Decentralized exchange (DEX) Waves shut down operations on its DEX platform on December 2, crypto publication Cointelegraph reported.
According to the report, the exchange has already begun the process of re-launching as a hybrid crypto exchange.
Waves confirmed the news in a press release. The presser added that migration was ongoing and that activities on the old DEX domain had moved to the new Waves.Exchange platform.
In its announcement, Waves noted:
“From this point onwards, the old version of the exchange will be unavailable, and the website will offer only functionality to support migration.”
The platform, which has been in operation as a DEX exchange for two years, added that all user funds would “remain completely safe” as it migrates to the new domain.
News of Waves shutting down the DEX platform comes hours after it confirmed that the hybrid exchange was up and running.
The company reportedly activated partial operations on the hybrid platform before launching the migration earlier Monday.
As per the press release, the process should be over by Tuesday, December 3. Operations on the new trading platform should be in full gear by then, Waves said in its statement.
Users who visit the old domain name encounter this simple message:
“We’re no longer operating this serviceTo offer users a better experience and [a] wider range of tools, the exchange has moved from Waves DEX to
The new exchange will offer a combination of decentralized and centralized exchange features.
For instance, users will continue to enjoy transaction irreversibility and user-driven funds control. However, there are also going to be new features common with centralized trading platforms.
Waves’ protocol development
The Waves’ main team is set to focus its development agenda on the protocol, with a separate team taking charge of the exchange. Efforts will also go into work dedicated to sharding and infrastructure.
According to founder and CEO Sasha Ivanov, the decision to “hand over [Waves exchange] to an external team” was down to how big the project had become after two years.
He added that this having a separate team run Waves would allow them to “merge all the infrastructure teams.” With this, synchronizing all development work would see them take the project to the next level.
Meanwhile, Waves’ announcement came on the same day one of its competitors called time on its services. Earlier Monday, decentralized exchange CryptoBridge announced it was shutting down its operations due to prevailing market conditions and ‘tougher’ regulations.
CryptoBridge expects to have shut down all operations by Dec.15.