Waves Launches Hybrid Exchange After Closing DEX
The Waves project is among the most influential in the crypto space, though it struggles with its relation to the Russian market.
Waves Exchange is the new hybrid service that has replaced the Waves DEX. The old DEX will be available for the swapping procedure, until assets are moved to the new exchange.
After a few days of preparation, the new Waves.Exchange is now open and will gradually increase its capacity.
“We are no longer focused only on decentralization — our main focus is user experience. We will gradually and thoroughly rebuild all of the existing clients (web/desktop/mobile). We will add some tech, such as WebSockets and a special backend to boost the clients. Meanwhile, key decentralized features we have developed will be maintained,” the Waves team explained.
Waves (WAVES) was one of the most prominent and influential projects in the crypto space. While it did not displace Ethereum (ETH), it still gathered strong support. The only problem for the Waves project was its Russian origins, and the broad community based in Russia, while also cultivating a presence with US traders.
While crypto projects are borderless, the problems with DEX and the origin of funds are still potentially problematic.
The Waves DEX worked for years, and the new exchange will aim to offer higher speeds and better order matching. A hybrid DEX uses some centralized components to improve speeds. The Waves ecosystem also allows for the creation of synthetic assets based on other coins, including Bitcoin (BTC). Caution is needed to recognize the real derivative tokens from fakes.
The WAVES market price has fallen significantly, down to $0.58, despite previous hikes to above $14 during boom times. Waves-based tokens have also diminished in significance, and the platform no longer hopes to host ICOs.
The Waves DEX closing coincided with the end of CryptoBridge, a smaller competitive DEX. CryptoBridge also signalled it hopes to relaunch in the future in an evolved form.