Leading smart contracts blockchain Waves has initiated an overhaul of the design, user interface, and internal engine of its decentralized exchange to attract both casual and professional crypto traders.
Benefits of Decentralized Exchanges
In 2018, data privacy has become one of the most-widely discussed topics in both politics and the technology sector, primarily because of the Facebook and Cambridge Analytica scandal. Consequently, an increasing number of individuals have started to become aware of the importance of data privacy and the value of personal information to advertisers and governments.
On cryptocurrency exchanges, even on cryptocurrency-only trading platforms that do not deal with bank accounts and fiat deposits, users are asked to submit a significant amount of personal data, such as passport scans, address, social security number, and more. The acquisition of user information leaves cryptocurrency exchanges vulnerable to security breaches and hacking attacks, and potentially to costly lawsuits.
The evident weaknesses of centralized exchanges have led traders to decentralized exchanges – and over the past few months, the demand for decentralized trading platforms has only intensified. Indeed, demand has reached a point where centralized trading platforms like Binance have entered the sector to compete against existing decentralized trading platforms like the Waves DEX.
Changes in Waves DEX
The struggle for decentralized exchanges regarding adoption and growth has been their inefficient user interfaces and complex engines that create a difficult ecosystem for day-to-day traders and casual users.
In its major update, developers of the Waves DEX implemented significant changes to the watchlist, order book, open orders, and order submissions, to facilitate the growing demand for the Waves DEX and its increasing liquidity.
Already, the Waves decentralized exchange has seen more than $5 million in average daily trading volumes, which is primarily attributable to its low fees, fast execution, unlimited withdrawals, and support for trading of any cryptocurrency pair.
To appeal to professional traders, the Waves DEX has also implemented major changes to enable traders to easily evaluate previous trades, access detailed trading history, balances of coins and tokens held, and more efficient categorization of crypto trading pairs.
In an interview with former Goldman Sachs executive turned CEO of Coinfi, Timothy Tam, Kyber Network CEO Loi Luu stated that user experience has been the main weakness of decentralized exchanges. Luu explained:
“I think it’s because the UI isn’t good enough. The users aren’t familiar with the Decentralized Exchanges; they’re more familiar with Binance or Bittrex. So that’s why we wanted to make it really easy for the user to use. So we don’t focus on the decentralized aspect of it. We focus more on the usability aspect of it.”
Similarly, Waves has also focused on the user interface and usability aspect of their decentralized exchange to ensure that users have a platform on which they can seamlessly trade digital assets.
— sasha ivanov (@sasha35625) June 30, 2018
Moving forward, the internal engine and base layer can be improved to enhance the overall performance of the exchange, but in the current phase, improving user accessibility is a priority.