- Waves Association plans to set up a new grant program to support cross-chain interoperability development
- This week’s high of $5.26 is a new all-time high for the digital asset
- The next target for the buyers is the resistance line at $5.52
Waves (WAVES) price has printed fresh record highs above the $5.00 handle this week to extend its impressive performance in November.
Fundamental analysis: Waves establishes a $3 million grant fund to foster cross-chain interoperability solutions
Earlier it was announced that the Waves Association plans to set up a new grant program to support cross-chain interoperability development.
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Waves will establish a pool of 1 million Waves tokens, which is worth around $3 million at the moment of writing. The program will involve grants of up to 300,000 Waves to promote creating solutions for interoperability and cross-chain communication.
The project will involve three types of grants – open grants, grants offered via hackathons and grants focused on Waves.
“For the open grant category, the grants are open to a wide variety of interoperability projects, that don’t necessarily have to be connected to Waves. We’re looking for creative solutions to connect existing blockchains and dApps,” said Sten Laureyssens, strategic advisor at the Waves Association.
Furthermore, the Waves team will also back blockchain-agnostic solutions, Laureyssens said.
“Waves Association aims to support independent developers working on interoperability solutions — especially those thinking outside the box. Solving interoperability by adding a dedicated blockchain and native token as an additional layer would only lead to more complexity, undercutting the potential of the proposed solution,” said Sasha Ivanov, president of the Waves Association, subtly referring to interoperability solutions used nowadays.
Grants that will be distributed through hackathons and Waves-focused grants will have to respect specific guidelines, which means that they will involve the Waves blockchain in a way.
Technical analysis: WAVES prints record highs
WAVES price has continued its impressive bullish form to total weekly gains to over 13% after moving nearly 25% higher in the last week. This week’s high of $5.26 is a new all-time high for the digital asset.
Waves price daily chart (TradingView)
Looking from here, WAVES/USD is likely to continue ascending higher towards the next resistance line at $5.52. The opposite scenario would see the price action pullback towards $4.78, which now acts as support, to yield an opportunity to buy WAVES.
The Waves Association is planning to initiate a new grant program of 1 million Waves tokens to support creating solutions for interoperability and cross-chain communication. On the market side, WAVES printed fresh all-time highs this week.