WAVES is the native asset of the Waves blockchain, a network launched in 2016. It is used in the network's transaction and block-generation economy; it is not an Ethereum token with a fixed ERC-20 contract.
Market Data
| Stat | Value |
|---|---|
| Ticker | WAVES |
| Price | — |
| Market Cap | — |
| 24h Change | — |
Price and market capitalization fields update from CoinGecko. Supply figures are described separately because supply definitions and release schedules can differ by asset.
How It Works
Waves uses Leased Proof of Stake (LPoS). A WAVES holder can lease a balance to a block-generating node without transferring ownership of the coins. The lease adds to the node's generating balance; the node's chance to produce blocks is tied to that balance, and a generator may share rewards with lessors.
A lease can be cancelled through a lease-cancel transaction. Leasing is not the same as depositing into a custodial staking service: users should still understand the node's reward-sharing terms and the network's transaction rules.
Tokenomics
One hundred million WAVES were issued in April 2016. The supply is not capped at that original amount: block rewards were introduced in October 2019, and total supply has increased through issuance. Current supply therefore changes over time rather than following a fixed maximum.
Block generators receive transaction fees and a share of block rewards. The protocol documentation describes the reward level as subject to votes by generating nodes, so a static reward number can become outdated. WAVES also functions as a network asset for fees, leasing, and ecosystem activity.
USDN and Risk Context
Neutrino USD (USDN) was a separate Waves-ecosystem stablecoin, not the WAVES token. Its 2022 loss of its dollar peg and related market turmoil damaged confidence in the ecosystem. That episode is relevant history, but it should not be described as WAVES itself depegging.
Risks include price volatility, variable issuance, node and leasing economics, and the possibility that demand for network activity does not keep pace with supply growth.
Social Media Sentiment
A 2022 r/CryptoCurrency thread discussed WAVES after its sharp decline and the USDN depeg. Replies debated how much the stablecoin episode affected WAVES and whether the two assets should be treated as the same risk. This is historical crisis-period discussion, not a reading of today's community mood. Read the public discussion.
Last updated: 2026-10
Related Terms
See Also
- Why Algorithmic Stablecoins Keep Failing (And Why People Keep Trying Anyway)
- What Is Tokenomics — And Why It Determines Whether a Crypto Project Survives
- Why DAO Governance Votes Often Fall Short — and Why Protocols Still Use Them
- Swap crypto with ChangeNOW
Sources
- Waves documentation: WAVES token — The protocol documentation explains the native asset, initial issuance, and later block-reward issuance.
- Waves documentation: Leased Proof of Stake — This page describes how leasing contributes to the generating balance and how leases can be cancelled.
- Waves documentation: block rewards — The official reward guide explains the reward system and that generating nodes can vote on its level.
- CoinDesk report on USDN's 2022 depeg — This contemporaneous report documents the Neutrino USD depeg, a separate stablecoin event that affected the Waves ecosystem.