Unlike standard VST3 plugins where each effect has its own file, Waves uses a "shell" system. The file acts as a container that holds the data for every Waves plugin installed on your system. When your DAW scans its plugin folders, it reads this single shell file, which then informs the DAW of all the individual plugins (like the SSL G-Master Buss Compressor or Waves Tune) available for use. Why Use VST3 Over VST2?
Instead of installing 50+ separate .vst3 files, Waves installs one WaveShellx-x.vst3 (e.g., WaveShell1-VST3 14.x.vst3 ) that contains all your licensed Waves plugins. Your DAW sees this shell and exposes each plugin individually. waveshell vst3