Can this be done, that tokens are backed by waves or is this already done?
Like you put 100k waves into a token and create let's say 1million tokens. And that 1 million tokens could be exchanged any time for 100k waves (so 1 token to 10 waves) - and price of tokens would be relative to waves price also.
Is that possible or not?
I don't think something like this has been done on the Waves platform. I can't say for sure, as there are so many shitcoins created on Waves and available on the DEX. Are you planning to do a Bancor- like coin on top of Waves or something? May be, you need the help of Smart contracts to implement this type of feature.