All about ‘Russian Ethereum’ that has skyrocketed 200% since Ukraine war

cnbctv18.com:

Russia’s invasion of Ukraine has spelled trouble for its stock market. The Russian economy has seen a sharp decline, with the broader crypto markets also taking a temporary hit. However, one exception to this downward trend is the crypto token Waves which has tripled in price since the conflict with Ukraine began.The price rally in Waves started on the day of the Russian invasion on February 24.

On March 10, at the time of writing this copy, Waves was trading at $29.44, up over 60 percent in the last week and over 200 percent in the last fortnight. With a market capitalization of over $3 billion, it is currently ranked at 40 on CoinMarketCap.The latest rally in Waves coincides with the token being featured as an asset in Binance’s loan distribution platform. The token was added along with other popular cryptos, MATIC, THETA, and SLP.

It allowed borrowers to use these tokens as collateral to qualify for loans without any credit check. This move from Binance bolsters the popularity and power of these four emerging tokens in the crypto space.Another factor for the rise in prices of Waves might be the emergence of a new roadmap that laid down plans for an improved consensus mechanism and compatibility with the Ethereum Virtual Machine (EVM), a software platform that developers can use to create decentralized applications (DApps) on Ethereum.The Waves Project was founded by Ukrainian-born scientist Alexander Ivanov (also known as Sasha Ivanov). He has ties to both countries involved in the conflict.