WX Network: security, fees and reviews
Decentralized exchange
In short
- Legal entity
- WX DAO (named as contracting party; no registration details published)
- Fees
- Spot taker: 0.1% of the exchange amount (at least 0.01 WAVES) on pairs with WAVES, WX, USDT, USDC, ETH or WBTC; payable in WAVES or WX (as of 31 October 2026)
- Risks and caveats
- No regulated operator: the terms name WX DAO, say it is not supervised by any monetary authority, and give no legal entity.
- Checked
- 31 October 2026
Visitor ratings: do you like WX Network?
Key facts
- Type
- Decentralized exchange
- Exchange launched
- 2017
- Operator
- WX DAO (named in the terms of use; no registered legal entity disclosed)
- Official site
- wx.network
Key facts checked on 31 October 2026 against official sources.
What is WX Network
WX Network is a decentralised exchange and wallet interface for the Waves blockchain, formerly called Waves DEX and then Waves.Exchange. It offers spot trading through an order-book matcher, liquidity pools, swaps, staking and token issuance, with the WX token used for fees, staking and governance. Users keep control of their own keys.
Good to know
- The terms of use are an agreement with 'WX DAO'; no registered company, registration number or address is given. ↗
- WX DAO says it is not a financial organisation or bank and is not supervised by any monetary authority, so deposited assets have no public protection. ↗
- The terms are governed by Seychelles law, with arbitration seated in Victoria, Seychelles. ↗
- WX Network runs on the Waves blockchain: transfers cost 0.001 WAVES and orders are executed by the WX Network matcher. ↗
- Gateways to other blockchains are a third-party service under the terms; in 2023 WX Network cancelled queued gateway withdrawals and returned the tokens to users' Waves addresses. ↗
- In October 2023 WX Network moved governance to the Power DAO protocol (WX DAO); the founder said users complained about the unresolved debts of WX gateways. ↗
- The Synthetic Market (XBTC trading) was closed and removed in July 2025. ↗
Services
| Parameter | Details |
|---|---|
| Spot trading | Decentralised exchange with an order book; orders are executed by the WX Network matcher. |
| Staking / Earn | Liquidity pools with AMM; LP tokens can be staked for WX rewards. |
| Staking / Earn | WAVES leasing to Waves nodes. |
| Custody / wallet | Self-custody: the seed phrase is encrypted locally; WX Network has no access to users' assets. |
| Own token | WX: staked for gWX (boost and votes), used to pay trading fees at a better rate. |
| Own blockchain | None of its own: WX Network is built on the Waves blockchain (WAVES pays transaction fees). |
Security and audits
- Self-custodial: the seed is encrypted locally, and WX Network says it does not store or control seeds, passwords or e-mails.
- Smart-contract source code for pools, staking and governance is published on GitHub.
- In August 2025 a hacker attack on WX Network infrastructure made e-mail account access unavailable; WX Network said accounts and tokens were safe, reset some passwords and asked users to enable 2FA.
- In 2023 gateway withdrawals to other blockchains slowed and were suspended for maintenance; queued withdrawals were cancelled by governance vote and the tokens returned.
Security incidents
| Date | What happened | Source |
|---|---|---|
| 17 April 2023 | Outage: WX Network said all gateways to other blockchains were under maintenance and transactions were processed slower than usual. | t.me |
| 2 May 2023 | Outage: WX Network temporarily suspended gateway deposits and withdrawals for maintenance. Under governance proposal #3, withdrawals queued at the gateways were cancelled and the funds returned to users' Waves addresses (BTC-WXG on 28 April, USDC on 12 May, USDT on 15 May 2023). Funds returned: Queued withdrawals were cancelled and the tokens returned to users' wallets on the Waves blockchain, per WX Network's posts of 28 April, 12 May and 15 May 2023. | t.me |
| 7 July 2025 | Outage: Users had difficulties accessing and using WX Network; later the same day WX Network said all services were working normally again. | t.me |
| 14 August 2025 | Hack: Some users could not access WX Network e-mail accounts; on 20 August WX Network said the cause was a hacker attack on its infrastructure and that accounts created with a seed, MetaMask, Keeper or Ledger were not affected. Access was restored on 23 August, with some passwords reset. Funds returned: WX Network stated that accounts and tokens were safe; no loss of funds was reported. | t.me |
Further incidents are reported by third parties (press, incident databases) but are not confirmed in the company’s own channels, so they are not listed here.
Fees
| Parameter | Details |
|---|---|
| Spot taker | 0.1% of the exchange amount (at least 0.01 WAVES) on pairs with WAVES, WX, USDT, USDC, ETH or WBTC; payable in WAVES or WX (as of 31 October 2026) |
| Spot maker | Same matcher fee for both sides; other pairs pay a flat 0.01 WAVES per order (as of 31 October 2026) |
| Deposits | No WX Network fee for deposits from external blockchains (as of 31 October 2026) |
| Withdrawals | Transfers between WX Network accounts cost a fixed 0.001 WAVES network fee; gateway withdrawal fees vary by token (as of 31 October 2026) |
| Liquidity pools | 0.15% to enter and 0.25% to exit a pool with a single token (as of 31 October 2026) |
Who can use it
- Verification: No identity verification: users sign in with a seed, e-mail, MetaMask, Ledger or Keeper.
- Not for US persons, residents of China or residents of jurisdictions that treat digital tokens as securities; users must be at least 18.
History
| Date | Event |
|---|---|
| 2017 | WX Network gives 2017 as its founding year (Waves DEX era). |
| August 2019 | Waves DEX runs at dex.wavesplatform.com. |
| 2 December 2019 | Trading on Waves DEX ends and its successor, Waves.Exchange, launches. |
| 4 November 2022 | Waves.Exchange is renamed WX.Network. |
| 28 November 2022 | 90 million WX tokens are burned. |
| 15 June 2023 | WX Network relaunches, moving its main products from the waves.exchange domain to wx.network. |
| October 2023 | Governance moves to the Power DAO protocol, creating WX DAO; the WX team donates 10 million WX to its treasury. |
| 14 August 2025 | A hacker attack on WX Network infrastructure disrupts e-mail account access until 23 August 2025. |
Risks and caveats
- No regulated operator: the terms name WX DAO, say it is not supervised by any monetary authority, and give no legal entity.
- Gateway tokens (WXG) for assets from other blockchains depended on gateways whose withdrawals were cancelled in 2023; the founder spoke of unresolved gateway debts.
- In August 2025 WX Network infrastructure was hacked, disrupting e-mail accounts; WX Network now asks e-mail users to enable 2FA.
- The terms say the services are complex, high risk and not suitable for users without crypto experience.
About the company
- Legal entity
- WX DAO (named as contracting party; no registration details published)
- Headquarters
- Not disclosed; terms governed by the laws of the Republic of Seychelles
- Founded
- 2017 (per WX Network); GitHub organisation 'waves-exchange' created 14 October 2019
- Formerly
- Waves DEX, then Waves.Exchange (2019), renamed WX.Network in November 2022
- Own token
- WX: 1,000,000,000 issued, non-reissuable, released over about 5 years by community-voted rate
- Parent company
- None disclosed; WX DAO governs through the Power.tech protocol
Official links
- Website: wx.network
- Terms of use: wx.network/terms_and_conditions
- Fees: docs.wx.network/en/waves-matcher/matcher-fee
- Security: wx.network/faq/security
- Blog: medium.com/wavesexchange
- Status: t.me/wx_network
Questions and answers
Is WX Network the same as Waves DEX and Waves.Exchange?
Yes. Waves DEX was replaced by Waves.Exchange on 2 December 2019, and Waves.Exchange was renamed WX.Network on 4 November 2022.
Is WX Network regulated?
No. Its terms say WX DAO is not supervised by any monetary authority; the terms are governed by Seychelles law and no licensed company is named.
What are WX Network's fees?
Most main pairs pay 0.1% per trade (at least 0.01 WAVES), other pairs 0.01 WAVES per order, and transfers 0.001 WAVES (as of 31 October 2026).
Has WX Network been hacked?
WX Network reported a hacker attack on its infrastructure in August 2025 that disrupted e-mail accounts; it said accounts and tokens were safe.
What is the WX token?
WX is the platform token: 1 billion issued on Waves, used for staking (gWX), governance votes, pool rewards and trading fees.
Sources
- WX Network - Home
- WX Network - Terms of Use (30 January 2024)
- WX Network - Security FAQ
- WX Network Docs - Fees
- WX Network Docs - Matcher Fee
- WX Network Docs - WX Token Protocol
- WX Network Docs - About Matcher
- WX Network Docs - Glossary
- GitHub - waves-exchange organisation
- Waves.Exchange on X - launch (2 December 2019)
- Wayback - Waves DEX (August 2019)
- Wayback - waves.exchange (January 2023)
- WX Network Telegram - Waves DEX trading terminated (2 December 2019)
- WX Network Telegram - Waves.Exchange to WX.Network (4 November 2022)
- WX Network Telegram - 90M WX burned (28 November 2022)
- WX Network Telegram - USDN IDO claim suspension (11 October 2022)
- WX Network Telegram - gateways maintenance (17 April 2023)
- WX Network Telegram - proposal #3 withdrawals cancelled (28 April 2023)
- WX Network Telegram - gateways suspended (2 May 2023)
- WX Network Telegram - USDT withdrawals cancelled (15 May 2023)
- WX Network Telegram - 500k WX burned (31 March 2023)
- WX Network Telegram - relaunch on wx.network (15 June 2023)
- WX Network Telegram - WX DAO AMA (19 October 2023)
- WX Network Telegram - Power.tech governance (3 March 2024)
- WX Network Telegram - access difficulties (7 July 2025)
- WX Network Telegram - services restored (7 July 2025)
- WX Network Telegram - Synthetic Market closed (15 July 2025)
- WX Network Telegram - e-mail accounts issue (14 August 2025)
- WX Network Telegram - hacker attack notice (20 August 2025)
- WX Network Telegram - e-mail accounts fixed (23 August 2025)
- WX Network Telegram - 2FA requirement (2 September 2025)
More in this section
How voting works
Votes are anonymous and carry no text. Each device has one vote per item; press the same button again to remove it. Cloudflare Turnstile checks that a person is voting. We keep a random device ID in a cookie and a salted hash of the IP address to limit abuse — no names, no accounts. Votes are visitors’ opinions, not investment advice.
Page updated: