This Ethereum Competitor Just Shot Up To Top 10 In TVL

An under-the-radar Ethereum competitor is making a lot of WAVES over the past couple of weeks.

Covered:

  • Waves TVL Skyrockets To Top 10
  • WAVES Price Analysis

As the crypto markets have been turning bullish over the past two weeks, the Ethereum competitor WAVES benefited the most from the changing tides in market sentiment. But what even is WAVES, and what’s it doing to make such big moves in the space?

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Ethereum Competitor Waves TVL Skyrockets To Top 10

Ethereum competitor Waves

Waves is a unique layer-1 (L1) blockchain that focuses on increasing security, speed, and reliability for IT systems. It’s been quietly building out a robust decentralized finance (DeFi) ecosystem. Still, much of Crypto Twitter seems to have overlooked all the development taking place on the blockchain — some of its protocols have already locked in over $1 billion in total value locked (TVL).

Platforms like the lending protocol Vires Finance have helped push Waves onto the front page. Vires even got a shoutout from Bloomberg last week. Waves TVL has ballooned by nearly 200% in the past month, securing over $5.3 billion in TVL, quickly placing it among the top 10 largest blockchains by TVL — quite the feat considering its lack of noise the past couple of weeks.

Waves TVL

Waves Top 10

It’s also worth noting that Waves has secured all this TVL with just five protocols under its belt — though limited, Waves is clearly bringing a focused set of DeFi protocols that users are seeming to find a lot of value in. Its largest DeFi platform, Neutrino (NSBT), has shot up to nearly 10x to $3.6 billion in TVL from just $380 million towards the end of February. NSBT is an algorithmic stable-asset protocol based on Waves, so it could be benefitting from the algo-stable hype we’ve seen surrounding Terra’s UST stablecoin.

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WAVES Price Analysis

Waves’ skyrocketing TVL is certainly being reflected in the price of WAVES, too. I think if Ethereum were to hit $4,000 today, Crypto Twitter would be screaming from the rooftops in peak euphoria from the move. However, the WAVES token has soared over 7x from its low of $8.25 just over a month ago, and we’re only just starting to see a lot of chatter in the past week or so.

At the time of writing, WAVES is trading at $59.29.

WAVES

It looks like WAVE has reclaimed its long-term trend line that’s been pushing the token higher since its inception back in 2020. Notice the massive amount of volume flowing into the blockchain over the past month, indicating that there’s a lot more traffic coming to the WAVES highway.

I’d hold off on any FOMO-induced entries right now, however. Moves like these are rarely sustainable in such short time frames, but a healthy pullback to its long-term trendline in the near future could serve as a great entry for anyone looking to surf the WAVES throughout the next bull run. Take note of the relative strength index (RSI), which measures the overbought and oversold conditions of an asset. It’s reaching peak levels that have never been reached before, and if history is any indication, it rarely sustains this amount of buy pressure for any meaningful amount of time.

If there’s anything that can be learned from Waves, it’s that any blockchain can turn around to make a big splash in the community — the market always finds where the true value lies.

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