Waves celebrates 6th anniversary
The ecosystem approaches this important date with strong performance and confidence about the future.
The first step towards building what is now the Waves ecosystem was made in April 2016 when an ICO for the Waves platform attracted about $30 mln in Bitcoin. Shortly, the Waves testnet was inaugurated, followed by the mainnet launch in December 2016.
The next major milestone was the launch of a decentralized exchange in 2017. One of the first DEXes immediately got traction thanks to its unprecedented speed and efficiency.
Later the same year, Waves NG was activated, an update of the protocol that facilitated a dramatic increase in speed. The history of Waves NG dates back to Bitcoin NG (Bitcoin Next Generation), an improvement to the Bitcoin protocol proposed by Emin Gün Sirer, the future founder of the Avalanche blockchain. Bitcoin did not accommodate Sirer’s proposal, but Waves did, which resulted in the arrival of Waves NG.
Waves stayed on the road of innovation, and, in 2018, the first version of Ride, a programming language for gasless smart contracts, was released, followed by a version for decentralized applications (dApps) a year later. Incidentally, Ride keeps evolving, and support for MetaMask is expected to be added soon.
Since its inception, Waves has been a reliable platform and launchpad for various projects. For instance, in 2017 and 2018, numerous successful ICOs were done on Waves. By now, over 4,000 tokens have been released on Waves.
Gradually, Waves turned into an ecosystem that embraces various products and projects. A major turning point was the launch of the Neutrino stablecoin protocol and its flagship algorithmic stablecoin, USDN, in late 2019. Currently, the TVL of USDN, the first ever non-overcollateralized stablecoin, exceeds $600 mln.
The launch of a community-driven monetary policy in the Fall of 2019, enabling Waves nodes to change the size rewards distributed with every generated block came as an important step towards the decentralization of the ecosystem. Since then, the number of WAVES tokens locked in the protocol reached 80,077,192.
In 2020, as the market grew and new opportunities for digital asset holders arrived, Waves.Exchange kicked off decentralized Forex (DeFo), an innovative stablecoin-based system that combined the main elements of traditional Forex markets and decentralized market instruments, such as staking.
Within the Waves ecosystem, Waves.Exchange continues to play a major role. It has made an impressive progress from a basic crypto wallet with a trading option to a major entity with gateways, investment products and its own token.
For years, Waves.Exchange has proven to be a reliable player in the DEX segment, offering a range of investment opportunities — from high-profit and high-risk products to low-risk and high-stability ones, such as LP staking.
In 2021, Waves.Exchange ran an IDO for its token, WX, attracting $50 mln. in just 29 hours, and launched liquidity pools. In 2022, the exchange’s main focus will be on decentralization. Waves.Exchange has already enabled voting for token verification and new pool addition. Now, users who have staked their WX tokens, can participate in making decisions on the development of the exchange. By the end of the year, there are plans to launch decentralized gateways and derivatives trading.
Another major addition to the Waves ecosystem occurred in November 2020, when Swop.fi was launched, an automated market maker (AMM) combining several types of liquidity pools with different price calculation formulas that are most suitable for a specific token pair.
April 2021 saw the launch of Waves Ducks, a play-to-earn game that combines the mechanics of NFT collectables and yield farming. In just a year’s time, Waves Ducks progressed from a simple NFT-based collectible game aimed at the Waves users to the Waves Ducks Metaverse involving tens of thousands of users and powered by the token EGG. Later in 2021, a 3D racing game, Metarace, was launched in the Waves Ducks Metaverse with an IDO that brought in $1 mln.
By the summer of 2021, the Waves ecosystem had covered just about any major area of crypto, but what was lacking was a lending protocol. So, the launch of Vires.Finance came as the final piece of the puzzle. Vires.Finance is a decentralized non-custodial liquidity protocol enabling users, wallets and dApps to deposit and borrow crypto. That summer, Waves’ TVL hit $1 bln, and by now this figure has reached $2.27 bln.
The projects described above were developed by the Waves team. However, the Waves ecosystem is much wider, also embracing many promising projects built on the Waves blockchain by the community. Incidentally, over 10,000 developers have taken Ride courses on Stepik and Coursera, taught by Waves’ developer advocate Inal Kardanov.
One example of a successful Waves-based project is Enno Wallet, which launched with an IDO on Swop.fi, attracting $850,000. Another promising community-generated project is Muna, a user-friendly app for accessing DeFi and crypto in Africa that took in $550,000 in an IDO on Swop.fi. Among projects worth noting are also SIGN Art, a web gallery for certified digital art and an NFT marketplace, and Puzzle Swap, a next-generation AMM exchange enabling mega pools.
At this point, Waves is an enormous community with 1,528,256 registered wallets. On April 2, the WAVES’ token’s price hit an ATH of $50. And the Waves ecosystem keeps growing and developing. Let’s build a new decentralized future together!