Waves Decentralized Exchange (DEX) Shuts Down, Morphs Into Hybrid Digital Trading Platform
The Waves Decentralized Exchange (DEX) has decided to shut down its platform and start offering services to clients as a hybrid crypto platform. The information was released by the company in a press release on December 2.
Waves Launches New Crypto Trading Platform
According to the official statement released by the company, they are migrating their services from the DEX website to the new Waves.Exchange.
The official site of the Waves DEX explains that they are no longer operating the service because they want to offer users a better experience and a wide range of tools.
This is why the DEX will not be available anymore to users, that will have a new platform specifically designed to meet their needs.
It is worth mentioning that users’ funds will be safe during this time. This is very important considering many exchanges were affected by hacks and attacks during the last few years.
The new hybrid exchange is expected to become fully operational in a short period of time. Some of the new features include irreversible transactions and improved control of funds for users.
Decentralized exchanges became popular due to the fact that they allow users to remain in custody of their cryptocurrencies rather than giving the funds to a crypto exchange that handles them.
The report explains that the company will be working in order to continue with the development of its protocol. This includes the implementation of sharding and other innovative infrastructure.
The crypto exchange will be fully managed by a separate and dedicated team to make it more efficient.
The CEO of the platform, Sash Ivanov, said that the DEX was just a prototype and that they are now able to become a separate project. The main goal is to synchronize the development of the ecosystem and help the products and services offered have higher standards. He said,
“Waves DEX was a kind of prototype. Now, after 2 years of operation, it has grown and become a separate project. […] Now it’s time for us to focus on protocol development and hand over the exchange to an external team and community separate from Waves, so we can merge all the infrastructure teams into one, synchronizing development work and taking the combined product to a new level.”
In the future, they want to add support for Tether (USDT) stablecoin, which would make it easier for traders to hedge against volatility in the cryptocurrency market.