AMA with Sasha 24/2/23
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 24/2/23.
Sasha’s Comments on Power DAO
Let's start with the Power DAO. I have an announcement to make, Mother DAO has been launched, and the dApp is launched. Governance will be launched pretty soon, you already can stake your tokens, receive some rewards, but we need the governance to be working for child DAOs to be launched. Now you can basically track your holdings in PWR token through the dApp. Today, we're starting the Power platform. You can stake your tokens, it's pretty simple for now, but it will be much more complicated later.
The next step for Power DAO is that we're going to do an airdrop for WAVES holders next week, we'll make a snapshot of WAVES tokens on the Waves chain and do an airdrop. We will start working on Waves DAO so you will have something to vote for, there’s also an idea to start a charity DAO for Turkey earthquake relief. We'll do both.
Q: When PWR distribution?
Sasha: I think in approximately two weeks.
Q: Could you explain where the current PWR staking APY comes from?
Sasha: How it works on Power: currently only 10k PWR tokens are issued, because they are being issued by the smart contract. And tokens that will be paid as staking incentives will be issued by the smart contract. So currently it's a very tiny amount. You will also be able to vote on the APY value, so it can be changed. There's like 18 now but it can be changed. All new issues will be done through voting. Initially, we announced there's going to be only 1 million tokens in circulation, but actually it can be less.
Q: Will CEXs own wallets get PWR?
Sasha: We planned not to do airdrop to centralized exchanges, but some of them are reaching out to us. I want to hear your opinion as well. On one hand, it could be useful, on the other hand I'm still not convinced that we should do it.
Q: Why delay with the snapshot?
Sasha: Because we wanted to create some traction.
Sasha’s Comments on Vires
There's also some good news for Vires. We have implemented the proposal that was accepted by the community last week which allows you to withdraw your vesting LP tokens from Vires. Limits are increased, you can withdraw more XTN, also you can import and export your LP token. If you can't wait for the XTN price go ing up, you can find a buyer on the market and trade your LP token on WX.Network.
Sasha’s Comments on bridges
Bridges are very close to launch. Decentralized bridges will be launched next week.
Q: Sasha, can we expect that withdrawing from WX will be back to normal next week?
Sasha: For some directions, yes, in general this problem needs a little more time to resolve. It's about a month. On the other hand, there're going to be new bridges next week, so WX will be back to normal operation in a way that there are going to be stablecoins there again.
Sasha’s Comments on the stuck transactions
The progress with the stuck transactions is quite slow, unfortunately. This week, we have been handling mostly transactions stuck on Binance smart chain. Today, there's going to be more transactions processed for other chains. Please, stay tuned. It will take some time to process all the transactions, but the new bridges should really help. People are asking about cancelling the stuck transactions. I also mentioned that it's possible, but it turned out to be quite complicated. So now we basically think about cancelling all the transactions at the same time. We're still discussing it, and your feedback is appreciated.
Q: Can you publish the date of current withdrawal queues?
Sasha: The timeframe for all withdrawals is about a month from now on. All the withdrawals will be processed first, obviously.
Q: How hard is it to process 200 transactions per day?
Sasha: There's a risk of double spending. There's technical details, maybe we'll publish some kind of postmortem once it's resolved. Please, bear with us.
Q: Sasha, why are you not processing any BTC withdraws?
Sasha: Some of them have been processed this week, and we'll resume next week.
Sasha’s Comments on XTN
Very important thing is XTN, formerly USDN. We had to phase it out as a stablecoin, and now it's becoming an index token for the ecosystem. Next week, we'll actually start implementing what we promised in practice. New functionality will be released, the teams and I will donate tokens to support the value of XTN. It will happen next week for sure.
Q: When will XTN be $1?
Sasha: I can't tell you that because I don't know, but what we're doing is we're going to add more collateral next week, there's going to be donation, I'm donating all my ecosystem tokens to the treasury to support the price, and also the teams will be donating on a goodwill basis because teams are independent on Waves now, but they care about the ecosystem as a whole.
Q: Burn XTN.
Sasha: I can't burn XTN because it's the collateral on Vires, and we need to give it to people to sell.
Q: How many coins will you add to the XTN treasury?
Sasha: I think it will be in the range of around 10 million dollars in the first batch, and there will be more batches.
Q: What will be the first token added to XTN treasury next week?
Sasha: It will be WX, guys.
Q: Will you add USDT or any other stablecoins as collateral to XTN?
Sasha: I don't think it will happen now, but if the community votes for it, potentially it's possible.
Q & A
Q: Turkey and Syria faced an earthquake both, and you provide help for Turkey only.
Sasha: We should do both. Somebody from the Syrian community, please reach out to me. Somehow Turkish people in the Waves community were more active, and we started with Turkey.
Q: What are your plans for SURF?
Sasha: Good question, they are not changing. There's not going to be any more SURF issued, what is issued stays there. There's utility, it can be staked, it can be used in Neutrino governance that means that you need SURF to do swaps, for example, to vote. Also, SURF will be redeemed in batches when XTN hits $1.15.
Q: There are a lot of apps and games missing from the waves platform. When will you do business on this?
Sasha: We should attract more developers to create more apps on Waves, I made a statement on Twitter. I want to create a decentralized ecosystem where nobody controls anything. A lot of new projects are coming, and Waves 2.0 which is being developed now, much faster chain, very different from other chains, I'm sure it will attract a lot of developers. We finalize the concept about Waves chain itself, Waves 2.0, what's going to be there. At the same time we need EVM, it's much trickier. We need to create something meaningful, I can briefly describe it, it's going to be something in between L2 and L1 working on zero-knowledge proofs, and to participate, you would need WAVES tokens obviously. It's a separate chain but you would need WAVES tokens for working on the chain.
Q: When will you list new coins?
Sasha: WX will list new coins after the new bridges are implemented.
Q: As a gWX holder, I do feel a bit down since fees are taken away. Can anything be done to reinstate that?
Sasha: I will be very blunt. We need funds to basically fund the development, WX needs funds. And the fees would be the only way for them to become self-sustainable and profitable. I understand that the fees were taken from the stakers, and we should come up with some compensation for them. Let me think a little bit more. I should mention there's going to be more utility to WX token when the new boosting for the pools is launched, because we change that mechanics since it didn't really work. Also, once the new bridges are implemented, there will be a lot of things happening on WX, IDO launches, Launchpad will finally be launched. You would need WX to participate in the launches.
Q: Raise your hands, Korea Waves Army!
Sasha: Some update on Korea. We're still talking to Korean exchanges, I think everything is fine actually, but I don't really understand the situation in detail. Guys, if you can reach out to the Korean exchanges and ask them about when they will allow deposits for WAVES, we'll appreciate that. It's kind of hard to communicate with them.
Q: Hi Sasha, any news on Waves 2.0 roadmap?
Sasha: Yes, the new network will be launched in Summer, a much faster network. At the same time, we'll be working on something in between L2 and L1 with EVM. We almost finalized the concept now, and I think this year we'll have EVM done in a very interesting way.
Q: How much funding does a Waves project need in dollars to be the sign of relief?
Sasha: We'll manage. We don't need that much. Soon, a lot of projects on Waves will become profitable. I'm not taking any money from the teams because I'm not a beneficiary, I'm an advisor. All the money the teams are making they can use for further development because it's a decentralized ecosystem as it should be.
Q: We are waiting for an organization in Turkey.
Sasha: Next week, we'll announce.
Q: Please collect liquidity from the Arab rich people at the conference to be held in Dubai.
Sasha: I'm bad at selling things, guys. We're trying to raise funds, actually, I forgot to mention. We have some people who are helping us, if somebody is interested, let me know.
Q: Hey Sasha, can we know more about the new AMM idea with neural network?
Sasha: My idea is to connect trading bots to liquidity pools. We have a team in the Waves ecosystem that is developing trading algorithm based on neural networks, and I think it's a good idea to connect those algorithms to liquidity pools in such a way that the infamous impermanent loss is reduced through this, because they will be able to redistribute liquidity in those pools according to market signals.
Q: Why isn’t there an AMM on the Surf Market?
Sasha: You can vote for it, guys. It's decentralized on Waves Exchange.
Q: Sasha, in what two ways do you envision Neutrino arbitrage in the future? Currently, we are converting XTN to Waves. How will we do this with Waves or a new asset?
Sasha: You will be able to withdraw any asset that is in collateral, and they will be both available for withdrawing. When you do the redemption, you get all the assets that are in collateral proportionally to their value.
Q: Have you filed or are you considering a lawsuit against SAM or ALAMEDA?
Sasha: I'm not going to do that, I'm not going to courts.
Q: Tell us about the Twitter event, we're waiting for 10K WAVES.
Sasha: Let's do it next week because there's some change to the Twitter API, and I couldn't do it fast.
Q: What were you finding about waves school...?
Sasha: Waves School is fine, we took the project from the third-party team who supported it, and it will be relaunched by Waves Labs actually. Everything is good.
Q: Do you have any specific plans about the Korean Waves community?
Sasha: We're trying to build up some marketing campaign, but it's pretty hard. It doesn't go too fast I'd say. There's a lot of negativity, so we have to break through that negativity first to create some effective marketing.
Tune in every Friday, 9:00 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!