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TV shoot up to $1.65 billion
As per the data by DeFi TVL aggregator Defillama, the TVL of Waves Chain is up by 7.11% in the last 24 hours, spiking to $1.65 billion at the time of writing. By doing this, the chain has secured 11th position by TVL ranking and surpassed renowned chains like Polkadot and Klaytn.The algorithmic price-stable assetization protocol Neutrino rules the chain with a current dominance of 53.23% and TVL of around $879 million.
Chinese crypto reporter Colin Wu (@WuBlockchain on Twitter) first noticed the surge.
Total Value Locked, the substantial amount of crypto assets that a DeFi project holds, is a metric used for measuring the overall health of the DeFi.
What is the Waves Chain?
Waves, which conducted the industry’s one of the earliest Initial Public Offering (ICO), was launched in 2016 with an objective to improve on the first blockchain platform by focusing on speed, utility, and user-friendliness. Since then, it has undergone several changes and integrated new spin-off features on its original design.Waves Chain, which is based on a community-based stack of open-source tech, aims to provide higher scalability, simplicity, user-friendliness, and openness.
With a market cap of $1.94 billion, WAVES is the native utility token of the project. It also saw a surge in its price by 4.4% and is currently trading at $0.768 on Wednesday morning.
As we reported, another Fantom-based DeFi platform Solidly also surged to $2 billion on February 28.
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