Right. There are however mini-bosses every wave (and they have better gold than standard monsters).
After you pass a wave you're free to run around the EZG zone in-between waves and set up for the next wave (not sure if this answers your question).
The map is large. Significantly larger than any previous gauntlet type of event or EVG. It takes place in the underwater realm of the Zodias among the Sunken Fleet and has three large encounter rooms connected by a single hub. In my humble opinion, this "larger zone with rooms" aspect demands a bit more planning in later waves and advantages teams that run a mixture of strong PvE gears and 'speed' gear.
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