Waves Token Surges Over 90% On This Main Reason

The Global cryptocurrency market finally register some recovery after the brutal collapse. As the major digital assets reflected green indexes, the Waves token has emerged to be the biggest gainer. The token has managed to jump by over 50% in the past 7 days.

WAVES TVL surges by 27%

The Waves prices have been plunging for two straight months. However, the horrible collapse of the TerraUSD (UST) was the triggering point that led the whole crypto market to crash. Meanwhile, the WAVES token saw a similar collapse as the Terra LUNA. The token registered its all time high (ATH) of $62.36 on March 31, 2022. Since then Waves prices dropped down to settle at $6.

The token prices have jumped by over 90% in the last 24 hours. This surge has helped the token to trade at $8.73, at the press time. WAVES’s 24 hour trading volume has jumped by a massive 730% to stand at $3.7 billion.

As per the Defilama, Waves total value locked (TVL) has jumped by a whopping 27% in the last 24 hours. Its TVL stands at $1.13 billion at the moment. It is the 10th biggest chain based on locked value.

Vires price up by 8%

This recent price jump is mostly backed by Waves’s declaration of its Neutrino Protocol Stablecoin (USDN) revival plan. On April 2, 2022, the USDN degged from its US dollar value. The protocol mentioned that the freefall was registered due to the massive selling of the tokens in the USDN liquidity pool on Curve Finance.

It added that Vires Finance, which is the Waves-based lending protocol, witnessed a huge liquidity crisis. This led the lenders to withdraw their positions. Meanwhile, Vires Finance token prices have also increased by over 8% in the last 24 hours. The token is trading at an average price of $60.

The protocol recently displayed a proposal with the aim to remove USDN borrow/withdrawal limits. It mentioned that this will allow for the users to liquidate a huge USDN position without affecting the USDN depeg.