Waves to Create a Hybrid Exchange
Last week, Waves announced their plans to change their current DEX platform into a hybrid exchange, combining the advantages of a decentralized and centralized platform into one secure and easy to use as a place for users to trade cryptocurrencies on, called Waves Exchange.
This new adventure will be developed by a dedicated team with former core and new team members coming aboard to help, as well as advisors to help with the transition.
This new initiative by the Waves team is their way of combining the best features from the current Waves DEX while adding new important updates that a centralized service can provide.
Decentralized exchanges can offer better security as the user assets are stored in their own wallets and not in a centralized location, therefore if someone were to become compromised only that one wallet would be affected. Whereas centralized exchanges offer advantages such as speed so user transactions can occur a lot faster. Waves plan to combine both these systems to create the ultimate user experience.
On November 18th, users will be able to start importing their accounts and seed phrases into the new exchange and after December 2nd, Waves will officially launch the platform.
The Waves team had the following to say:
“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. In the long 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.”