In the second installment of “Injective Ecosystem Spotlight,” we are excited to feature Wavely, the decentralized cryptocurrency and perpetual exchange that allows users to trade anywhere, anytime.
With a sleek interface, unique features, and lightning fast transaction times, Wavely employs multiple Injective primitives that create the best environment for trading cryptocurrencies and perpetuals.
Launched in July 2022, Wavely joins the ever-growing Injective Ecosystem and showcases how quickly developers can build and launch successful applications utilizing its layer 1 network and modules.
What Is Wavely?
Wavely is a decentralized crypto exchange for trading cross-chain crypto assets and perpetual markets up to 10x leverage and with market leading rebates.
Wavely provides an orderbook derivatives DEX with clean UI look, advanced order types, a swap interface, portfolio and trading histories, and reward tracking. All these features combined offer both individual and institutional traders a seamless end-user experience.
What Makes Wavely Unique as an Exchange?
Wavely is one of the exchange dApps built on Injective that has been iterating constantly and always bringing new developments to the community. Utilizing Injective’s exchange module support, Wavely first launched its product to the public in July 2022. In October 2022, Wavely V2 was released with a completely new and improved UI, including the upgrade on mobile UI and PnL screenshot on mobile as well. Below are a few highlights of its recent new developments.
Almost every builder will tell you that user experience is quite crucial to onboard new users, and Wavely clearly pays attention to this area with its user centric design. When a new user gets started and clicks on the “person icon” next to the “Connect Wallet” button, it shows separate pages you will need during the onboarding process such as deposit and cross-chain bridge (Injective Bridge).
Wavely also ties up ecosystem tools all in one place at the “Community” tab, making the larger ecosystem experience seamless for all users. People won’t get lost if they are first-time users and all these useful tools, rewards, and dashboards are just one click away!
On the market page, K-chart has been adjusted to a wider dimension to fit better. While on the right side you can see all relevant data such as the orderbook and order types section in one place. It’s worth noting that the moving tickers at the bottom can not only display a dynamic market trend, but also let users click and redirect to that specific market if interested.
Wavely also has a unique feature, in which traders can share the profit and loss (PnL) of their positions! Wavely is the only place where traders can share their PnL via social media, creating a more sociable way to showcase changes in the percentage of their trading position. You can find this feature under “Open Positions”, and share the PnL card on social media such as Twitter.
Wavely: How To Get Started
Step 1: Fund your Injective wallet
- Go to Wavely and connect your wallet;
- Transfer assets such as USDT from your non-custodial wallet to your Injective Wallet through Injective Bridge, or fund with fiat via Kado onto Injective;
- Transfer the funds from your Injective Wallet to your Trading Account on Wavely at the Portfolio page under the person icon;
- Make sure you have a small amount of INJ in your Injective Wallet to pay for gas fees. You can use the Swap feature to swap assets into INJ, or request INJ from Injective Faucet.
Step 2: Make a trade on perpetual market
- Assume you have some USDT in your trading account;
- Select a market you want to trade from the homepage, such as BTC/USDT PERP;
- Select the type of order you would like to trade, either Market, Limit or Stop-Limit order depending on how immediate you want the trade to be executed and also the expected execution price of the order;
- Select if you want to Buy (Long) if you believe BTC price will rise, otherwise Sell (Short) if you think the price will go down;
- Enter the amount you want to trade and make sure you have sufficient available balance in the Trading Account;
- Once your order is submitted and approved, you will see a notification “Your order has been placed”.
Step 3: Check your position & share the PnL
- You can check your positions and trading histories on Wavely at the bottom of the trading page or Person icon -> Wallet Activity;
- Also feel free to share your PnL through generating the PnL card under Open Positions!
Wavely was founded in June 2022 by Kev, a long-time Injective community member. Kev was an active and regular user of the exchanges on Injective and saw an opportunity to create a more mobile-friendly and intuitive front-end to enhance user experience. With a background in marketing, Kev sought to leverage his experience to create simpler and intuitive decentralized trading experiences and promote decentralized trading to non-crypto natives.
“The name of Wavely was inspired by the waves of change and innovation happening in the DeFi world. It also reflects the idea of moving with the tide of the market and adapting to the ever-changing landscape of the crypto space.” says Kev.
Why Build on Injective?
“Injective offers an amazing foundation to build DeFi products upon. From highly intuitive and customizable UI templates to extremely robust and cutting edge smart contracts, we chose to build on Injective because it offers the vastest potential for building truly decentralized financial applications.” says Kev.
“Injective made it possible for us to build a completely decentralized and distributable front-end without relying on external server hosting with MyWavely. This, combined with the ability for anyone to launch trading markets and provide liquidity, allowed us to achieve one of our objectives of enabling completely decentralized trading on a larger scale.”
As the team grows more accustomed to Injective's developer ecosystem, Wavely is already setting its sights on more ambitious long-term goals.
In the near future, Wavely will be focusing its efforts on mobile app development, with a user-friendly fiat-to-crypto onboarding experience. This will be followed by the release of a full-featured light version of the mobile trading platform.
Additionally, the team is exploring listing more unique markets, such as crypto binary options, commodities, and crypto indexes, to further expand the scope of the platform and provide more options to traders.
Check out Wavely now to trade DeFi without borders!
Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native deflationary scarce asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.