Written by ahmed shah on March 15, 2019

What is a WAVES Proxy Token & Support Request

One of the biggest disadvantages I encountered on waves platform was proxy tokens, I had LTC worth $10.60 in my waves wallet which I wanted to transfer, unfortunately an error occurred on waves on insufficient funds, I changed amounts and tried to make lowest transaction possible, same thing happened when I tried $2, this was because of the fees,

(Proxy tokens are often annoying and KMD is trying to improve DEX technology)

This problem aroused due to the proxy tokens.

What is a proxy token?

Simply speaking proxy token is a coin that is not yours originally, proxy coin or another alternative asset instead of your asset is traded in the current DEX system, which is really annoying if the server or the proxy is shut your coins can get stuck and you are left with nothing in hand. In this case fees shall be paid in both Waves and LTC. Why does this happen?

Waves blockchain is used to send your tokens to the gateway need to pay a fee in WAVES, then use LTC blockchain to send it to another address and should pay the fee in LTC to carry out this transaction.

The problem with almost every current DEX and dApp is the proxy fee and tokens, I created support request on Waves support and went to the Discord community of waves, to the Discord community I got an instant reply by one of the community managers something like this.

(DEX?)

This is the create support ticket option,

(Links can be found in the previous article on WAVES)

To the email support I got reply 15 minutes prior to the dispute time also stating the same, and suggesting to convert some LTC into Waves, just for a withdrawal.

(Current DEX aren't very logical and helpful normal exchanges might be a good option for new comers)

So for the solution I tried trading some of the LTC into Waves on the exchange page under WAVES/LTC pair,

(Click on Buy Waves for help check out our previous article on Waves DEX)

The transaction was instant and WAVES got loaded within 30 seconds into my wallet, then I tried doing the withdrawal of LTC and was successful this time,

(The usual time of Withdrawal varies on the current block, amount and network)

To the people new in trading this is the biggest problem with almost 90 percent of the DEX and dApp(Decentralized Apps) like wallets and other services, the algorithm developed is based on proxy tokens and these exchanges are built on top of their blockchains so there are multiple fees related plus long and hefty processes associated with them, better options are to use centralized exchanges, until KMD releases its DEX which is improving DEX algorithm to improve trading on decentralized platforms.

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