So waves is an exchange and also allows for ICOs to be performed somewhat like Ethereum.
... but What exactly is the Waves token used for?
It's a strange question, same with your question, What exactly is the ETH used for?What exactly is the BTC used for?What exactly are all the altcoins used for?... but What exactly is the Waves token used for?
Use it as a investment, trade, lease-stake, reserve coin, fee, node, money, airdrops, for investing icos fastly.........