The Waves token appeared to be the largest gainer among the major digital assets showing some rebounds after market crisis. The token has increased by more than 50% in the last 7 days.
WAVES 24-hour trading Volume surges by 730%
The Waves’ prices have been declining for two straight months. However, the terrible collapse of the TerraUSD (UST), was the triggering moment that caused the entire crypto market to crash. In the meantime, the WAVES token saw a similar collapse as the Terra LUNA. The token reached its all-time high (ATH) of $62.36 on March 31, 2022. Since then Waves costs have declined to settle at $6.
The token prices have risen by more than 90% in the last 24 hours. The increase has helped the token to trade at $8.73, as of the time of writing. WAVES’ 24-hour trading volume has increased by 730% to stand at $3.7 billion.
Waves’ total value locked (TVL) has increased by 27% in the last 24 hours, according to Defilama. At the present, its TVL is $1.13 billion. Based on the locked value, it is the tenth-largest chain.
Vires prices see 8% increase after huge crisis
Waves’ announcement of its Neutrino Protocol Stablecoin (USDN) revival plan is largely responsible for the recent price increase. The USDN was degged from US dollar value on April 2, 2022. The protocol mentioned that the freefall was caused by a huge sale of tokens in the USDN liquidity pool on Curve Finance.
It added that Vires Finance which is a Waves-based lending protocol experienced a huge liquidity crisis. This forced lenders to exit their positions. Meanwhile, Vires Finance token prices have risen by over 8% in the last 24 hours. The token is now selling for an average price of $60.
A proposal to remove USDN borrow/withdrawal limitations was recently displayed on the protocol. It stated that this will enable users to liquidate a large USDN investment without affecting the USDN depreciation.
