Waves TVL Faces 38% Increase, Hits $4 Billion Threshold After Price Rallies by 530%

Waves TVL Faces 38% Increase, Hits $4 Billion Threshold After Price Rallies by 530%

The total value of funds locked on Waves smart contracts platforms increases massively after the token’s price spikes by more than 60% in the last 24 hours, as DeFiLIama reports. The total growth since March’s bottom is currently at approximately 530%.

Waves TVL spike

As the decentralized services tracker suggests, the total value of funds locked on the blockchain exceeds $4.18, which makes Waves one of the biggest TVL providers on Ethereum network.

Waves TVL Faces 38% Increase, Hits $4 Billion Threshold After Price Rallies by 530%

Waves is placed eighth among the presented chains at the top. The biggest TVL provided for Ethereum is still Terra (LUNA) with $28.4 billion, while Binance Chain is in second place with $13 billion in TVL provided.

Projects on Waves blockchain, like Neutrino and Vires Finance, are the largest TVL providers for the network, with a total of $4.29 billion of locked funds, which puts the dominance of first and the second places at around 99%.

Waves price action

The cryptocurrency gained a spotlight on the market after a mind-blowing price performance, which ended with a 530% rally since the bottom reached in March. Shortly after the slight recovery of the market in general, Waves, for whatever reason, reached the September’s high of $34.

According to both the technical and fundamental analysis, there were no signs of such a rapid and strong price increase in a matter of days for Waves as no major updates have been made or planned.

The most likely reason behind the 530% and 60% pumps is speculative interest toward the coin that remains actual thanks to the DeFi industry and would have recently attracted institutional funds in a similar way to blockchains like Cardano or Solana.

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