AMA with Sasha 17/2/23
Another week, another AMA session with the Waves’ founder Sasha Ivanov. This week, Sasha has prepared some updates on the pressing ecosystem issues, charity 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 Feb 17, 2023.
Sasha’s Comments on Bridges
We were struggling with the bridges, this is a very hot topic, let's start with the bridges. We've been fixing the bridges, there's a problem with the transaction ordering, and we couldn't process the transactions in the correct order. We process transactions slowly now, we need some time to process all the outstanding transactions, we couldn't process them chronologically, but now it's fixed, and now we're moving forward with the processing. This is good news.
As for BTC withdrawals, we've been focusing on ETH, BTC withdrawals will be resolved as well. I understand that a lot of people have been waiting for weeks, we will try to compensate that in some way, but the resolution is pretty close.
Q: What is the plan with the bridges?
Sasha: There's a decentralized bridges project that WX will be integrating, and they're pretty close to that, ETA is next week. Effectively, there's gonna be some kind of relaunch of WX. All the issues should be resolved, and we should make sure that the relaunch of WX.Network works without any issues.
Sasha’s Comments on Turkey Charity Effort
I want to thank the Waves community for participating. We sent the first batch of goods to affected regions in Turkey, we'll increase our efforts, it will become a part of Power DAO platform, we'll launch a DAO that will be helping Turkey cope with this disaster. If we launch a child DAO for Turkey relief, it can be quite effective because I think this approach is very good for charity. We'll be working on that starting from next week, at the same time there's going to be a Power DAO dApp next week. After that, we'll do the second stage of airdrop, I think it's gonna happen in about two weeks, and we'll be launching Waves DAO which is the child DAO dedicated to the Waves ecosystem. I think Waves DAO will be launched around March, and at the same time we'll be working on charity DAO for Turkey.
Sasha’s Comments on Vires
I announced the Vires proposal, it's coming from myself, I think it's a good move to make the process of releasing the funds from Vires more straightforward. In a nutshell, it's going to work like that: some kind of relaxing the restrictions on importing and exporting LP tokens on Vires, you'll be able to import and export your tokens without any limitations, there's going to be an increase of vesting limits for USDN there. This proposal will be up for voting starting tomorrow.
Q: Don't you think that 500 days is far too much for small fish?
Sasha: I think it's about Vires. I think it is a lot, that's why we try to prioritize smaller investors before, but now you'll be able to withdraw your LP token. Since importing back is allowed, I think that will create an active market for your LP tokens.
Q: Explain the new mechanics of vesting, 100 million is vesting pool, and it can't be more?
Sasha: When we have moved forward far enough with the first 100 million, we'll be adding more whales accounts to that.
Sasha’s Comments on XTN
We've been implementing the plan that has been announced before regarding transition of USDN to XTN model. The plan was accepted by the community, and now we have to do the coding. All the necessary changes will be implemented next week, and after that we'll donate the first batch of tokens to the XTN treasury.
Q: When will the XTN value be fixed up towards $1?
Sasha: We have to implement the changes that were accepted by the community, and after that we'll donate the ecosystem tokens as promised. That will kick off the process of adding more value to the treasury, and that should obviously be reflected in the price.
Q: There are still legacy USDC/USDT depositors and please don't tell us to convert to XTN.
Sasha: You don't have to, I agree with you. This is not a final resolution of course, maybe the first step toward the final resolution. You don't have to convert, but I think it does make sense to convert. In this way, you get things started for you. But if you don't want to, it's up to you. Maybe we'll come up with some option to start liquidating those unvested deposits as well.
Q: Why is XTN prioritized over legacy?
Sasha: Because there's a way to release them. Because there's XTN only in collateral, so XTN can be released. If you want to release your funds, the easiest way to do that is through XTN vesting.
Sasha’s Comments on Upbit Situation
We're talking to Upbit, they have some more questions about XTN, we sent the answers. I hope the warning will be lifted, at least we're answering all their questions, and we're moving forward with this. Also, we'll be doing more promotions in the Korean community.
Q & A
Q: Do you think we will achieve the roadmap for WX?
Sasha: Yes, I think we will. Please, wait for some announcements. We would need to relaunch it on the new domain. There's a lot of things happening on WX, for example, they launched on-chain swaps. Very important development will be margin trading on WX, WX guys will try to do it as fast as possible.
Q: When are Mother DAO and Waves DAO launching?
Sasha: Mother DAO dApp will be launched next week, and after that we'll be starting Waves DAO at the same time working on the charity DAO.
Q: Was waves school a scam? If not, why is the channel gone?
Sasha: We did it with an external team, and now we plan to do it internally. That was a test run, we understood that, it worked, and now we need to scale it. We decided to do that using our own marketing resource in Waves Labs. Why the channel was shut down? I will find out, I can't tell you.
Q: When will the new stablecoin be released?
Sasha: We'll have to wait until the situation is more stable. Idea is formulated and even finalized, but we won't launch it until there's no interference from other things.
Q: What will be LP import limits?
Sasha: I think there won't be any, actually, for at least legacy markets. Whale accounts won't be able still to import, but legacy markets will.
Q: Snapshot for WAVES holders for PWR token.
Sasha: Two weeks, guys. We need to launch a dApp. You still have two weeks to withdraw your WAVES from centralized exchanges.
Q: PWR token staking when?
Sasha: Good question. Soon. You have to vote for stuff using your PWR tokens. I think it will happen either next week or the week after.
Q: I bet the PowerDao staking APY will be great!!!
Sasha: It will be good. The idea is to create some kind of universal basic income through this. So you participate in the Power DAO platform governance actively, not formally, and you have to be rewarded for this.
Q: What are you doing to attract new developers to the ecosystem?
Sasha: We've been running the hackathon with a third party, now we're doing the Waves Camp program, which is just starting. There's also the upcoming release, I would call it Waves 1.5, maybe not 2.0, but it's pretty close. There's going to be a substantial upgrade to the network. The idea is to create the network that can process maybe ten times as much transactions. It's going to be a very interesting step towards Waves 2.0. After that, I think we'll focus on attracting more developers to the ecosystem, also probably we'll, one way or another, have EVM (Ethereum Virtual Machine) which is important for developers. I think we'll come up with the plan to introduce EVM to Waves soon.
Q: You need to solve the liquidity problem.
Sasha: I agree with you. That's what we're doing.
Q: Any updates on Swop.fi?
Sasha: There’re two directions of development there. Not announcement, but I can give you some kind of a teaser. One is leveraged pools where you can borrow liquidity and provide it to the pools, and the other is more advanced AMM (Automated Market Making) for the pools. The idea is to manage those pools to redistribute liquidity within the pool through a trading bot. There's a separate team that we're cooperating with that works on neural network implementation for trading. Wait for the announcement.
Q: WX is so dysfunctional.
Sasha: Yes, but it will be very functional very soon.
Q: Is algorithmic USDT investing being worked on to regain losses?
Sasha: We need to come up with solutions, with things that work. Potentially, if there's some kind of team within the Waves ecosystem that is able to trade through some algos efficiently, you will know about that. If you're asking what money we used for that, no, we're not trading, we're looking into different directions.
Q: Has Alameda funds been asked for? Is there anyone taking responsibility of that wallet address from Alameda team?
Sasha: Alameda accounts are waiting for bankruptcy trustee, and there's one actually, and there's some interaction, but it's not going to be released anytime soon.
Q: Are user funds backed or not? It’s not fud, it’s an honest question.
Sasha: You need to understand that there's a very small amount of outstanding funds, I mean not backing funds but funds in general on Waves Exchange. There has to be some audit. There're a couple issues that we had to face because there was crazy withdrawal pressure for the whole year, I think around 500 million dollars have been withdrawn. I would say that the funds are backed with some margin error which stems from a lot of things. There's some technical process that is happening under the hood, for example, rebalancing, LP staking, fees, unprocessed transactions. All the withdrawals will be processed, and everybody will be made whole, and old gateways will be working, but on top of that we'll have the new bridges that will be transparent. All those problems will become impossible on the new bridges.
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