Cryptocurrencies made quite the impression last year as they spiked into mainstream awareness in Q4 2017. Millions were introduced to the idea for the first time, but many aren’t involved yet because of the complicated nature of the space.
As blockchain technology continues to embark on its journey toward mass adoption, developers are constantly looking for ways to introduce their creations to the masses with minimal interference. If an application is difficult to learn or poorly designed, many will look elsewhere for a more intuitive option, or drop the idea altogether.
The Waves Platform is a decentralized exchange that is staying ahead of the curve. The team has proven the validity of their product, which currently sees an average daily volume of $6,310,000 USD.
They’ve had a busy year this year.
Just last month, the company released their latest mainnet update, which includes upgrades like data transactions, a fairer proof-of-stake system, sponsored transactions, and burn transactions for their users. On July 5, they launched an upgraded DEX, redesigned to look more professional and intuitive—even for relatively new traders.
Source: Snapshot of new DEX
While the average citizen isn’t accustomed to candlesticks and MACD indicators, the average trader relies on trading software that’s easy to use, with all the tools they need to beat the market. Combine a well-designed exchange with the benefits of a decentralized platform, and you have the potential for a major shift on Wall Street.
The Waves DEX upgrade is important for their success, and it goes deeper than just a new look. There’s also been some functional additions to the platform that cement Waves as one of the best DEXs in the market today.
What’s New with Waves?
Along with the new UI, the upgrade offers improved application performance and stability by moving to a custom-built API. The upgraded features introduced to the Waves protocol make it even stiffer competition for other DEX platforms.
Watchlist Functionality
Much like the TradingView chart integrated with the platform, the Waves DEX offers users the ability to search for full pairs instead of just one token, allowing them to quickly and easily navigate the market. Once they’ve located the pair they’re looking for, they can easily add it to their Favorites list for future reference, and find the Token ID information with one click.
Another vital piece of information for traders is the market volume, which is now provided for each pair. All pairs are sorted by volume by default, with the most liquid pairs at the top of the list.
Source: Official Waves Platform Blog
Order Book
An order book is a way for exchanges to keep track of open orders for a particular pair. Professional exchanges list live transactions publically, and also give each user access to their own private order book to keep track of open or partially filled orders.
In the new DEX public order book, submitted orders are highlighted to give a visual representation of each order’s relative volume. It ends up looking like a transparent ‘loading bar’ behind the order information, with the highest volume trades being ‘fully loaded’. Also, user’s orders will now be highlighted with a star in the public order book, making it simple to see where their orders fall in with the rest.
Source: Official Waves Platform Blog
Traders will be able to access the details of partially open orders in their private order book, and now have the option to close all orders at once. Once they’re ready to get back into the market, they’ll be able to make quick trades at market price by using the new Ask, Bid, and Last buttons. If they’re a bit early for a particular trade, users can schedule an order for a specific time with the new interface.
Along with the platform updates, entirely new and useful sections have been added to the Waves DEX. Traders now have access to a detailed history of previous transactions, as well a list of tokens and balances in their account.
Conclusion
Many of the functional updates in the new UI are bringing the Waves DEX further into the realm of professional platforms, where all of these features are par for the course. That being said, the Waves team is starting to break away from their DEX competitors in terms of their platform’s usability, functionality, and market position.
To see the new and improved Waves DEX, you can check out their demo by clicking here.
Related: What 2018 Holds for Waves: A Look At Its Progress So Far and What’s Next
