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Waves (Thread)

L1/L2 $WAVES

Look out for the $WAVES! It’s going up!!! (sorry for the pun)

WAVES is the platform to build open source dApps focusing on community-based user friendly apps! The project offers a fast, low cost, and eco-friendly.

This thread is going to deep dive into the project and try to dissect the price soar lately.

Brief history: Launched in 2016. ICO’ed in May 31, 2016 and raised 30,000 BTC.

Team: @sasha35625 - CEO, Maxim Petrsovskiy - COO, @metabatch_io - CMO, @alex_kofman - Project Manager, Artem Kalikhov - CTO/CPO

Fundings: $142M Total

  • Product Crowdfunding - $20M

  • Equity Crowdfunding - $2M

  • Funding Round - $120M (@SmithWilliamson)

The notion behind the project is that the development of smart contracts should be as easy as launching a conventional web app!

Now, why WAVES?

  • Easy to issue tokens

  • Easy to develop smart contracts

  • Leased PoS

  • Performance from Waves-NG

  • Open source code

  • An ecosystem for developers!

Diving deeper into the network, WAVES employs nodes to secure the protocol. These nodes must have a minimum balance of 1000 WAVES ($50k USD).

WAVES is an account-based model protocol that has a functionality for transaction or managing smart contracts.

dApps here is the account with the dApp script assigned. This account has permission to add, modify, or delete; transfer tokens; issue, reissue, burn, and sponsorship setup.

WAVES supports both smart contract tokens and NFT.

Issuance of smart contract tokens requires the script, minimum of 1 WAVES for tx fee, and increased by 0.004 WAVES for each smart asset involved.

Whereas, the issuance for NFT has a minimum fee of 0.001 WAVES.

Now, into the network architecture! WAVES splits the network into three parts: Mainnet, Testnet, and Stagenet.

Stagenet is the experimental network where WAVES team test protocol functionalities before deployment. It is generally more unstable and blockchain height rollbacks are much more likely.

The WAVES chain itself uses:

  • Blake2b256 and Keccak256 to create crypto hashes

  • Curve25519 to create and verify signatures

  • Base58 to create strings/information form of bytes

Another implementation WAVES leverages on is the Waves-NG, which splits the block into key blocks and micro blocks.

The process is as follows: miner node create block → sends the key block (no tx) → sends micro block (contain tx, similar to normal block) with mining time interval of 3s → miners will mine those micro blocks and propagate them to the network.

To the asset that powers the network itself – $WAVES!

The token began as a fixed-cap token with 100M max supply. All the tokens are in circulation. $WAVES has a main use case as the native token for the protocol.

Around 20M tokens are issued as the block rewards. The initial block reward has been set to 6 WAVES, every 100k blocks miners could decrease or increase the block reward by 0.5 WAVES.

Currently, the APR of block rewards are 3.61% for lease waves and 3.68% for mine waves.

State of Network:

  • 36th global rank

  • ~$5B TVL

  • 65k daily tx

  • 255M total tx

  • $0.052 cost/tx

  • 80% staked

TVL dominance is led by @neutrino_protocol – WAVES’ algorithmic stablecoin ($USDN), followed by @Viresfinance_ES, and @Waves_Exchange.

Now, to the speculating the price surge:

  1. An assumption could be made regarding the price surge that WAVES’ founders are Ukrainian. Indicating that the #UkraineRussia war might play a huge role in the price action.

  2. WAVES is set to have a migration to WAVES 2.0 on Feb 10, 2022. This upgrade implements a new consensus – practical PoS, new generic governance model, creation of L0 inter-metaverse protocol, and introduces gravity bridges.

  3. To this end, WAVES partnered with @Allbridge_io as a bridge between EVM/non-EVM and attracting liquidity.

  4. The project also raised $150M as an ecosystem fund for the migration to WAVES 2.0.

Conclusion: the price surge mainly revolves around the migration to WAVES 2.0.

List of upgrades to WAVES 2.0:

  • New consensus with EVM

  • DAO Framework

  • Cross-chain

  1. Gravity Bridges

  2. Universal Bridge Integration

  • L0 inter-metaverse protocol

  • US Company and accelerator program

Projected Timeline:

Q1 2022

  • Inter-Metaverse protocol litepaper release

  • US company foundation

Q2 2022

  • MVP release of Inter-Metaverse protocol with integrated games

  • DAO litepaper release

  • Incubator launch for US teams

  • WAVES 2.0 litepaper release

  • Mother-DAO launch

  • Gravity bridges MVP launch

Q3/Q4 2022

  • EVM MVP release