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Review of WAVES Exchange (2024)
Built on its own blockchain, Waves Exchange (formerly known as WavesDEX) provides users with a platform to trade assets, leverage, and stake for high interest returns.
Started in 2017 the platform has grown and now has the Neutrino Protocol built into the platform, giving users extra ways to earn interest. Unlike most decentralized exchanges, you can even purchase crypto with a card, and they have their own coin, WAVES, which you can stake and earn interest on as well.
While the selection of non-stablecoin assets may leave something to be desired, there are many great ways to use the platform to generate passive income and this may be why the WAVES coin has jumped so much over the past few months.
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Waves Overview
- Waves Exchange built on its own blockchain ensuring low transaction fees
- Multiple products including staking, liquidity pools, leverage trading and swaps
- Neutrino Protocol application built into the exchange providing high interest opportunities
Waves Pros & Cons
Pros
Leverage trading for Bitcoin and WAVES
Stake WAVES or Neutrino Stablecoins for high interest returns
Provide liquidity for BTC, ETH, USDT or USDC and earn interest
Built on its own blockchain for low fees
Cons
Limited selection of assets for purchase and swap
New project with relatively low liquidity
No support for withdrawing fiat currency
What You Can Buy on Waves Exchange
There are only three cryptocurrencies that you can buy directly on Waves Exchange, they are:
- Bitcoin (BTC)
- USDN
- EGG
However, there are many more assets available for trading, including but not limited to:
Supported Operating Systems
Waves Exchange is available through your web browser, as desktop application for Windows, iOS, and Linux, and is available as a mobile app for Android and iOS.
Best Features of Waves
LP Staking (USDT, USDC, BTC and ETH Staking) is a DeFi interchain product on the Waves Exchange platform and blockchain that gets a ton of attention. Users’ funds are accumulated on the Waves blockchain, which are then proxied into DeFi products in the Ethereum ecosystem such as Curve and Uniswap so that users can earn interest on their assets.
When you stake your funds, you receive LP Assets (USDTLP, USDCLP, BTCLP, and ETHLP) in return which are the assurance that your funds are staked to the smart contract. The price of the LP Asset is formed from the ratio of the amount of staked funds in this asset to the amount of LP Assets in circulation. Income is accrued daily and added to the staking pool.
Waves Staking
Because Waves Exchange is built on the Waves blockchain which uses a proof of stake consensus algorithm. Users can stake WAVES coin and earn about 4% interest a year in exchange for helping to secure the network. If a user has 1000 WAVES than can run their own node for even higher returns.
Neutrino Staking and Neutrino Pools
Probably the best feature of the Waves ecosystem at this time, both Neutrino staking and Neutrino pools give users a great way to earn high interest returns on stablecoin assets such as USDN (Neutrino USD). These are two separate options, with Pools offering slightly higher returns that straight-up staking, but both are great ways for users to earn passive income of 8-20% a year on stablecoins.
Is Waves Exchange Safe?
Waves Exchange is quite safe as a platform, the only security risk being that rather than connecting with a web-based wallet such as MetaMask, they recommend you use an email address to sign up.
This means that if your email is compromised your exchange account can be as well, and that your information is stored as being registered on the site. This is in contrast to most decentralized exchanges that require no information other than connecting to your wallet.
You can further the security of your account by setting up two-factor authentication.
What are Waves Exchange Fees Like?
Waves Exchange has very reasonable fees. On the platform there is a fixed 0.003 WAVES base fee charged for placing a buy/sell trading order, regardless of the amount of the future deal. This fee can be paid in WAVES or another asset that is supported by the platform, in an equivalent amount to the base fee.
There are no fees for deposits to the platform, while withdrawal fees vary by the asset.
Frequently Asked Questions About Waves Exchange
Yes! You can stake WAVES for about a 4% annual interest rate, simply visit Waves Exchange, go to the WAVES staking tab and deposit your stake to begin earning.
Neutrino is a protocol for creating algorithmic stablecoins, written in the dApp-oriented RIDE smart contract language. It was launched in beta 2019 and quickly became one of the most actively used decentralized applications in the Waves ecosystem.
Neutrino allows creating multiple decentralized stablecoins pegged to different fiat currencies and backed by other crypto assets. The first such stablecoin is Neutrino USD (USDN), but there are pegs for other fiats such as EURN (Euro), JPYN (Japanese Yen), GBPN (British Pound), and more.
Neutrino staking is part of the Waves Exchange ecosystem where you can stake Neutrino based stablecoin assets such as USDN, EURN or GBPN for a high interest rate that is paid out daily. You can unstake your Neutrino stablecoins anytime, and it is easy to swap one stablecoin for another within the Waves platform if you see a fiat peg with a higher interest rate.
Neutrino Pools offer slightly higher interest returns than Neutrino Staking but Investing in the Neutrino Pool is an investment in the insurance part of the Neutrino pool (the secondary asset collateral). Your funds will ensure the stability of the pool as well as generate income higher than the income from the regular staking of any Neutrino asset.
