Waves.Exchange launches ‘decentralised Forex’ built on stablecoins

The Waves.Exchange cryptocurrency exchange has launched the stablecoin-based DeFo ecosystem. It combines elements of the classical Forex market, staking, and decentralized trading protocols, such as Uniswap, according to ForkLog representatives of the platform.

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From September 29, Waves.Exchange will begin supporting six new Neutrino-based coins: EURN, JPYN, CNYN, RUBN, UAHN, and NGNN. They will be available for staking, swapping, trading, and will be backed by the USDN stablecoin.

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All the new assets won a recent community vote conducted on a decentralised basis using NSBT tokens.

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With DeFo, Waves.Exchange users will be able to make purchases and sales of stablecoins in any quantity and with any currency pairs. The size of each trade is limited by liquidity established by the contract, the platform’s representatives noted.

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The network of secure oracles will deliver real-time information on current fiat currency exchange rates on the Forex market.

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\”For example, the EURN/CNYN pair will always trade in the DeFo system as the currencies backing them do on the fiat market,\” explained Waves.Exchange.

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Users will be able to create liquidity pools themselves or join existing ones, to earn a share of the fees. The fee for each trade will be 0.2%, and liquidity providers could earn 10-20% annually depending on the pool’s volume.

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Staking will be available for all assets, allowing earnings of up to 15% in the currency to which the stablecoin is pegged, according to Waves.Exchange representatives.

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Users will be able to transfer a deposit into staking in a matter of seconds and withdraw funds at any time without penalties or loss of accrued value.

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During stablecoin trading on Waves.Exchange, instead of a 0.2% fee, a standard fixed fee of 0.003 WAVES (about $0.01) will be applied.

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Liquidity will be limited by the amount of funds available on the market.

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Earlier, Waves.Exchange launched a decentralized staking feature with no asset lock-up in an account.

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