Waves buoyed by hype over smart contract launch

September 10, 2018
Chris Wheal

Waves (DEX), the decentralised platform for storing and managing digital assets, saw a brief price hike of 33% in trading on Monday after launching support for smart contracts.

The coin fell back after opening at under $2 and rising sharply to peak at $2.53, possibly further helped by its recently-announced partnership with Ledger, the crypto and blockchain security company.

Wave is now ranked 36 by overall market capitalisation after a trading volume of $11 million in the past 24 hours on exchanges Binance and Tidex, the platform’s decentralised exchange.

A volatile month

Before today, the coin had traded between a low of $1.72 and a high of $2.35 in the past month. It first spiked on August 13, when it rose to $2.30 before dropping back to $1.79. It then began a slow rally to $2.08 for the next 10 days, again spiking on August 25 to $2.37.

The price was back at $2 by August 30, moving in a band between $2 and $2.10 before the next hike on September 4 to $2.29. The next day it tumbled 15% to $1.95, remaing below the $2 level until today’s 33% jump.

While the cryptocurrency on the platform recently received support for usage on the Ledger platform, which allows investors to store their coins in secure cold storage facilities, the current hype in the Waves community is driven principally by the launch of smart contracts on the Mainnet.

Tweets stoke buying

Sasha Ivanov, CEO of Waves Platform, recently announced on Twitter: “$waves smart contracts deployment to the mainnet is starting in just a week. NTC smart contracts release on the 11th, activation by the end of the month.”

The official Waves Platform Twitter also made an announcement last week: “Smart Contracts are coming to #Waves MainNet in a week, on 10 September! Look at what features they will have and what smart contracts will bring to the #WavesPlatform users really soon.”

Reportedly, smart contracts on the platform will initially include account and token controls. This will build the infrastructure for functionalities such as MultiSig wallets, atomic swaps, 2-factor authentication, and increased protection for individual coins on the network.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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