Last month, the Waves new decentralized exchange (DEX) facilitated around $6 million crypto transactions in a single day by the end of its beta testing. This trading volume was six times the volume of its rival DEX, AirSwap in April.
Headquartered in Russia, and incorporated in Switzerland, Waves DEX had around 90,000 traders who were using around 330,000 wallets ahead of its launch this week thereby dwarfing the comparative trading volume figures for other DEXs.
A couple of reasons are behind this impressive performance of Waves DEX. One such factor is its speed owing to the platform’s centralized matchmaking service. This highlights the contradictions that are inherent in the other DEXs and have a long way to before they actually live up to their name.
Another reason behind its impressive performance is that almost any trader is allowed to issue a token on Waves’ unique blockchain. Also, another attraction of the platform for traders is that the standard know-your-customer (KYC) ID checks are optional on the Waves DEX platform barring a few circumstances.
Waves’ DEX Rollout – Not All Rainbows
Despite its impressive performance, the Waves DEX rollout hasn’t been all rainbows after all. When the crypto exchange officially completed its year and a half long beta testing period and launched the DEX, both the exchange’s website and the company’s main site was hijacked by hackers to phish for users’ personal wallet details.
It took several hours for Waves to get its site up and running after restoring access to the DNS server. This phishing attack was a damper on the DEX launch and it also evoked criticism of the company’s practice of having users enter strings of words (which act like passwords for crypto wallets) into the website to use its software wallet. This incident was not the first of its kind in terms of the exchange’s brush with security flaws though.
As reported in the CoinDesk report, Waves CEO, Sasha Ivanov said that drawing a lesson from this phishing attack, the company and the entire cryptocurrency industry need to work on decentralized domain name systems.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]