Rise and fall of Waves’ decentralized exchange

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2018-07-27
Rise and fall of Waves’ decentralized exchange

The debut of Waves’ decentralized exchange known as DEX performed extra successfully within last month. Despite it was only a beta testing stage the Waves’ exchange was supporting $6M of transactions per day. AirSwap that is the company’s direct competitor has six times less of the daily volume.

The Swiss Waves with a headquarter in Russian Federation recently reported that DEX has 90 thousand registered traders who use approximately 330 thousand wallets. Not bad considering that the exchange runs the full release only these days.

Other comparative figures only reinforce the opinion that the company’s exchange has really impressive results. It happens due to many factors and one of the most important among them is speed provided by the special service for matchmaking. The problem is that the service is centralized – here we detect a strong contradictory with what DEX pretends to be across the market of cryptocurrency exchanges.

Another great feature that explains Waves’ DEX successful performance is that users can emit their own tokens on the company’s independent blockchain even if the tokens formally are debt notes in fiat currency. Consequently, traders can trade them for Bitcoin on the DEX exchange.

One more thing that, for sure, attracts customers is an opportunity to skip KYC stage for most manipulations across the marketplace.

Unluckily, the full launch was marred by an unpleasant thing.

This Tuesday, when the beta testing time was over and the company rolled out the full version of the product, crashers have hacked the Waves’ website and the DEX exchange. Highly likely, the main goal of the cyber attack was traders’ personal data including wallets. The control on both platforms was restored in a couple of hours.

The company’s CEO Alexandr Ivanov explained:

Someone just faked my passport and gave it to support [staff] at the domain company and they changed the password at his request. Then the attacker was able to change the main website.

Despite the story with hijacking when the company was cruelly criticised Ivanov still believes that international banks will be interested in cooperation. After all, they will get a clear and ease instrument to connect cryprocurrency and fiat.

CRYPTOCURRENCIES
  • bitcoinBitcoin$3,952.26
  • ethereumEthereum$146.80
  • rippleXRP$0.321222
  • tetherTether$1.00
  • eosEOS$3.86
  • stellarStellar$0.089759
  • litecoinLitecoin$49.38
  • cardanoCardano$0.045478
  • tronTRON$0.024721
  • moneroMonero$49.79
  • iotaIOTA$0.304204
  • nemNEM$0.043610
  • dashDash$83.98
  • neoNEO$8.76
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