Waves.Exchange is a decentralized cryptocurrency trading platform with self-custody options operating on the Waves blockchain. Launched in 2017, it is headquartered in Moscow, Russia. It is part of Waves, a global open-source platform for building applications that was established in 2016.
The exchange provides a full range of digital asset management features such as buying, trading, staking, investing, swapping, and issuing your own assets. At the time of writing, it offers 17 cryptocurrencies and 50 trading pairs. Every user of the Waves exchange must download the Waves Client Wallet used for deposits, withdrawals, and storing funds.
Waves.Exchange provides LP staking, which allows users to earn up to 21% per year. The staking amount starts from $1. Staking funds are managed through the public smart contract ensuring transparency of operations. When users stake, they receive LP assets in return as the assurance of their funds.
The platform's web-based interface is fully compatible with mobile devices. At the same time, users can download the mobile application from Google Play and App Store.
The Waves.Exchange Token or WX is the native governance token of the exchange issued in November 2021. Its maximum supply is limited to 1 billion coins. 190 WX coins are released with each block verified every minute. Some part of the coins is burnt while 50% of the remaining amount is allocated among liquidity providers and gWX (a voting token) holders. To receive WX tokens, users need to invest assets in the liquidity pool and stake LP tokens. At the time of writing, WX can only be traded on Waves.Exchange.
The locking of WX tokens brings users some essential benefits as they can get governance rewards accumulated from exchange fees. They can also profit from swap fees charged by the pools. In addition, users receive a share from 5% of the WX emission redistributed from pools.
WAVES is another utility token of the Waves ecosystem serving to introduce Waves functionality to Ethereum users. WAVES can be staked, paid as transaction fees, used to run smart contracts and reward node operators. WAVES can be bought on Binance, Kraken, Okex, Huobi, and Bithumb.
The transaction fees vary from 0.001 to 0.004 WAVES depending on the selected asset. They can be paid in WAVES or any other available asset. 0.05% of each swap is a primary collateral fee. Waves.Exchange does not charge any deposit fees while withdrawal fees vary by currency.
The Waves ecosystem
The Waves ecosystem includes a wide range of DeFi projects, blockchain explorers, games and collections, and development products.
The Waves blockchain is based on the Proof-of-Stake consensus. It can process 500 transactions per second, and offers fixed low fees. Waves Keeper is the browser extension for the storage of seed phrases and private keys and secure interaction with third-party web apps. SIGN Art is a marketplace for crypto collectibles and non-fungible tokens (NFTs).
Swap.fi, the automated market maker based on the Waves blockchain, allows instant exchange of cryptocurrencies and provides several types of liquidity pools. Vires Finance is a liquidity protocol for lending and borrowing assets at rates defined by the market. It gives users the opportunity to earn passive income from the assets they provide and use them as collateral to borrow other assets. WavesFX is an open-source and cross-platform desktop wallet.
Neutrino is an algorithmic protocol that enables the creation of stablecoins pegged to national currencies. Gravity is a cross-chain bridge that connects Waves with other financial ecosystems.
Nodes are the essential components of the Waves ecosystem that help to process and validate transactions, generate new blocks, and secure the network. They get transaction fees as a reward. To start mining, a node must have a minimum balance of 1000 WAVES. The more WAVES they own, the more mining power they have and the higher rewards they receive.
The Waves security
Waves.Exchange supports anonymity and privacy through instant registration without the need for KYC. It generally requires identity verification in two cases: when users opt to withdraw fiat money through Coinomat, a payment processor based in the Czech Republic, or when they issue a token on the Waves platform and then publicly list it on the DEX. To protect users’ funds from hackers they are held in personal cryptocurrency wallets.
The Waves blockchain is reported to have a good security system. However, in the past, the platform had some associated issues. In 2017, the company ordered an audit from Kudelski Security. It reported that the Waves blockchain was vulnerable to several types of attacks and that user wallet passwords were kept in a database in clear text readable by anyone with access to the file system.
After the launch, the full version of Waves.Exchange suffered from a phishing attack. Hackers obtained information about users' personal wallets, which postponed the exchange launch. The company explained that the problem was in the domain name systems, the DNS servers of the Waves website, which were controlled by the registrar and not by Waves. To get the site back online Waves had to restore access to the DNS server. The exchange’s CEO pointed out that the recommendations have been implemented and all critical moments have been fixed.
Waves.Exchange team and partners
Waves.Exchange has a team of 60+ professionals with substantial experience in all phases of the project life cycle, fintech, blockchain, process analysis, and system improvements.
Aleksandr Ivanov is the founder and CEO of Waves.Exchange. He is a technology entrepreneur with 10+ years of experience in the cryptocurrency industry, banking and public administration systems, and electronic payment mechanisms. Prior to creating Waves, Ivanov released the instant exchange Coinomat and indexing site Cooleindex.
Sasha Borisov, the CTO, Ilya Smagin, the Head of Smart Contract Development, Maxim Pertsovskiy is the Head of Growth and Strategy, and Leonid Matveev, the Head of Trading, are among the chief managers of the project.
Axel Hellinger is an advisor to the board of directors. The platform is funded by Dolfin, an independent investment firm. RewardMob, the Canadian mobile gaming company, runs two nodes on the Waves blockchain and has launched its own Waves-based token.