Waves Price Climbs 16% with $1 Billion Vostok Airdrop a Month Away

Waves recorded 16% growth on Tuesday after a week of general decline in the cryptocurrency markets.

Readers may remember the miraculous 245% growth Waves recorded from December to April. That surge was fuelled by the beginning of the $120 million private investment round for the Vostok ICO – a new private blockchain project launching on the platform.

Now, after the price sunk by 37.6% in the past month, the coin could be set for a repeat of its recent surge with the Vostok public token sale just a month away.

What is Vostok and Why Does it Matter?

Vostok (VST) is described as a web 3.0 blockchain solution for enterprises and business. It will feature private blockchain options, allowing financial institutions to adopt and use the technology as needed. Some have suggested this will be the Waves platform’s version of XRP/RippleNet, as Vostok takes aim at institutional use cases.

The project will also come with the Vostok System Integrator – a pre-made blockchain tool that businesses will be be able to deploy and maintain by themselves. From the Vostok website:

“Vostok aims to crystallize the blockchain layer of Web 3.0 by helping large enterprises and public-sector organizations to harness the technology’s potential. Vostok ensures wide-scale and frictionless adoption of blockchain as a major step towards a truly open and decentralized web.”

So, that’s the sales pitch. As for the expected quality of the project, I wouldn’t feel confident making a prediction one way or the other. One thing that is apparent is that Vostok is one of the most hyped ICOs of the past six months, and may have been solely responsible for Waves’ growth in that time.

Airdrop to Current Holders

The reason being that holders of WAVES tokens stand to receive 4% of the VST tokens via free airdrop. That’s an increase on the previously advertised 3%.

Waves founder and CEO Sasha Ivanov predicts Vostok will be worth $1 billion upon launch. He recently tweeted:

“In a little over a month Vostok enterprise blockchain will launched. To facilitate the widest possible distribution we do an airdrop of 4% tokens to Waves holders. You still have around a month to participate in it. Vostok market cap will be around $1 billion at launch.”

The tweet that relaunches a Waves surge?

WAVES Price

From Tuesday morning’s low of $1.97 the value of Waves rose to $2.29 by the afternoon – a 16.2% increase. OpenMarketCap notes daily volume of $5 million, while CoinMarketCap notes $16 million, largely against Bitcoin. The Waves DEX also handled close to $1 million worth of BTC trades – not too far off the $3 million processed via Binance’s own WAVES/BTC pair.

That puts the coin around 30th by market cap, with a valuation of just over $220 million. In December of 2017 Waves was briefly worth over $1.8 billion, when coins commanded a spot price of $18.07.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.