Waves Exchange
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Waves Exchange

Waves.Exchange: a recap of 2021 and plans for 2022

In this post, we’ll look back at Waves.Exchange’s main achievements in 2021 and reveal our plans for 2022.

2021 was a very important year for Waves.Exchange. We crossed several major milestones and laid foundations for sustainable development down the road. Let’s look at some of the most remarkable achievements.

In early 2021, we introduced Decentralized Threshold Crypto Custody, a breakthrough approach that solves the most common pitfalls of existing crypto custody systems. Wave.Exchange’s approach bridges the most recent advances in the field of threshold cryptography with traditional email authentication. This step is set to help execute our mission of fostering wide blockchain adoption. To learn more about the problems of crypto custody and our approach to resolving them, see this post.

Lucrative investment opportunities

As one of Waves.Exchange’s main goals is offering users attractive earning opportunities, we unveiled new investment products — Algorithmic Trading and Lambo Investments — and considerably expanded the functionality of LP Staking.

Launched in late 2020, LP Staking immediately became popular with investors, as they were able to make profits from their USDT by securely and profitably staking their coins. In 2021, ETH and BTC staking was added. Meanwhile, Neutrino staking, which enables users to earn by staking any Neutrino-based DeFo tokens, remains a very popular investment tool.

Since March, investors have been able to use Algorithmic Trading, an automated system for executing market orders, based on pre-programmed trading commands or specifications.

Another investment product from Waves.Exchange that gained significant traction was Lambo Investments, which came alongside a contest with Lamborghini Huracan 2021 LP 580–2 Coupe as the prize — hence the name. All Lambo investors automatically entered the contest whose lucky winner was announced in October 2021. But Lambo Investments, which offered an APY of over 60%, turned out to be immensely successful. Over 11,000 users invested over $42 mln, collecting a total income of $6.4 mln between April and October. Therefore, a decision was made to continue offering Lambo Investments.

Prioritizing user experience

User experience has always been a major priority for Waves.Exchange and, in 2021, we made some major improvements in that direction.

In the fall 2021, Waves.Exchange unveiled WX Invest App, an application enabling users to make and follow their investments on mobile devices, something that many users had anticipated for quite a while.

WX Invest App is inextricably linked to Waves.Exchange wallet and is very straightforward. A user just needs to log in with their email or seed phrase to start or continue investing. The mobile app’s functionality is constantly expanding, with more and more tools added. Very shortly, WX Invest App will become a full-fledged investment app offering all tools available in the desktop version.

Also, the Waves.Exchange interface saw some major upgrades, which made it user-friendlier.

Meanwhile, as we move towards greater cross-chain interoperability, new gateways were launched, allowing users to send tokens to and from Polygon and Binance Smart Chain (BSC).

Liquidity pools and IDO

Most recently, Waves.Exchange users were introduced to a new investment opportunity — liquidity pools.

Currently, the following pools are available:

USDT/USDN (possible to deposit with one token, USDT or USDN)

BTC/USDN

ETH/USDN

WAVES/USDN

WX/USDN

New pools will be added regularly. Providers of liquidity to the pools collect a base vAPY, which could be substantially increased by the reward tAPY, which reaches up to 250%.

An important role in Waves.Exchange pools is played by WX, the exchange’s native utility and governance token launched in an IDO in November 2021. The WX IDO was hugely successful, with all 50 mln tokens sold within 29 hours at 1 USDN for 1 WX. WX holders can lock their tokens for a fixed period, receiving gWX (governance WX) in exchange, and start using a range of advantages, such as the reward tAPY on liquidity provided to the pools.

In addition, gWX will entitle users to governance awards accumulated from fees charged for swaps in the pool, as a fee is paid on each swap transaction at the time of order execution. Also, a share from 5% of the WX emission redistributed from pools will be distributing on a weekly basis between WX holders who locked their tokens.

The utility of WX will be constantly expanding, with the main goal of achieving greater involvement of users in the ecosystem and offering them the most attractive earning opportunities.

Moving forward

All of these are important achievements, which we are proud of, but we have no intention of resting on the laurels. We are determined to keep working hard on building a sustainable ecosystem around Waves.Exchange.

Next year, the Waves.Exchange team will continue its efforts aimed at improving the efficiency of the exchange and its products and making the investment and trading tools user-friendlier.

Overall, we declare 2022 the year of decentralized services, from the voting functionality to decentralized gateways.

The voting functionality will be a natural next step towards increasing the community’s role in the decision making process by voting with gWX. WX holders will be able to set pool weights, increase the profitability of a pool in which they invested or select new pools. In the longer term, voting with WX will also apply to other parameters, such as selecting tokens for listing or launching new gateways and investment products.

Another major priority will be the expansion of the cross-chain functionality. In Q1 2022, users will be able to add tokens from Ethereum, Polygon and Binance Smart Chain (BSC) to Waves.Exchange pools.

In Q2, gWX will be integrated into more Waves.Exchange products, enabling WX holders to make extra profits. In addition, stop loss and take profit orders will be introduced.

In Q3, onchain trading with the ability to directly swap tokens through the smart contracts will arrive, as well as new arbitration opportunities based on dApp-to-dApp invocations.

Q4 will see the launch of decentralized gateways as an external blockchain-agnostic service for cross-chain communications. Trading in derivatives will also be introduced.

Also, in 2021, a new fee structure for trading operations will be introduced. Trading fees will go up, and the size of fees will depend upon an order’s value: the higher the value, the higher the fee. This will make Waves.Exchange’s investment products more profitable.

We are determined to make Waves.Exchange a sustainable and efficient ecosystem that fosters blockchain adoption.

By the way, we have just burned 1 mln WX tokens owned by the team, which were previously locked. We hope this will become a nice holiday present to providers of liquidity to Waves.Exchange pools.

Stay tuned for more updates, and have happy holidays!

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