The rise of decentralized exchanges is promising more benefits for the world of cryptocurrency. The ability to trade, store and exchange digital currency without centralized middlemen present users with the utmost ability to finally control how they transact. }
However, much the centralized exchanges provide for liquidity, network effect or simple user experience, there is no denying that decentralized exchanges could go a long way into building our confidence in transactions. Recently, WAVES platform took the liberty to launch their own decentralized exchange and we get to review the progress of the product.
About WAVE's Decentralized Exchange (DEX)
WAVE decentralized exchange is a concept based on the WAVES cryptocurrency that will provide for the control of digital funds on the blockchain and allow for the acceleration of the exchange process through the matching service. In essence, WAVE DEX will fuse both the decentralized and centralized exchanges for the users to trade WAVES-based digital assets such as WAVES, fiat and cryptocurrency tokens like wETH and wBTC. Additionally, WavesDEX will have the users experience a risk-free trading operation with all the transactions set to take place on the Waves blockchain
How The Exchange Works
The unique feature of the Waves network is that any users can establish, issue and distribute their own version of crypto assets within the platform. Consequently, the token creation on the Waves platform will allow for the coin to trade on the DEX platform. However, the WAVES platform allow for DEX to have an exchange value of 1:1 with only the real bitcoin assets.
Additionally, the tools to release your own token will have a tradable feature to leave room for token loyalty among users. Ultimately this feature allows for social trading for users interested in crypto trading pairs such as BTC, ETH, Waves, LTC, etc.
The DEX Exchange Details
WavesDEX provides users with the ability to trade different cryptocurrencies in exchange for Waves or other tokens generated on the Waves platform.
Users will also be able to trade quickly and securely through the centralized matcher holding the order list
- Waves DEX allows for trading of any token pairs. As of now, WavesDEX has over 60+token trading-pairs
- The exchange's trading volume stands at $522,534 as of this writing, bringing its crypto value to 56.11 BTC.
- Low fees are also a feature of Waves DEX with the commissions for charges costing users only 0.0003 WAVES
- Waves DEX further provides for a mobile app for both Android and IOS users looking to trade on the go.
Is WAVE DEX A Good Option For Trading?
There is a lot of confusion and panic going around on the inefficiencies of the Waves DEX platform. Largely most of the negatives borders on the issue of fake coins and issuance of unregistered tokens on the platform. While the claims are unsubstantiated, it does wind up interest in whether one should try out the platform.
However, these are often the challenges that face a relatively new cryptocurrency exchange trying to establish itself. All-in-all, the Waves Decentralized Exchange has a solid concept and the backing of Waves platform only adds to its legitimacy. The only hurdle is whether Waves DEX could find potential and become the future of matches with the cryptocurrency market. If achievable then we could see an advanced entry to cryptocurrency adoption and trading.