- Waves crypto exchange launches decentralized forex market
- Users can earn up to 15 percent staking rewards
- Wave’s decentralized forex market powered by stablecoins
Waves’ Exchange disclosed the inauguration of a decentralized forex market (DeFo) on September 29. The new market will operate using stablecoins hooked to the rate of assorted fiat currencies. The market currently has seven different stablecoins.
As per the announcement, the initial seven stablecoins added to the platform include USDN, EURN, JPYN, CNYN, RUBN, UAHN, and NGNN. Furthermore, the firm revealed that the pairs added in the decentralized forex platform were created using the Neutrino protocol decided upon by ecosystem members.
Waves’ decentralized forex market
The decentralized forex platform allows its end-users to swap, trade, and earn rewards reaching up to 15 percent by staking. Besides, the announcement highlighted that the stablecoins would be entirely securitized using Waves Tokens while being pinned to the rates of domestic currencies. For instance, JPYN is pinned to the Japanese yen’s value, while NGNN is linked to the Nigerian naira’s value.
The announcement further clarifies that through blending traditional finance components and decentralized finance such as yield farming, the platform’s end-users can earn between 12-15 percent annually by staking their USDN tokens. Additionally, users can also get up to 20 percent by locking their assets in liquidity pools.
USDN (Neutrino USD) refers to a decentralized stablecoin developed by the exchange. The stablecoins operates on a smart contract and is connected to the United States dollar through a stability mechanism. Furthermore, a different digital asset, WAVES, collateralized the USDN stablecoin.
More DeFo trading pairs to be added
According to the announcement, the decentralized forex platform end-users will not be penalized for withdrawing stakes. This makes navigating between different products more fluid, enabling users to swap between staking their crypto and trading. Notably, the firm is plotting to add support for further trading pairs on the platform going forward, which will be decided upon by the NSBT token bearers.
Waves is one of the most secure crypto exchange platforms globally. The firm portrays itself as an entryway to the decentralized financial space. Furthermore, the announcement highlighted that its basic interface allows access to robust tools enabling its users to stake, trade, and even engage with DeFi solutions effortlessly.