Waves decentralized exchange (DEX) closed operations and resumed them as a hybrid exchange.
According to a press release, Waves decentralized exchange (DEX) stopped operations on the old domain. Currently, the process of moving its operations to the Waves Exchange is up and progressing.
The company’s official statement explained that henceforth the old version of the exchange becomes unavailable. Importantly, the exchange assured users that funds held on the decentralized exchange remain safe throughout the whole process.
Besides, the new hybrid exchange became partially activated before the migration commenced and it’s expected to become fully operational soon.
Furthermore, Waves DEX claims that the new trading platform contains the irreversibility of transactions. As well as safety and user control of funds on decentralized exchanges with the features of centralized trading platforms.
Waves plans for the future
Waves DEX also emphasized that its main development team will focus on devising the protocol itself henceforth. That’s the open and private implementation, sharding and infrastructure.
Consequently, a separate, dedicated team that includes former Waves core team members now takes up the responsibility of developing and supporting the exchange.
Sasha Ivanov, Waves founder and CEO, commented on the development. He said, “Waves DEX started as a kind of prototype. Now, after 2 years of operation, it’s 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.”
Ivanov explained that this helps to merge all the infrastructure teams into one. And synchronize the development work and take the combined product to a new level.
Accordingly, the announcement revealed the exchange’s plans include partnerships and market maker programs. Also, Tether (USDT) trading becomes enabled when the gateway goes live later this month.
Finally, the exchange plans to set up new tools for users to generate passive income. And provide the opportunity to stake stablecoins and collect interest with low risk.
Feel free to find out more about the Waves platform here.