Waves doesn't need smart Contracts to create, manage and trade your own tokens.

This functionality was built into the blockchain and clients long ago. On the desktop client the whole process of creating a token, managing it and trading it on the Waves DEX built in exchange literally takes seconds due to the incredible speed and power of the Waves blockchain.

Of course, now there are Smart Contracts, this opens up exciting and new possibilities as to how people can use these tokens!