Decentralized exchange (DEX) Waves DEX shut downward to resume operations every bit a hybrid exchange, Waves announced in a press release shared with Cointelegraph on December. two.

Per the release, the exchange has already ceased operations on the quondam domain and the process of moving its activities to Waves.Exchange has already started. The company announced:

"From this betoken onwards, the old version of the exchange volition exist unavailable, and the website volition offer only functionality to support migration. User funds held on Waves DEX volition remain completely rubber during and after the process."

The hybrid commutation was already partially activated before the migration began earlier today and it expects to go fully operational before tomorrow. The company claims that the new trading platform combines the irreversibility of transactions, safety and user control of funds of decentralized exchanges with the features of centralized trading platforms.

Changes in substitution development

Waves also appear that from now on, its main evolution team will focus on developing the protocol itself, its open and private implementation, sharding and infrastructure. The development and support of the commutation, on the other hand, volition now be managed past a split up, dedicated team which will too include former Waves core team members. Waves founder and CEO Sasha Ivanov commented:

"Waves DEX was a kind of epitome. Now, after 2 years  of operation, it has grown and get a separate project. [...] Now information technology'south time for united states of america to focus on protocol development and hand over the substitution to an  external squad and customs carve up from Waves, and then we tin can merge all the infrastructure teams into one, synchronizing evolution work and taking the combined product to a new level."

The declaration besides promises that future plans include partner and market maker programs and that Tether (USDT) trading will be enabled when the gateway goes live afterwards this month. Lastly, the announcement also promises "new tools for users to generate passive income, including the opportunity to pale stablecoins and collect interest with very low risk."

One of Waves's competitors, CryptoBridge, announced its shutdown earlier today, citing market conditions and increased regulations as driving factors for its closure. The substitution volition completely shutter operations on Dec.15, but two months later on introducing Know Your Client standards mandated under EU constabulary.