Nov 14,2023

AMA with Sasha 10/11/23

Another week, another AMA session with the Waves’ founder Sasha Ivanov. This week, Sasha has prepared some updates on the ecosystem progress, answered lots of questions and had a live dialogue with the community members. This is a short recap, the full recording of the weekly AMA from 10/11/23 can be found here.

//Recap Start//

Key Points:

  • We have launched Ambassador DAO and WX DAO! Ambassador DAO has already collected the necessary amount of PWR tokens. As a reminder, all DAO participants should fill out this form. After filling out the form, just keep an eye on the tasks that will be published on the DAO page, they will start appearing next week. Basically, the tasks will consist of retweeting and reposting, and all participants who complete the tasks will receive income equal to 10% of the amount of PWR tokens they have in staking. If you are interested in promoting our ecosystem and want to get income, don't miss out on Ambassador DAO! And if you haven't committed PWR tokens yet, in a month you will have a second chance to commit funds for participation.
  • This week, all fees in PETE pools were set at 5%. Why is this important? It means that the token's supply will decrease much faster due to burning, and the rewards for stakers will increase. It should also have a positive effect on the speed of its price growth.

Q & A

Q: Could you please explain again the idea behind the current -WXG token buyback and how it benefits the WX DAO treasury?
Sasha: This is essentially a way to benefit from trading fees on WX. As you already know, it is at the expense of trading fees that -WXG tokens are now being bought back. Once bought back, they go to the treasury of WX DAO, where they get burned. -WXG tokens that ended up on the WX DAO smart contract will never appear on the market again, they will only be exchanged for a more liquid asset by the WX team when the WX DAO members decide to do so. And this OTC exchange with the WX team will be the final income of WX DAO. 

Q: How's the Neutrino index development going? Any progress?

Sasha: At the moment, everything is going according to plan and the TestNet release is scheduled for the end of November.

Q: We are very excited about the launch of WX DAO, however could you clarify, has the snapshot of all the gWX holders been done yet?
Sasha: Yes, the snapshot was made on the 8th of November and you have already received your PWR tokens. At the moment, these tokens are already committed to WX DAO, i.e. you can log in here and start voting in WX DAO as soon as the proposals appear.

Q: Sasha, I am very concerned about the Kucoin situation. They are still actively using the outdated Waves token on the ERC-20 network instead of the new -PPT token.

Sasha: Right, the situation is really serious and I am already talking to Kucoin and representatives. For those who don't know yet, we recently updated the wrapped WAVES token in the ERC-20 network. And right now you can exchange old ERC-20 network tokens for the new ones. Please contact support on the WX website if you have old tokens left.

Q: Could you explain the options for Vires users to exchange their deposits to L2MP as well as the timeline within which they can make this exchange?

Sasha: Let's start with the timeline. Vires users will be able to exchange deposits for L2MP even after the L2 network is launched, however, the L2MP staking will be available only in the next 3 months, which will allow them to multiply the amount of L2MP they receive. If this is a factor they can disregard, then there is nothing stopping them from doing a deposit exchange later. 

Q: Is the conversion of vesting funds to XTN now available to all users?

Sasha: At the moment, conversion is available for users whose deposit after conversion will be less than 750K XTN. They will also be able to export vesting LP tokens and sell them immediately.

Q: Can WX DAO publish how many -WXG tokens they received? Like now it was published every month in the WX news Telegram channel.

Sasha: Of course, why not?

Q: Once Ambassador DAO is up and running and the tasks are in place, how will participants know which of the tasks to do first?

Sasha: They will vote. Each of the tasks will go through its own voting stage, after which they will be gradually completed.

Q: Any chance of L2MP being worth 1 XTN again? I think that would be a significant motivator for Vires whales to exchange.

Sasha: I think I should describe this situation in a little more detail. Users who left Vires for L2MP were able to do it at once and for the full amount of their deposit. However, users who stayed in XTN vesting get their funds gradually (in equal shares during 500 days). That is, the L2MP supply from Vires + L2MP staking and its profitability is much higher than XTN supply, hence the difference in price. I think there is nothing wrong with this, just that the Vires whales will not become the L2 network whales. However, I do not exclude the possibility that with the launch of the L2 network and the emergence of mining, L2MP may become more expensive than XTN.

//Recap End//


Tune in every Friday, 10:00 a.m. EST to learn the latest news and updates on the Waves ecosystem first-hand, directly from the Waves mastermind, Sasha!