What is the Waves Protocol? Everything you need to know about the Waves protocol and the WAVES token

• Waves . protocol overview
• What is the Waves Protocol?
• Highlights of Waves
• Waves Grant
• Waves' Ecosystem
• Project development team
• Investors
• WAVES . Token Overview
• What is WAVES token?
• Functions of WAVES
• The potential of the Waves protocol. Should I invest in WAVES tokens?
• summary

Waves . protocol overview

What is the Waves Protocol?

Waves is a public blockchain network that allows users to create and access decentralized applications . It features on-chain governance, formal verification for smart contracts, and a variant of Proof-of-Stake (PoS) called Leased PoS to ensure network consensus. 

Through the Waves platform, organizations and teams can issue tokens and build their own platform based on the Waves blockchain. But the difference is that Waves is improved with high bandwidth, low latency and transaction fees, enabling developers to build the platform faster. Not stopping there, Waves' product suite is also optimized to make it easier for end users to learn and use.

Blockchain Waves focuses on other uses of blockchain tokens, which are often overlooked due to the low-level opportunities blockchain technology can provide, such as smart contracts . There is huge untapped potential in the approach and the WAVES platform is designed to realize this to the fullest extent.

Waves Network consists of hundreds of nodes hosted around the world. This ensures that blockchain data is protected against tampering or being deleted, encrypted or corrupted. Besides, everyone can launch a node and join the network. 

Highlights of Waves

• Ease of use: Waves is available as a Chrome browser app or a user html client. Besides, Waves also provides an interface for users to access easily. As one of the first services in its field, Waves assists in improving the original blockchain products and platforms. From the outset, the purpose of the platform was to attract potential corporate customers who wanted to use blockchain to improve processes or create new services.
• Waves supported the development of smart contracts and Dapps to ensure that the speed and ease of use surpassed the competitors at the time. Since then, other products have emerged, including Gravity – a multi-chain network and oracle as well as decentralized finance (DeFi) centralized platform Neutrino. Waves DEX is a decentralized cryptocurrency exchange.
• In 2020, Waves announced that its platform will be compatible with the Ethereum network by issuing WAVES tokens as an ERC-20 standard asset. 
• Ideal Platform for Fundraising: Waves Platform Features is a collection of tools designed to help users create, distribute, and exchange their tokens quickly and easily. . Anyone can support a project they like by investing in that project's tokens.
• Capable of fiat transfers: Waves can simplify the process of transferring funds between WAVES tokens, fiat, and other cryptocurrencies such as Bitcoin.
• Decentralized ecosystem includes: Blockchain, WAVES coin, Waves DEX decentralized exchange and Waves wallet.

Additional features of the Waves platform:

• WAVES aims from the very beginning to be community-driven development and projects. Finally, decentralized voting and messaging is done. The platform allows for a DAO-like experience in managing community projects, while remaining simple from a technical point of view.
• WAVES will allow payment of transaction fees on the network with custom tokens (assets). Along with the above transaction, an order to exchange assets for tokens is sent to the decentralized exchange and the transaction can only be included in the next block after the order has been executed.

Here are the Waves stats:

• Global ranking: 70
• Key Value in DeFi (USD): $1.4 billion
• Daily transaction volume: 46,700
• Total transactions: 253 million.

Waves Grants

Waves Grants is a grant program introduced by WA to individual blockchain developers, groups as well as startups who are willing and able to implement ideas for the benefit of the Waves ecosystem.

Grant amounts are determined on a case-by-case basis, taking into account the complexity of the technical requirements, the specifics of the proposed solution, the needs of the developer or team, size and the importance of the project to Waves and other criteria.

All payments are made in WAVES. The payment process is determined individually and depends on the progress of the project. 

Sponsorship issues and awarding procedures are done through the DAO. Both individual developers and teams can participate in the grant program. The same developer or a team can register an unlimited number of tasks but not more than one task at a time. 

Waves' Ecosystem

The Waves Protocol ecosystem is still new and in development. Let's learn about Waves platform projects.

Bridge

Gravity is a blockchain-agnostic oracle system that supports the interaction of blockchains with the outside world, cross-chain connectivity, and sidechains in a single unified structure. 

Exchanges

The Waves.Exchange App is the official wallet software designed with mass adoption in mind. This application is lightweight and can be downloaded within seconds. The user interface is designed to resemble a traditional and intuitive interface for online banking. One of the advantages of the application is that it does not require a blockchain download. The application connects directly to a random node in the Waves.Exchange network. All of the above combined results in a simple and quick setup process.

The Waves.Exchange application can be called a multi-currency wallet. It allows to keep WAVES and any custom assets released on Waves. Waves.Exchange provides functions, such as: Store assets, send and receive WAVES and other assets, trade… 

Advantages of trading on Waves.Exchange:

• Invest and trade cryptocurrencies with the lowest fees.
• Anonymity and privacy: Sign up instantly without having to go through KYC.
• Funds Control: No one but you can access your cryptocurrency.
• Transparency: Blockchain provides transparency of all smart contract code and operations.
• Governance by users: Each user can vote on regulating key parameters such as fees and interest rates. 

Regarding TVL, Waves.Exchange is in 3rd place with a TVL of nearly 146 million USD and has been fluctuating steadily since recording TVL at 125 million USD at the end of September 2021.

The wallets

Applications of the Waves platform in the wallet array:

• Waves Keeper: Official browser extension for secure key storage and interaction with third-party web applications.
• Waves.Exchange: A web, desktop and mobile app that offers a full range of digital asset management features.
• WavesFX: An open source and cross-platform desktop wallet.
• Enno Wallet: A mobile app with built-in DeFi and crypto exchange features. 

Waves Keeper is a browser extension that allows secure interaction with Waves-enabled web services. Waves Keeper allows you to keep your Waves keys securely while securely interacting with third-party web resources.

Waves Keeper is designed to be convenient to use, so users can sign transactions with just a few clicks. Users can create multiple wallets and switch between them easily. If the user forgets the password of the account, access can be restored from the seed phrase.

DeFi (AMM DEX and lending)

DeFi in the Waves ecosystem is still in the early stages of development, there are still quite a few DeFi projects present on Waves. But Waves' approach has always been focused on high throughput and low fees. Today, when DeFi is in vogue, these advantages make the Waves ecosystem one of the pioneers of DeFi. Several successful DeFi applications have been built on top of the Waves protocol, including Waves.Exchange, the AMM service Swop.fi, Decentralized Forex, the Neutrino stablecoin protocol, and Vires Finance.

In which, Vires Finance is the lending project with the highest TVL in the Waves ecosystem, with more than 827 million USD. In addition, AMM Swop.fi was also recently launched and recorded a TVL of $21.33 million.

Besides, Neutrino is an algorithmically price stable competitive protocol that acts as an accessible DeFi toolkit. It allows the creation of stablecoins pegged to specific real-world assets, such as national currencies or commodities. 

Decentralized foreign exchange (DeFo) is an extension on the Neutrino protocol that facilitates instant swaps of stable-priced assets pegged to universal national currencies, indices or commodities variable. Currently, Neutrino is the 2nd project in the Waves ecosystem with a TVL of nearly $800 million.

Stablecoins

Neutrino USD (USDN) is an algorithmic stablecoin pegged to USD and backed by WAVES. Leveraging the staking model of the Waves protocol's underlying consensus algorithm, staking USDN yields a sustainable reward of up to ~15% APY. 

Staking USDN leverages the Waves monetary policy staking reward system and the LPoS consensus algorithm. Staking rewards are distributed according to users' contributions to the network with additional USDN. This mechanism is different from most other DeFi instruments that generate high yields through borrowing, in which users put their assets at risk of being liquidated. 

Games and Collections

• Waves Ducks: A digital duck-based game to create a collection of celebrities and memes in NFT format. The game supports the community to promote the Waves ecosystem. Duck Hunters is a unique game that combines collectible NFTs along with the yield farming mechanics typical of the DeFi space. It will play an important role in promoting the Waves ecosystem as well as encouraging the community who have actively supported the protocol since its launch. 

• SIGN Art: A blockchain-certified digital art web library and an NFT marketplace. Artists can create digital creative portfolios, encode and sell NFTs. Collectors can purchase the NFT and display the NFT collection. 

Project development team

Waves was founded by Ukrainian scientist Alexander Ivanov (also known as Sasha Ivanov).

Prior to the creation of Waves, Ivanov was active in the crypto space, having launched the Coinomat fast exchange and the now defunct Cooleindex indexing site. He also created an early version of the stablecoin CoinoUSD, which is pegged to the USD.

Ivanov is actively public in promoting his Waves, giving regular interviews about the platform and trends in the broader blockchain industry.

According to Waves marketing materials, the company currently employs more than 180 people in locations including Moscow and Switzerland. 

Investors

Waves Platform raised a total of $142 million in 3 rounds. Their latest funding was raised on December 19, 2018 from an undisclosed round. The Waves platform is sponsored by Dolfin. 

WAVES . Token Overview

What is WAVES token?

WAVES is the native token of the Waves ecosystem. 

• Total Supply: 107,606,344 WAVES tokens
• Current circulating tokens: 107,606,344 WAVES tokens
• Blockchain network: Waves

WAVES Token Allocation:

• 85% is allocated to the token sale participants.
• 1% was earmarked for early backers.
• 1% is allocated for post-ICO bounty.
• 4% is allocated to strategic partners and backers.
• 9% is allocated to the development team.

The supply of Waves was initially fixed at 100 million tokens, all of which were created at launch. But in October 2019, Waves switched to an inflationary monetary policy, completely governed by token holders. The initial block reward has been set at 6 WAVES. Every 100,000 blocks (about 70 days), miners vote whether to increase or decrease the block reward by 0.5 WAVES or unchanged. 

Functions of WAVES

WAVES is used to pay transaction fees on the Waves DEX exchange. On the Waves DEX decentralized exchange, you will have to pay fees in WAVES.

• Transaction fee for Asset/Asset 
• Transaction fee for Asset/Smart Asset 
• Transaction fee for Smart Asset/Smart Asset 
• Fee for transferring WAVES out of the wallet.

In addition, Waves Coin (WAVES) can also be used as:

• Service fee for those who want to issue their own tokens on the Waves Platform.
• Fundraising ICO, or IEO for projects issued on Waves Platform.
• Similar to Ethereum Platform, tokens issued on Waves Blockchain Platform will be funded by Waves Coin.
• To stake and become Master Nodes.

The potential of the Waves protocol. Should I invest in WAVES tokens?

Waves ecosystem is gradually growing, DeFi products in the system are increasing rapidly. At the same time, it can be seen that the capital flow is flowing evenly to platforms with fast transaction processing speed, low fees, safety and future expansion, the Waves ecosystem is one of them. there. 

Today, the Waves platform provides purpose-designed tools to facilitate the development and running of Dapps, and host different applications and use cases. Namely from decentralized exchanges (DEXs) and algorithmic stablecoins to DAOs, encrypted messaging and gaming. 

2022 will bring even more quality applications to the Waves ecosystem. The much-awaited Waves DAO, advancements in the Metaverse, development news on DEX aggregators and more. With the brand new mainnet release, Waves will enable Metamask for the majority of their applications, which will further accelerate capital flow.

summary

Waves gives users a super-fast experience at an extremely low cost. With the goal of being environmentally friendly, Waves aspires to make the most of blockchain with minimal carbon footprint.

If interested in the Waves protocol, readers can visit the project's information pages below:

Website | Twitter | Telegram | GitHub | Medium | Project information

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