In order to offer users a better experience and wider range of tools, the DEX will now be developed by a dedicated team and renamed Waves Exchange.
Up to this point, Waves DEX has been developed as an integral part of the wider Waves platform ecosystem. Over time, several distinct teams have formed, focused on separate components, such as the desktop and web client, mobile apps, matcher and support center.
The partnership with the gateway provider Coinomat should also be mentioned. While it can be considered successful, in that no transaction has been compromised in all the time it has been running, users have faced delays, partial unavailability of services and issues related to tech support.
Since the launch of Waves DEX, extensive functionality has been developed and numerous experiments have been conducted. Now it’s time to merge all the infrastructure teams into one, synchronizing development work and taking the combined product to a new level.
By keeping all of Waves DEX’s best features and adding several new ones, Waves Exchange will combine the advantages of centralized and decentralized digital trading approaches to facilitate powerful trading functionality and boost liquidity.
Waves Exchange’s team will see former Waves core team members joining forces with a number of new developers and advisors. The lineup of the advisory board will be announced shortly.
A hybrid approach
Centralized exchanges are known for enabling faster transactions, higher-quality services and a richer user experience, but they lag behind when it comes to security. Conversely, decentralized exchanges offer users a much greater degree of security, since users’ assets are stored in their wallets rather than on a centralized server.
Waves Exchange will provide users with the advantages of decentralized storage, such as absolute security of funds and irreversibility of transactions, while customers will still receive the best user experience they can find in the centralized exchange sector.
What to expect
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.
Shortly, partner and market maker programs will be announced, aimed at boosting liquidity on the exchange. Regular users will gain access to tools for generating passive income, including the opportunity to stake stablecoins, collecting interest with very low risk involved.
Waves Exchange will combine all previously separate tools, such as the matcher, gateways, desktop and mobile applications, into one product — facilitating faster and more secure gateway operation than under the previous system, in which gateways were run by Coinomat.
As the exchange moves to hosting its own gateways, users will experience a significant increase in the speed and stability at which gateway transactions are processed. In addition, the number of reasons for contacting tech support will decline substantially. Finally, users will be able to track the status of all gateway transactions.
Among the exchange’s most immediate plans is enhancing the matcher, which will increase transaction speeds even further, and adding new coins — including the most popular stablecoin, Tether USD (USDT).
Fiat gateways are also slated for a major update. Details will be announced in due course. In the short term, the new exchange’s team plans to add built-in instruments to expand trading opportunities.
The new team wants to make all speculators happy, no matter how dirty they might be.
A special focus will be placed on the mobile apps, which will be substantially improved. Similarly, the matcher API will be significantly enhanced for better interaction with the matcher.
Further plans include tools for margin trading and brokerage.
As of November 18, users will be able to import their accounts and seed phrases, and, on December 2, the new exchange will be launched.
In the longer 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.
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