The evolution of blockchain technology has brought us innovative platforms like Waves and Ethereum, which allow developers to build their decentralized applications and tokens with ease. Although both these platforms offer completely distinct features, they also have their similarities, one of which is the facilitation of token issuance and crowdfunding.
Several projects in the cryptosphere have already realized how these two different platforms can be “married” to provide users an even more extensive array of features and tools. Projects like MobileGo, EncryptoTel, Starta and others have issued dual-blockchain tokens can be held by users both in the form of a Waves asset or an Ethereum token.
Now, in a bid to further extend this connection between the two, the Waves Platform has launched the Ether gateway, enabling users to store ETH and trade it against other tokens on the Decentralized Exchange (DEX). The addition of the Ether Gateway comes after the successful launch of the Bitcoin, USD and EUR gateways. Sasha Ivanov, founder, and CEO of the Waves Platform stated:
“We’re really pleased to add another gateway to the Waves client. 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 decentralized exchange. In due course we’ll be adding more coin gateways, broadening our appeal and allowing not only trading but Waves crowd sales that collect a whole range of cryptocurrencies directly.”
The Ether gateway allows users to send their ETH, which is stored and exchanged for wETH, a Waves-based asset which is backed by the original Ether token. Users can then withdraw wETH through this same gateway, which is converted back into the original ETH token and sent to the designated wallet address.
So, what advantages does this gateway provide? Well, for starters, users are able to store both Waves and Ether in one single place, making it easier to manage different holdings. Furthermore, since wETH is a Waves-based token, it can be sent under the conditions of the Waves Platform, which features lower transaction fees that can be paid with any Waves asset.
However, the main advantage is certainly access to the DEX. Being a Waves asset, wETH can be exchanged in Waves’ decentralized exchange with no counterparty risk and in a quick and efficient environment, one that is usually only found on centralized services. Furthermore, the latest release of the Waves mainnet also gives a new organization model for the exchange, one that removes the names of non-verified assets names from the DEX, ensuring that users are only presented with verified tokens.
To learn more about the Waves Platform, Ether gateway and the Decentralized Exchange (DEX), visit the official website.