Nov 21,2023

AMA with Sasha 17/11/23

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 17/11/23 can be found here.

//Recap Start//

Key Points:

  • Ambassador DAO has just been launched and an executive committee has been appointed, it will soon be filled with activities to be performed by its members for UBI awards.
  • We also launched an airdrop for WAVES holders. To participate in it, you just need to stake your WAVES tokens in any convenient node.
  • We will be launching Waves 1.5 very soon, which will help update our core (or L1) blockchain. And in January-February we can expect the release of the first iteration of L2 where EVM can be used.
  • With most DAOs launched, it is time to bring up the Vires protocol. I have already posted an idea in my channel to relaunch Vires as a fixed interest rate lending protocol. I will create a more detailed proposal and offer it as a DAO on Power DAO next week.

Q & A

Q: Is Vires going to be renamed? Given the relaunch.
Sasha: Yes, I would like to rename it to Numeris from the Latin phrase "Vires in Numeris" (Strength in Numbers), but this is just an idea and you can of course make suggestions. 

Q: What makes fixed-rate lending protocols safer?

Sasha: The point is that the borrower has no option not to pay with this model. Whereas with Vires V2, for example, you (as a borrower) can simply wait for your loan to be liquidated, thus depriving the depositor of the opportunity to withdraw their assets. And in the case of fixed rates, the terms of liquidation change. In the event of an interest rate default, your collateral is partially liquidated, giving the depositor the opportunity to withdraw their funds. While this doesn't make this model completely safe, it does eliminate the depositor's inability to withdraw their funds.

Q: But the fixed rate still changes depending on demand?
Sasha: No, if the interest rate on your loan is 1%, it will not change.

Q: When is this relaunch going to happen?

Sasha: It will be faster than we think, because it will only simplify the current model and not require long development.

Q: What will happen to the V2 markets during the Vires relaunch?

Sasha: All V2 loans will be gradually liquidated. 

Q: And what kind of collateral are you planning to use after relaunching Vires?

Sasha: I think WAVES will be actively used, as well as main coins (ETH/BTC) and a number of liquid ecosystem tokens.

Q: What kind of utility will the VIRES token have?

Sasha: In essence, it will divide a portion of the protocol's income among its holders.

Q: Will the situation with V1 market liquidity be resolved?

Sasha: It won't be resolved immediately, but the relaunch will definitely help users get their funds back gradually.

Q: Is there already an approximate date for the protocol relaunch?

Sasha: Yes, I think it's doable by January.

Q: And how will PWR be distributed among Vires DAO participants?

Sasha: It will take me a little while to fully shape the structure of the Vires DAO, but I think it will be very different from the Neutrino DAO.

Q: Recently a proposal has been launched to stop vesting. What will happen to East.Finance after that and how much of an impact do you think it will have on the current Waves DAO KPI period yields?

Sasha: I think that this will not affect the project and the ORIENT token will still be launched. If we talk in general about the yield of Waves DAO, I don't think it makes sense to launch new tokens now. Most likely the tokens will be actually released and locked on the Waves DAO wallet, and the right time will be chosen for the release.

Q: Do you think the Waves Ecosystem has a future in AI?

Sasha: I think so, at the moment we already have one project that deals with AI called BAI! I think its developments will lead to the launch of several more such projects. I would not be surprised if there will be similar products to algo trading that will use AI.

Q: Can we get a little sneak peek into the year 2024?

Sasha: Sure! Early next year we will launch a series of interconnected L2 blockchains and then we will work on the L1 expansion. We also plan to provide a Power DAO protocol outside of the Waves blockchains, making the governance available to everyone.

Q: What about vesting for the -WXG markets on Vires? It still hasn't launched yet!

Sasha: We will do everything to get vesting up and running for these markets by the end of the year.

Q: How is it going with synthetic tokens? Any news on their release?

Sasha: I think that in December they will be already announced due to the simplicity of their implementation. And right after that you will start hearing about derivatives.

//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!