AMA with Sasha 10/3/23
Another week, another AMA session with the Waves’ founder Sasha Ivanov. This week, Sasha has prepared some updates on the ecosystem progress, and, as usual, answered lots of questions coming from the community. Here is the full video of the following transcript of the weekly AMA from 10/3/23.
What happened last week, let's start with problems first.
Sasha’s Comments on Bridges and Gateways
The old gateways are being audited, there was a very high withdrawal pressure. We have made good progress this week, there's no outstanding payouts in Binance Smart chain anymore. There's some progress with Ethereum payments. We're moving forward with this.
New bridges that WX is integrating, Pepeteam is working on a new generation of decentralized bridges, they're launching the testnet today. ETA for the actual bridges launch is next Thursday. This is the plan. I'm very keen to see those bridges in action.
Sasha’s Comments on Power Snapshot
Today, we've made the snapshot for WAVES holders for upcoming series of PWR airdrops. Don't sell your WAVES because there's other things that will require you to stake your WAVES. They will be announced next week.
Sasha’s Comments on Vires and XTN
Last week, we've implemented the new treasury mechanics for XTN, 100 million WX tokens were donated by WX team, and at the same time the limits on Vires were increased. There's no pronounced effect in terms of price, we didn't expect it to go up, we just needed to launch that mechanics, and I didn't really expect them to fall all in place at once. Now, we have to start working on launching new things on WX.Network, there's going to be a new tokenomics for WX token, a lot of upcoming releases so it should help the price of WX and this in turn will lead to the increase in XTN price as well.
For XTN, I think next week there's a chance that there's going to be more collateral namely in Vires token. It has been donated to the treasury already, but it's not activated. Activation might happen next week.
Q: Sasha, please tell me when will payments be made for the old USDT USDC markets on Vires?
Sasha: Now we're trying to make sure vesting works. Transparently and officially we're buying back LP vested tokens on WX, and then we restake them in vesting, and there's some gap between the price we're buying them at and the price on Vires. We can buy those tokens with some surplus XTN that was in that address that assumed the bad debt, and we can spend those profits on repaying people who don't want to do vesting. It's not going to be fast, at least we can start.
Sasha’s Comments on Waves DAO and Charity
Next week, we'll start working on Waves DAO. Also, we're working on the charity DAO for Turkey/Syria, it's going to be launched on Power platform as well. It's important to ensure donations have proper destination. This is the very goal of Power DAO for charities, to ensure that people can track where the donations go. People need to be certain that their money is spend for the charitable cause that was announced.
Sasha’s Comments about L2 on Waves.
I'm trying to come up with something unique. I think now we're actually approaching some kind of endgaming in current phase of crypto development. Once you have ZK EVM, that will be some kind of endgame. I'm not really interested in this, I want to develop some other directions. At the same time, I think EVM is needed still. We need to do it in some way that makes sense that we're sure we won't copy what other projects are doing.
Q & A
Q: Why does your team buy WAVES for XTN?
Sasha: We buy some WAVES because we need to pay developers.
Q: What will the future market cap of Power DAO be?
Sasha: It's a tricky question because the supply is going to be really small.
Q: Is it true that some CEXs are interested in PWR?
Sasha: Yes, they are, but we decided not to collaborate with them because we don't see a clear benefit in this.
Q: Do you anticipate Power DAO to be like BTC of the Waves ecosystem?
Sasha: Yes, I think the price should be really high because it's really scarce.
Q: How do you see other projects, NSBT, SURF, WX, SWOP? What is your plan for development of the ecosystem?
Sasha: Something has to be done with staked WX in any case. Either WX will implement the new mechanics of WX lock where you can unlock it not in like 4 years, but maybe there's going to be some kind of gradual unlock, in this case people won't be so unhappy. As for other projects, NSBT is the part of XTN and SURF as well, nothing changes for them. If XTN is doing fine, they will do fine as well. If you think it's all over, it's not like that. Now we started adding tokens to XTN treasury, it's just the beginning. Give us some time.
Q: What about Enno?
Sasha: I think you should ask Serkan, I speak with him regularly, he's doing fine. He announced a lot of things, they're moving forward pretty well, I wouldn't be pessimistic about Enno.
Q: When will Mother DAO or Waves DAO be able to burn their WAVES?
Sasha: Why should they burn their WAVES?
Q: What are you going to do about XTN price? Be honest.
Sasha: I'm always honest. We have to work on the incentives and the increasing the value of treasury tokens. That's it, no other plans.
Q: Previous plans like the donation of collateral had zero effect.
Sasha: It's not started yet because the vesting limits were increased at the same time, and all LP tokens restrictions, exporting back, importing back were lifted. So people just started dumping XTN heavily and WX pretty hard, basically triggered smart contract price to go down. That's why you didn't see that spectacular impact that you had probably anticipated.
Q: What is your opinion on the Neutrino proposal to increase SURF gNSBT value?
Sasha: If you vote for it, it's fine.
Q: Is LP staking still sustainable? Where is the interest coming from?
Sasha: Which LP staking? If you mean Vires, its LP staking is just vesting. In WX it's sustainable because it's inflation. Probably, it's all sustainable.
Q: Do you think of a business model that includes freelance jobs such as Upwork?
Sasha: With the upcoming Waves DAO, I hope someone will launch this product on Waves.
Q: What do you think about the regulations of USA?
Sasha: It's crazy, they just turned around. We had high hopes for US expansion. We were impacted by this situation because there's some crazy developments in US.
Q: When XTN one dollar?
Sasha: Can't tell you the exact date, but we're doing our best.
Q: How is the progress with fundraising?
Sasha: I don't want to accept any money from any people because I think we will resolve the situation in any case, without attracting VCs, I'm pretty cautious.
Q: How much money does Waves need to fix the XTN situation?
Sasha: It's not about money, additional money wouldn't hurt, but it has to be combined with the new architecture, incentives, marketing.
Q: Aztec is coming up with the proposal to add new altcoins to WX.
Sasha: It will be done. Let us launch the new bridges first.
Q: What will be the functionality of Mother DAO?
Sasha: They will have to basically approve all child DAOs, they will have to resolve all issues that may come up in child DAOs. Also, there's going to be a treasury in Mother DAO that they can share with child DAOs, it's the last resort for problems in child DAOs. It's the cornerstone of the protocol.
Sasha: Will be processed today. There's no problem with WEST, there's a technical issue, WEST gateways will work, I reached out to the guys and found out what the problem was, it's not a problem, it will be resolved, sorry for this.
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. See you on our YouTube channel!