Waves, the decentralized blockchain platform and development toolset for Web 3.0 apps, announced today that it has decided to spin-off its native decentralized exchange (DEX).
The DEX will now be developed by a dedicated team, be reconstituted and known as Waves Exchange. Former core members will join with new developers and advisors on the new Waves Exchange team.
Waves Exchange Hybrid Features
This move is an effort to keep the best features from Waves DEX while adding important new ones. Waves Exchange will combine the advantages of centralized and decentralized exchange methods to facilitate powerful trading functionality and expanded liquidity.
It is well known that centralized exchanges enable faster transactions and richer user experience. Yet, they lag behind when it comes to security. Decentralized exchanges offer users a much greater degree of security. This is because user assets are stored in their own wallets rather than on a centralized server.
Waves Exchange will provide the advantages of decentralized storage and security. Meanwhile, users will be able to transact with the more enjoyable experience they can find on centralized exchanges.
Important Scheduled Dates
Starting on November 18th, DEX users will be able to import their accounts and seed phrases to Waves Exchange. Then, on December 2nd, the new hybrid exchange will launch in its initial phase.
“The new team will focus on offering a better user experience and introducing best practices in the trading product area. Refocusing on the product will take time, and far-reaching changes to the exchange’s operation will be gradually introduced over a period of a year. In the long run, Waves Exchange aims to become a major liquidity and trading center for a broad range of customers, from crypto enthusiasts to traditional market traders.”
– The Waves Team
Other Plans & Features
- Waves Exchange will combine all previously separate tools, such as the matcher, gateways, desktop, and mobile applications, into one product.
- Immediate plans for Waves Exchange will be to improve the matcher, which will increase transaction speeds, and also the addition of new coins. The exchange will first seek to support popular stablecoin, Tether USD (USDT). Fiat gateways are also going to receive a major update.
- As the exchange moves to hosting its own gateways, users will experience a big increase in the speed and stability at which gateway transactions are processed. In addition, users will be able to track the status of all gateway transactions.
- Soon, the Waves team will announce partner and market maker programs, aimed at boosting liquidity. Lastly, regular users will get enlarged access to tools for generating passive income, including the opportunity to stake stablecoins, collecting interest with low risk.