Blockchain solutions platform Waves on Monday announced its decision to shut down its decentralized crypto exchange and launch it as a hybrid platform.
First reported by Cointelegraph, the new platform will be operated on Waves.Exchange and the company has already halted its operation on its old domain.
“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,” the blockchain company stated in its press release.
As a hybrid platform, Waves is boasting the new platform to have features like irreversibility of transactions, safety, and user control of a decentralized exchange along with the crucial features of a centralized exchange.
The exchange is expected to be fully operational by today.
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Protocols are the key
In addition to the new exchange platform, the announcement also revealed that the company will now focus on the development of its protocol, its open and private implementation, sharding, and infrastructure.
“Waves DEX was a kind of prototype. Now, after 2 years of operation, it has grown and become a separate project,” Sasha Ivanov, founder and CEO of Waves, said.
“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 is one of the well-strapped blockchain projects in the market under development. Last year, it secured $120 million for the development of a private blockchain.
As Finance Magnates reported earlier, the company also entered into the market of decentralized applications (DApps) and launched smart contracts functionality.