Waves announced their Waves DEX (Decentralized exchange) has been shut down. Simultaneously stating their plans to relaunch and resume operations, as a new hybrid cryptocurrency exchange.

The DEX or decentralized exchange has already ceased operations on the old domain, as they proceed in moving its activities to Waves.Exchange domain. The Waves company announced:

“From this point onwards, the old version of the exchange will be unavailable, and the website will offer only functionality to support migration. User funds held on Waves DEX will remain completely safe during and after the process.”

The new hybrid exchange has already been partially activated even before the full move began earlier today. Waves expects the DEX to be fully operational by December 3rd. The Waves company stated that this new decentralized trading platform combines a few key features. The main being irreversible transactions. This along with users having control of their funds within the decentralized exchange (DEX). Waves also plan to implement specific features normally found in centralized trading platforms.

Development in decentralized exchange

Waves have also announced that from this point, its core team of developers will be focused on the development of the protocol itself. Although the support and development of the DEX will now be managed by a separate, dedicated team. This new Decentralized Exchange team will also be including former Waves core team members. Waves CEO and founder Sasha Ivanov stated:

“Waves DEX was a kind of prototype. Now, after 2 years of operation, it has 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, so we can merge all the infrastructure teams into one, synchronizing development work and taking the combined product to a new level.”

The DEX announcement also promised that future plans of the exchange include partner and market maker programs. As well as announcing that Tether (USDT) trading will be enabled later this month. The last big news of the announcement were promises of: “new tools for users to generate passive income, including the opportunity to stake stablecoins and collect interest with very low risk.”

CryptoBridge which is one of Waves’s competitors, announced today its exchange will be shutting down. They stated that market conditions along with increased regulations were the driving factors for the decision to close.

