Waves Exchange introduces new decentralized forex system

Forex Distribution

Global cryptocurrency exchange Waves.Exchange made one of the biggest announcements in its history today, introducing a Decentralized Forex trading model, powered by stablecoins. And it could soon turn into a very attractive aspect for many forex traders!

The new DeFo is able to support seven currency-pegged digital assets, at least for the moment. Specifically, we’re talking about USDN, EURN, JPYN, CNYN, RUBN, UAHN, and NGNN, which traders will be able to trade through Neutrino stable coins. Swapping and yielding sustainable rewards 12-15% APR will also be possible.

A growing demand for such systems

From a specific point of view, the launch of the new system is surely surprising. However, despite the increasing economic turmoil and diminishing trust when it comes to centralized institutions, the global demand for stable assets able to weather the volatility of markets is still rising.

On the other hand, interest in cryptocurrencies is also growing, as cash positions are globally reconsidered, while digital assets – Neutrino being the perfect example in this case – have significantly risen and are now considered stable, high-interest yielding financial instruments.

Every single pair currently available for Decentralized Forex on the Waves Exchange have been developed with the Neutrino protocol, known for being a plug-and-play infrastructure, suitable for algorithmic finance. And it was chosen by the members of the Waves Exchange community! All available stablecoins are tied to the value of local currencies like USD, EUR, JPY, CNY, RUB, UAH, and NGN.

Finally, it’s worth mentioning that a network of secure oracles will be in charge of supplying up-to-date currency prices, using Forex exchanges. As an example, the EURN/CNYN exchange rate will be the same as the actual EURN/CNYN rate.

Two ways to earn!

By combining elements of the so-called traditional Forex markets, as well as staking and decentralized market-making protocols, DeFo users can earn up to 12-15% a year by simply staking their assets. And this is not everything, as an extra 20% can be earned, by providing liquidity to new stablecoin pools.

Since there aren’t any penalties for stakes withdrawal and investors can immediately switch between trading/pooling and staking, according to the current market conditions, we won’t be surprised if many traders will give DeFo a try.

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