Waves cryptocurrency witnessed a bullish breakout on Wednesday after the platform announced it will re-launch a funding program designed to lure decentralized application developers.
Climbing the Ranks
The Waves cryptocurrency was the market’s top performer midweek, gaining more than 20% through the early morning session. By mid-afternoon, the Waves price was up 15.9% at $3.12, its highest in three weeks. By comparison, the overall cryptocurrency market was down slightly over the 24-hour cycle.
Astonishingly, Waves is up nearly 60% over the past three months, highlighting its growth potential during a period of considerable pressure for cryptocurrencies as a whole.
At current values, the Waves platform has a total market capitalization of $312 million, placing it 21st among active cryptocurrency projects.
Over the past seven days, daily trade volumes have risen from $14 million to $71 million. Binance is by far the largest market, accounting for more than half of total transactions.
Waves Token Eyes Return to Six-Month High Following Successful Vostok Investment Round
Waves Relaunches Grant Program
Waves made headlines this week after the company announced it was re-launching its grant program with a focus on decentralized applications. The first iteration of the grant program focused on supporting initial coin offerings (ICOs) but the revamp is looking to attract talented developers to build dapps on the Waves platform.
In an official Medium post that appeared last week, the company said it is now focused on helping “as many Waves-based projects as possible,” including startups focused on “building the decentralized technologies that will form the backbone for Web 3.0.”
A committee with close ties to the Waves’ Developer Relations Department will decide how up to 1 million Waves tokens will be disseminated as part of the grant. At current values, the grant is program is worth up to $3 million.
Read more: Waves Continues Surge During Bear Market.
Details about the upcoming Vostock airdrop also surfaced midweek, giving investors added incentive to drive up the value of the Waves cryptocurrency. Vostock, the enterprise-grade blockchain network, raised $120 million in funding last year. The airdrop of native tokens will occur during the first week of April. More details can be found here:
— Cryptologist (@Cryptologist100) January 23, 2019
Waves was also supported by positive news tied to its Keeper browser extension, which recently completed a major update designed to bolster security when interacting with decentralized applications. Version 1.0.7 of the browser was officially unveiled on Tuesday.
In the last 24 hours, the platform also unveiled an updated version of the Waves Client, which includes several technical upgrades. According to the official website, the Waves Client is a client “is a wallet, decentralized exchange (DEX), and a tool to release tokens.”
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.