Blog Crypto Waves Coin: Time to Start Paying Attention to This Forgotten Crypto?

Waves Coin: Time to Start Paying Attention to This Forgotten Crypto?

date February 9, 2022 time 5 min read 537 views

If you’ve ever liked the idea of developing your own cryptocurrency or decentralized application but felt you lacked the technical ability to do so, there’s one protocol that could turn that dream into a reality. All for the price of one waves coin. Let’s look at what makes Waves special and how exactly its native coin comes into the picture.

In the crypto world, there’s no shortage of platforms that are more famous for their coins than the blockchain fueling them. Does anyone know or care what dogecoin is actually supposed to do other than be a coin with a dog on? When it comes to Waves, things are the other way around—the crypto community regards the protocol highly, but waves coin itself barely gets a look-in.

We thought it was about time we put this to rest once and for all. Does the native token display any promise? Or, put another way, will it make a wave of investment trend or just a ripple? To answer that question, we’ll look at its price history, what it’s used for, and how it fits into the rest of the Wave protocol.

Its name might take inspiration from the tide, but let’s hope the waves coin price doesn’t come crashing down [Source: unsplash]

Waves coin review

In a nutshell, Waves is a decentralized exchange and a protocol for launching decentralized applications, and waves coin is its native token—designed for lightning-fast transactions and minimal fees for making trades (they’re significantly lower than Ethereum gas fees).

If you’re a tech purist who isn’t interested in the waves coin price history, feel free to skip this section. Otherwise, let’s take an in-depth look at the price fluctuations it’s experienced so far so you can get an idea of whether waves coin is a good investment and can help you turn $1000 into $5000 in a month

Waves coin price history

Waves coin was first launched in July 2016 at a modest value of $1.1, and it failed to pick up much traction at first. That changed around a year later when it enjoyed its first spike up to $5.82—a taste of what its future would hold.

Following some fluctuations, the value rose up to $15.89 toward the end of 2017. This would be its all-time high for quite some time.

But let’s hope that those who thought they’d bought it at the peak didn’t give up so easily because almost three years later, another spike came. In the crypto investment market boom during May 2021, the price rose to $35.9—more than double its previous point. It then followed the same trend as many other cryptocurrencies, falling during the crypto crash (but recovering a few months later). 

In September 2021, waves coin got close to its previous high, but ultimately failed to make it and saw its value tank. What does the future hold? Hopefully, you can make your own mind up after reading the rest of our analysis. 

The waves coin price has enjoyed some impressive spikes recently. [source: coinmarketcap]

How to buy waves coin

You can buy waves coins from major exchanges such as FTX, Kraken, or Binance. Alternatively, you can also buy it directly from the Waves exchange (although you won’t be able to use fiat currency).

Then, it’s better to store your crypto in a secure crypto wallet, such as those recommended on the Waves website. 

Or, do things differently using MyConstant—more on this shortly.

What is waves coin used for?

Waves is an OG of the crypto world, but its coin never quite hit the mainstream. [source: screenshot]

We mentioned that Waves is respected in the crypto sphere—that’s partly because it dates back to 2016, and it was one of the first protocols to hold an ICO. Its aim? To provide a fast, user-friendly way for anyone to build smart contracts and dApps. Forget mastering applications like Solana—using Waves, you can create a blockchain token without money or even programming skills.

It’s kind of like Squarespace for blockchain.

As the native token of the Waves platform, waves coin allows people to use the core service the platform provides: creating cryptocurrencies. The cost of making a token is one Waves coin, which is a pretty good deal when you consider the token’s current value.

You can also stake Waves to earn passive income or use it to pay transaction fees.

What is WavesDEX?

But this isn’t everything that Waves has to offer. 

Waves was an innovator of the decentralized exchange model: Exchanges that allow you trade without a third party by getting liquidity from your peers instead of a middleman (the exchange). 

The Waves DEX is also special because it’s made on its own blockchain network, which uses a unique consensus mechanism: the Leased Proof of Stake (LPoS). You might be familiar with Proof of Stake, a verification method that involves validators staking tokens and receiving a reward if they agree with others, or a penalty if they make the wrong decision. On a large scale, this ensures transactions are accurate. 

In a LPoS system, users can either validate transactions directly themselves or “lease” tokens to these validators, who will do the validating on their behalf. The leasers will then earn a portion of their rewards if everything goes well.

Future outlook for Waves

So, is waves a good investment? Can we expect the waves coin price to increase any time soon? That ultimately depends on whether you think the entire Waves project has a future.

Waves already has multiple stablecoins pegged to different fiat currencies. (Source: changelly)

Waves has been used to launch successful projects like Swop.fi (an automated market maker that’s since been added to Coingecko). It also has its very own Neutrino Protocol, an application that makes it easier to issue stablecoins—it already has multiple stablecoins pegged to different fiat currencies. These applications show it has some promise, but is it living up to expectations?

The Waves founder originally aimed to create decentralized finance versions of all financial products—meaning DeFi wouldn’t just replace banking but also services like brokerage and forex trading. It’s an ambitious project, and it seems to have a long way to go. 

Despite its fame, the Waves exchange doesn’t even see many trades—just a few million dollars a day, compared to billions for bigger exchanges like Binance. It also has some other drawbacks, such as not supporting fiat currency withdrawals and having limited liquidity.

Buy with MyConstant loans

If you’ve suddenly felt a wave of interest in this unique protocol, buying waves coin from an exchange and storing it in a wallet isn’t your only option. To earn up to 7% APR, you can lend, earn interest on cryptos and watch them grow, second by second, from the moment you invest.

With platforms like MyConstant, all you need to do is collateralize your crypto to receive instant crypto loans with low-interest rates, and buy waves coin. Other benefits of our platform include:

  • 24/7 customer service.
  • Rates as low as 6%.
  • Early repayments for lower rates.
  • Instant matching.
  • Store and borrow against over 70+ different cryptocurrencies.

Sound interesting? Sign up for a free account today and start investing in waves coin.

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George Schooling

George Schooling

Buy MCT token with ease and enjoy the staking rate of up to 12% APR

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