While Bitcoin (BTC), Ethereum (ETH), and most other major crypto assets went through corrections, a low-cap altcoin and another open-source altcoin project built on the Ethereum (ETH) blockchain experienced parabolic rallies.
Universal Market Access (UMA)
What is Universal Market Access?
Founded by former Goldman Sachs traders Universal Market Access (UMA)is an Ethereum-based protocol that allows users to create their own collateral-backed tokens that represent and track the price of any real-life asset.
UMA’s Oracle network provides real-time market data to smart contracts. Decentralized betting platform Polymarket, decentralized exchange (DEX) Domination Finance, and smart contract security firm Sherlock are among the larger projects currently using Universal Market Access.
Why did the UMA increase?
The project’s native token, UMA, is currently up 106 percent over the past seven days. Between February 28 and March 1, the UMA suddenly rose from as high as $4.89 to $11.52, which is more than 130 percent gain in one day. The cryptocurrency, which has held most of its gains so far, is up over 8% at the time of writing to settle at $9.88.
The cryptocurrency’s big move seems to have come after a steady wave of adoption. According to Across, the bridging protocol based in part on UMA’s oracles, several Ethereum whales have been spotted using their platform.
A pod of 5 whales used Across for the first time yesterday!
🐳 18 $ETH
🐳 2,949,154 $USDC
🐳 86.69 $ETH
🐳 36,563 $USDC
🐳 80,099 $USDC— Across (@AcrossProtocol) March 1, 2022
Waves (WAVES)
What are waves?
Launched in 2016, Waves is a global open source platform for decentralized applications (dApps). Based on the proof-of-stake consensus, Waves is a platform that aims to make the most of the blockchain with a minimum carbon footprint. Waves’ technology stack can benefit users in any use case that requires security and decentralization, such as open finance, personal identification, gaming and sensitive data.
Why Are Waves Rising?
Data from TradingView shows that the price of WAVES is now up over 106 percent from last week and over 131 percent since its February 22 low of $8.28. At the time of writing, Waves is trading at $19.18, up over 6%.
Cryptocurrencies have to constantly evolve and change to survive. Waves also applies this rule, and the latest increase in the price of the platform has also been experienced in the development of the platform; The protocol’s transition to Waves 2.0, partnership with Allbridge to connect Waves to other popular blockchain networks, the upcoming launch of a $150 million fund to support Waves’ growth in the US, and Binance’s cryptocurrency as collateral on its lending platform. It is thought that this can be attributed to four different factors, as he announced that he will begin to accept
Migrating to Waves 2.0: The project recently announced WAVES 2.0, an update aimed at improving interoperability with other networks, specifically through support for the Ethereum Virtual Machine (EVM). This move will allow users to access digital assets on several mainnets.
Waves’ Partnership with Allbridge: The surge in Waves’ price can be attributed to its new partnership with Allbridge, a protocol focused on facilitating the transfer of assets across all blockchain networks.
🌊 We are thrilled to announce our strategic partnership with @wavesprotocol!
🌉 #allbridge will integrate #wavesenabling the transfers between Waves and multiple supported networks.
👉 Consult our announcement for details:https://t.co/uPztarg6Td
— Allbridge (@Allbridge_io) February 21, 2022
Partnership, Waves 2.0It is part of the larger goal of Universal bridge integration, which is “to create a unique bridge between Waves and supported EVM and non-EVM chains such as the NEAR protocol, Solana and Terra”. According to Waves developers, Allbridge is intended to be fully integrated into the platform by the end of May.
Binance did not disclose: WAVES token, BinanceAfter announcing that it will start accepting money as collateral on the loan platform, it reached its peak level, reaching the highest level of 20.5 dollars in three months.
The token’s trading volume has also increased by more than 200 percent this week after Binance announced that it would accept the altcoin.
“Binance has also approved MATIC, SLP, and THETA as collateral assets.”
These two cryptocurrencies have outstripped the broader cryptocurrency market by a wide margin, according to data from Coinmarketcap. In the timeframe where UMA and WAVES posted big gains, Ethereum has mostly traded sideways, currently trading at $2,637, up over 1% from the past week. Bitcoin, the flagship asset of the crypto market, is correcting after a strong bounce and is trading at $40,239, up over 5% weekly.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.