Maybe this is the best option for the development of the project. It is always better and easier not to correct and redo it, but to start from scratch!
And who among the developers of the original Waves project is in the project of Waves X? I wonder who is developing the code?
There is no information about the project team, but I can not say that this is a negative fact. In fact, the most important thing is that the platform turned out to be popular and in demand, everything else does not matter.