Waves DEX Now Supports Ethereum-Based ERC-20 Tokens

On Aug. 22, the platform announced that Waves’ built-in DEX began supporting ERC-20 tokens. Recently, Waves team also launched a new gateway with Vostok and Ergo tokens support.

Blockchain platform Waves added support for Ethereum-based (ETH) ERC-20 standard compliant tokens to its decentralized exchange (DEX).

According to Coin360, Waves’ price – the token is currently trading at $1.31 –  is up 1.61% over the last 24 hours. It is currently the 48th largest cryptocurrency by its market capitalization.

High hopes for the feature

Waves’ team also expressed hope that the new feature will have a positive impact and will attract new traders and assets to the platform. The post also promises:

“Soon, you will see new trading pairs with ERC-20 tokens. Last year, we conducted voting for listing ERC-20 token. Bancor (BNT) won the voting and became the first candidate for listing on Waves DEX. So, we made it. … The next asset that can be added via gateway is ETH. Then, we will add BTC support. It is scheduled for September.”

As Cointelegraph reported in July, major crypto exchange Binance added support for multiple DEXs to its Trust Wallet by integrating the Kyber Network protocol.

WATCH: Vitalik Buterin Explains the New Tech Behind Eth 2.0

Where do things stand with the tech overhaul of the world’s second-largest blockchain?

We took the question to ethereum creator Vitalik Buterin at ETHDenver last weekend. Here’s what he had to say:

Eth 2.0 is the next iteration of the ethereum blockchain, incorporating novel protocol designs such as proof-of-stake (PoS) and sharding. Last December, Buterin released a blog post on ways to speed up the launch of Eth 2.0, which has been in the works for years.

PoS consensus algorithms reward cryptocurrency investors for holding the network’s native currency. Holding the currency validates blockchain transactions and protects the network itself. Eth 2.0 scientists expect sharding – a method of grouping ethereum holders together for transaction validation – to improve transaction speed on the network.

In the December blog post, Buterin described “stateless clients”, a method that changes the way current account balances, contract code and other information is stored on the network. Stateless clients work by mathematically proving this data’s existence and validity without storing all the data itself.

In other words, the Eth 2.0 blockchain would be lighter to operate.

“The clients basically do the same verification that it would normally do except it doesn’t store the state”, Buterin told CoinDesk. “It just kind of grabs the state in real time and verifies it using the client’s Merkle proof.”

The project’s lead developers recently announced plans to launch Eth 2.0 as early as this summer. That launch would cover Phase 0 and the Beacon Chain, the first component to building out the new PoS blockchain.

As part of the switchover from the current Proof-of-Work (PoW) network, known as Eth 1.x, Buterin and the Ethereum Foundation have proposed running the current network on Eth 2.0’s skeleton until the latter is fully built out. Ultimately, Eth 1.x will exist as basically a giant receipt of pre-2.0 transactions.

“You can copy that state Eth 1.x and run it inside of a different Proof-of-Stake chain”, Buterin said. “The account balance and all the applications keep running as is, but the Proof-of-Work chain as it exists would be gone. And there would not even be two separate chains: Eth 1.x transactions and Eth 2.0 would all be in the same block.”

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