Waves Labs
May 16,2023
3 minute read

AMA with Sasha 12/5/23

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 12/5/23 can be found here.


//Recap Start//

Key Points:

  • This week, the stuck USDC-WXG transactions were returned from the WX gateways. A gradual buyback with WAVES tokens will start soon.
  • The audit is progressing slowly, but the situation is under control. The plan remains the same for now:
    1) Finalizing the audit. 
    2) Returning all of our users' funds from WX gateways and the buying back -WXG tokens in trading pairs with WAVES at the same time.
    3) Searching for funding (possibly venture capital).
    4) Opening WX gateways for users.
  • Launch of new Vires markets. We are also considering the idea of increasing protocol income from the markets by 10%, and buying back XTN with these funds to increase its value, before giving users their funds back!
  • Next week, the Waves DAO treasury allocation vote will start. As a first instance, users will be able to vote for the proposal by Puzzle which asks for 1.8K XTN to recover from the recent attack, as well as several unannounced proposals (QRD on the attack).
  • The vote to change the terms of the WAVES emission will begin soon.
  • We are planning to launch a trading bot on VIRES: It will essentially be a form of XTN staking where you can allocate a portion of your XTN in vesting, and profit from its speculative income in $BTC and $ETH pairs! No launch date yet. In addition, we are planning more products that will aim to bring Utility to XTN, similar to the described bot.

Q & A

Q: Do you think the attack on Puzzle Lend will affect the Waves community?

Sasha: I don't think it will affect it, as the damage was less than $70K and it will only help to strengthen Puzzle's lending protocol!

Q: I heard that you do the audit by yourselves, without hiring an external company. Do you think this is reasonable?

Sasha: Yes, because this is just the step we need to understand the situation. However, if you would like to recommend a good organization that can do the audit, we would be happy to contact them.

Q: Is there at least an approximate completion date for the audit?

Sasha: Not at the moment, unfortunately.

Q: I noticed that -WXG tokens differ significantly in price from -PPT tokens. 

Sasha: To withdraw the former, you need to wait an indefinite amount of time, which does not suit all users, the latter can be withdrawn immediately, hence the increased demand and the higher price.

Q: Can you tell us when their prices will equalize?

Sasha: Their prices will be equalized gradually in line with the-WXG token buyback, and then with the launch of the WX gateways, their prices will finally equalize.

Q: So all -WXG token holders can wait for the gateways to launch and not worry about the safety of their assets? 

Sasha: I can't promise an exact time frame (may be months, may be a year), but the possibility of a withdrawal will appear, but they can also sell them right now, although we don't recommend it.   

Q: Can you explain how Waves 2.0 will be useful for WAVES holders? What will it be like?

Sasha: Its main distinguishing feature is the second blockchain with seamless transition, and transaction processing is much faster due to the use of ZK. Also the EVM implementation, i.e. compatibility with Ethereum smart contracts is also seamless with the Waves blockchain. And I also think we should be focusing on L0 instead of L2, at a more basic blockchain level, and thinking about solving scalability problems at that level.

Q: Any ETA on that? 

Sasha: I would say before the new year, possibly during this summer.

//Recap End//

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