That was always my fear: project moving slow so other overtake it and take the spotlight even if waves might have much better product. Like you said, waves has a great capital behind though.
Yes, the project have enough funding to achieve its target, over 30000BTC was collect during the ICO and I don't think their burn rate is high. Though the team has not shown much, main main concern for Waves team, is the team throwing money into any potential project because they have the money to fund it
I'd actually like if they spent more BTC than they do or at least I am hoping they will in the future. Once the DEX and few other things is out there HAS to be a major marketing campaign to attract new users, articles etc. Those millions should not get unused