Waves has implemented an Ether gateway allowing users to store and trade ETH against other tokens on the DEX.
After successful launch of several gateways including bitcoin, USD and EUR, WavesPlatform has implemented an Ether gateway, which definitely expands opportunities for decentralised trading. Thanks to the new gateway, users will be able to store ETH as well as trade it against other tokens on the DEX.
Operating mechanism
The Ethereum gateway will be operating the following way: users will send ETH to the given address within the client and will receive a Waves token in return. These tokens can be withdrawn or exchanged for ETH any time being backed 1:1. As can be seen, the Ethereum gateway operating mechanism won’t differ much from such of the existing bitcoin gateway.
Advantages for the users
From now it will be possible to trade ETH against other Waves tokens – such as WBTC and WAVES itself. This means that users will be able to trade ETH against BTC, WAVES, USD and EUR on a peer-to-peer basis on DEX. Also they will have the possibility to trade any other token. With the Waves’ centralized order matching the DEX comprises both: the speed of a traditional exchange, and security of blockchain technologies.
“We’re really pleased to add another gateway to the Waves client,” comments Sasha Ivanov, Waves CEO. “Ethereum is the foremost blockchain platform after bitcoin itself, and it’s important to be able to offer users the opportunity to trade ETH on a decentralised exchange. In due course we’ll be adding more coin gateways, broadening our appeal and allowing not only trading but Waves crowdsales that collect a whole range of cryptocurrencies directly.”
After all, it should be remarked that Waves’ development pace is of quite a rapid character, which can be supported by the fact, that along with the launch of new high-quality solutions, Wave platform gains interest from the side of such giants as Deloitte entering into the strategic partnership as the result.
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