Nearly $13.75M liquidated as WAVES rallies 70% in a day — what's next?

cointelegraph.com:

WAVES price surged by up to 70% on March 29, reaching a new all-time high around $54. Traders betting against the rise of Waves — the native token of the WAVES blockchain network — suffered losses worth millions of dollars as the WAVES/USD pair extended its recovery to a record level in the past 24 hours.

The price rebound, which started on Feb. 22 when WAVES price was at $8.25 caused around $13.75 million worth of liquidations due to crypto-based futures on a 24-hour adjusted timeframe, data from Coinglass shows.

Around $11 million of the total liquidated positions were short.

As Cointelegraph earlier covered, traders may have jumped into the WAVES market after assessing its three consecutive optimistic updates: the migration to Waves 2.0, the launch of a $150 million fund, and partnership with Allbridge.

Edson Ayllon, product manager at dHEDGE — a decentralized asset management platform, told Cointelegraph that the euphoria surrounding the release of Waves 2.0 in October was reflective in the rising total value locked (TVL) in the Waves ecosystem that reached an all-time high of $4.36 billion on March 29.

"Waves 2.0 adds EVM support to the execution layer, and adds Proof-of-Stake with sharding to the consensus layer," the analyst noted, adding:

Interestingly, Neutrino, an algorithmic price-stable "assetization" protocol built atop the Waves blockchain, appeared largely behind the increasing Waves TVL.

Notably, the protocol witnessed an inflow of 8.91 million WAVES in one day — worth nearly $450 million — to its smart contract, data from Defi Llama shows.

Neutrino allows the creation of decentralized stablecoins that maintain their U.S. dollar-peg by collateralizing WAVES tokens. The protocol has launched just one stablecoin