Decentralized exchange (DEX) Waves DEX shut down in order to rebrand itself as a hybrid cryptocurrency exchange.
According to a report by FinanceMagnates, the former decentralized crypto exchange shut down its operation with the intention of relaunching as a new, hybrid exchange. Waves DEX has already ceased operation on its old domain and is currently in the process of migrating to Waves.Exchange.
The exchange reassured that user funds will be protected during the migration,
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.
Waves announced its main development team will focus on the Waves protocol while support for the new hybrid exchange will be handled by a separate, dedicated team that will include some former Waves core developers.
Waves founder and CEO Sasha Ivanov said,
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.
Waves.Exchange intends to combine the irreversibility of transactions, safety and user control of a decentralized exchange with the more common features of a centralized trading platform.
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