Waves Labs
Mar 22,2023
7 minute read

AMA with Sasha 17/3/23

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 17/3/23.


//Transcript Start//

I would like to make some address to the community and maybe ask you for a little bit more understanding of the situation that we're facing because now we need your support, guys. 

We have some former USDN which is XTN now that we have to convert to fund the team. We're not trying to hide this fact. The only way to turn things around now is to work a lot. Don't bother the teams, bother me. Please, bear with us.

Sasha’s Comments on Bridges and Gateways

This weekend, we plan to launch the bridges, the team working on bridges will be ready to launch the product, those bridges will be integrated on Waves Exchange, this is very important for making things move forward. 

As for the gateways, there's a lot of technical problems such as funds stuck on different proxy addresses because there's some liquidity shortage, stuck in the limbo. Those gateways have been functional for many years. The easiest way to proceed would be to cancel all transactions and allow people to make new withdrawal requests or, for example, to sell their tokens.

Sasha’s Comments on Waves DAO

Next week, we'll also be starting with Waves DAO. Today, we've made the airdrop to XTN/USDN holders, you can claim your PWR tokens on the Power platform website. The next airdrop is going to be for WAVES holders. I think there's enough PWR tokens in the market to actually launch the platform. Supply doesn't have to be too high. Also, we're going to be launching Turkey relief DAO, the announcement will be next week. It will be a good opportunity to showcase our platform. 

Q & A

Q: Will the PWR airdrop for WAVES holders be automatically locked upon claiming? 

Sasha: I think it's going to be done in batches. I don't want to hit the price in one shot, we need to support the price. Maybe some of those tokens are going to be locked for like two weeks. 

Q: Next question is about a new stablecoin, some kind of relaunch of EAST stablecoin that was launched on WEST chain, Enterprise version of Waves chain

Sasha: Now it has multicollateral, there can be different assets in its treasury, it's basically relaunching now. It's an independent project from an independent team, please understand that. You should reach out to the team if you have more questions, I can describe the idea a little. It's a DAI setup more or less, it uses so-called CDP positions where there is some kind of vault where you have to deposit your volatile token and receive stablecoin in return. If there's some collateralization issues, like the value of collateral goes down, anybody can liquidate your vault, that's how there's no surplus of those tokens in the market when the collateral goes down as it happened with USDN unfortunately. The interesting part here is that it supports two chains, you can provide collateral on WEST chain and on Waves chain at the same time. 

What I announced a while ago, that I would be launching a stablecoin has no connection to this, we're not ready yet. The plan is pretty clear, we have the architecture worked out, we haven't done the development yet, the moment has not come yet. 

Q: There seems to be a shortage of dApps at Waves, especially at gaming and NFT sector. Any plans to have gaming tournaments which will push gamers toward Waves? 

Sasha: We have ducks. I agree that's not enough, we need to attract more people. We need to attract more game developers. I think Power platform and Waves DAO which is launching soon should really help to that. Maybe we can have a separate DAO specifically for game developers. Ducks are not dead, on the contrary, it's moving forward. I have some ideas as well. At the moment, it's better to let the team move according to their own roadmap. 

Q: When will XTN be fixed? 

Sasha: It's kind of not broken, you know. If we move according to the roadmap, and if Waves ecosystem moves forward, it will be reflected. Patience, guys. 

Q: What do you think about new GambleFi narrative? Waves seems like a good blockchain for gambling. 

Sasha: I haven't heard about this narrative, but I always wondered why nobody has launched a proper blockchain casino like betting. I actually know why, it's hard to make it 100% transparent. It's very hard to do in a decentralized way. The problem is all those betting platforms that we're dealing with now have a lot of tricks which can't be replicated on blockchain. 

Q: When is 10000 WAVES draw?

Sasha: Still waiting for Twitter to fix their API.

Q: Please, don't cancel all withdrawals. 

Sasha: You can make a new one.

Q: I have a blockchain proof that BTC withdrawals are not processed with the queue. 

Sasha: Nobody said that they were processed according to the queue. With a low liquidity, you have a situation when some transactions have not been sent, and they're somehow heading in limbo. You can't cancel them and you can't process them. As you said, the transactions on the old gateways are not processed chronologically, this is true.

Q: Litepaper.

Sasha: I'm almost done with the one-pager. It's going to be published either on weekend or on Monday. It's not going to be a full litepaper but a one-pager. It will actually describe the idea, and it will be sufficient to understand the idea. 

Q: There's a vote on the Neutrino swap limits. Why the team doesn't support it? 

Sasha: I will take a look. There's going to be more selling pressure for XTN, right? And for WX. Are you sure that it's time to do that? Maybe a bit later.

Q: We need more rewards to XTN holders. 

Sasha: You're right, I promised that. There's a lot of moving pieces now because we added WX, we plan to add VIRES, and probably we can think about some staking for XTN. It's an option that probably should be executed. 

Q: People are asking about Waves School prizes.

Sasha: I'm being honest with you, I don't know. I have to inquire about that. 

Q: What is the plan to bring liquidity after bridges?

Sasha: Obviously, we will have to do some marketing. It's not going to be immediate, everybody is scared of crypto in general, and the economy is incredibly weird at the moment. In due time, liquidity will be back. 

Q: Please, add more coins to Vires.

Sasha: Good point. Please, understand that all the projects on Waves are waiting for new bridges. Once they're launched, everything will be kind of relaunched. Vires will be relaunched. As for new coins, I'm not 100% when they will be launched on Vires. The plan on Vires is to launch new bridges tokens first, major tokens. In the next version of Vires, we'll try to resolve the problem of having no guarantee of taking your tokens back out of the protocol on the protocol level. We will discuss it with the team. VIRES tokens were already added to the XTN treasury but not activated. The activation will come pretty soon. 

Q: Has the transition from layer 2 to layer 1 started? 

Sasha: We're going to have EVM on layer 2. It will be a part of layer 1, you will understand what I mean when I publish my one-pager.

Q: The old gateways will continue to work?

Sasha: They will until all outstanding payments have been withdrawn. So there's no ETA on when we shut them down, maybe they will work indefinitely. 

Q: Old markets on Vires.

Sasha: Yes, we'll start with some payments to unvested USDT and USDC.

Q: What do you think of the new stable that West it putting out? 

Sasha: I think it's an interesting approach, it's not 100% unique because it replicates DAI in a way, but everybody replicates DAI now because this is probably the most secure approach to creating algorithmic stablecoins. I think this is a good project, it was launched a while ago and didn't get any traction. It's relaunching now. I committed to launching a new stablecoin when the situation is stable, but there can be different groups of people doing the same. 

Q: DAI withdrawals on hold.

Sasha: There were some problems with rebalancing between different chains. I will keep an eye on it.

Q: What about rewarding people stuck on gateways with WX?

Sasha: It's a good idea, and I suggested it myself. Then we added WX to XTN collateral, and a lot of WX started to hit the market. We decided not to do it then, but now we can return to that idea. We need to compensate you, guys. This is obvious.

Q: Do you think to list WX on other DEXs?

Sasha: I would focus on Waves ecosystem for now.

//Transcript 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. See you on our YouTube channel!