WAVES Price Treads Water After Successful Stress Test, New Gaming Fund

Digital currency WAVES was little changed on Saturday, as markets discounted two major announcements involving the public blockchain platform. However, the lack of movement in the WAVES price wasn’t unique as crypto markets struggled with a sharp drop in trading volumes.

WAVES Price Update

WAVES, the native token of the Waves Platform, is currently trading hands at $1.91, according to CoinMarketCap. The price is virtually unchanged compared with 24 hours ago and fairly consistent with week-ago levels.

The WAVES price peaked at $2.06 on Tuesday, its highest in two weeks. Over the past month, values have hit a peak-to-trough of $2.30 – $1.86. Over the same period, trade volumes have plummeted 62%.

At current values, WAVES has a total market capitalization of $191.5 million, placing it no. 44 among active blockchain projects. The Waves Platform had a billion-dollar valuation at the height of the bull market back in January. Prices are down a staggering 85% from their peak.

The broader cryptocurrency market was worth $209.2 billion on Saturday as trade volumes plunged below $9 billion for the first time since April.

Major Milestone

The Waves Platform recently announced that its decentralized exchange processed more than 6.1 million real-time transactions in a stress test, upping the ante in the race for scalable cryptocurrency solutions. As CCN reported earlier, the Waves network experienced no disruptions or delays during the test and none of the platform’s users saw a slowdown in order execution or transfer. Waves’ developers claim it was the highest number of transactions ever processed by a public blockchain.

Recent advances in Waves’ scalability have been aided by a new technology called Waves NG, which minimizes network latency by selecting miners in advance. According to the official website, Waves’ decentralized exchange has processed more than $1.7 billion in daily transactions. More than 1 million wallets have been created and nearly 20,000 tokens issued.

The Waves Platform is expanding its reach beyond decentralized exchanges and into the global gaming market, offering developers new incentives to build their games on the public blockchain. To that end, Waves is offering a nearly $2 million fund “along with extensive advice and assistance to motivate developers to build their games on the Waves blockchain.”

Waves announced its new initiative Thursday in a blog post that touted blockchain’s seamless integration with the gaming economy.

“What is remarkable, blockchain perfectly fits with current gameplay mechanics — players are familiar with coins and understand the value of digital items,” the post reads. “In-game economies can benefit enormously from tokenization and the opportunities that arise from creating unique digital items that can be traded on a transparent and secure peer-to-peer market.”

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.

Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi