It's undervalued because the other exchanges offer better "service" and people enjoy graphics and marketing speeches, plus you get articles as well ... :D sooo coinbase is the best one ...

I've been thinking it's great ever since i got there, apart from the low liquidity it's a nice exchange, maybe too botty like steem but they are still flagships in their fields. I haven't checked out the waves exchange, but everything turns out stale after the marketing and the graphics hype settles down ...