top coins. Waves is a great example of a project whose native cryptocurrency has performed exceptionally well this year and one that should not be ignored.

Waves is currently trading at $27.74 after rallying by 5.57% in the last 24 hours and a 7.97% weekly gain. Its current price is an impressive recovery from its July low when it traded as low as $11.65. However, it is still significantly undervalued considering its all-time high of $41.86

Source: Binance

WAVES’ recent performance highlights an increase in buying volume since Friday after a previous dip. The strong recovery also reflects the RSI which currently suggests that the cryptocurrency has potential for more gains since it is not yet overbought.

What is Waves?

Waves is a blockchain that has been around since 2016 and one that functions a lot like Ethereum. It has its own type of smart contracts developed with bespoke coding language called Ride which makes it easy for developers to apply scripts to assets running on the Waves blockchain. One of the most notable aspects of Waves is that it does not charge gas, which means fees are easily determined before transactions.  It has a native token called WAVES used to pay for fees on the network.

Smart accounts and smart contracts on Waves attract a fee of 0.004 WAVES which is impressively low compared to the currently expensive fees on the Ethereum blockchain. One of the most unique features of the Waves blockchain is that it allows the community to change its monetary policy through decentralized voting by its community. This approach has been critical to the development of other assets such as the USDN stablecoin which can deliver more than 12% in annual interest to holders.

Why is Waves going parabolic?

Waves has so far delivered impressive price action that is backed by a lot of positive developments and widespread adoption of its network. One of the biggest growth drivers for the platforms right now is a decentralized NFT game called Wave Ducks that has been rapidly gaining popularity. The game allows users to buy and sell ducks, breed them and even sell eggs. The game’s tokenomics are reward-based to incentivize platform usage. Wave Ducks is one of the platforms that Waves is using to leverage growth in the NFT market which is currently booming.

The recent launch of collective farms was a catalyst that triggered massive buying of the WAVES token which will benefit it in terms of utility as more robust projects launch on its blockchain. Another major catalyst supporting the rally is the announcement that EURN, a decentralized stablecoin hosted on the Waves blockchain is now compatible with Ethereum’s ERC-20 standard. The development will make the stablecoin more usable in DeFi since many of the currently existing exchanges support the ERC-20 framework.

Waves has 106 million tokens in supply and its market cap is at $2.8 billion. This means the coin has potential for more growth especially now that it is getting much-needed attention. It might onboard more projects that will provide more organic growth for WAVES.