Waves Labs
May 11,2023
4 minute read

AMA with Sasha 28/4/23

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 28/4/23 can be found here.


//Recap Start//

Key Points:

  • BTC-WXG withdrawal transactions have been canceled, in the near future we also plan to cancel and return USDT-WXG and USDC-WXG transactions to users.
  • USDT-WXG and USDC-WXG buyback in trading pairs with WAVES token has already started! Their price is gradually recovering.
  • An audit of the WX gateways is underway, but it will take some time due to the volume of transactions they have processed over their lifetime!
  • A new proposal that will help resolve problems faster (Emission), and also help XTN.


Q & A

Q: What about the Turkish DAO? Is there any progress with it?

Sasha: We have a partner in Turkey who helped us with the implementation of the charity on site. This DAO itself helps us to shape the mechanics of charity fundraising on Power DAO! Many people don't quite understand this aspect, we have enough problems of our own to solve, but that doesn't stop us from developing our products!

Q: Why collect funds from commissions (Matcher) for the buyback? I thought you had the funds on the gateways.

Sasha: Whether or not this is true, we need to make the price of -WXG tokens more reasonable before we make the announcement of the WX gateway audit results. So that all willing users can withdraw their funds. After the results of the audit are announced, users will be able to withdraw these tokens. Perhaps not immediately, but it will definitely be an option for them.

Q: So you still don't understand exactly how much liquidity you have?

Sasha: The audit did not start immediately, we are in the process of doing it and we will know the amount for sure only after the audit is completed.

Q: I was surprised at the amount that caused the lack of liquidity in the gateways! Don't you think that getting Vires back up and running, and paying off protocol debts, will cause problems with the gateways again?  

Sasha: I think that the best way to resolve the situation on Vires would be to return the price of XTN to 1 USD or as close as possible. Unfortunately, there is no other option. This is what we have been trying to achieve for several months now.

Q: So users who have locked tokens on Vires will end up with XTN?

Sasha: Correct.

Q: I don't quite understand one point in your proposal, why burn XTN? Wouldn't it be better to replenish the Neutrino treasury with WAVES? 

Sasha: The thing is that the Korean exchanges really wanted us to change the name from USDN to XTN and said that it is not a hard-peg stablecoin. If we didn't do that, they would delist WAVES. Because that's what LUNA did, backed its stablecoin with a token that only had value through burns and redemptions, and such products and the risks associated with them scare many exchanges and their users. WAVES is not that kind of token, but it's impossible to explain it to them.   

Q: How about adding other big tokens to the Neutrino treasury, like ETH, BTC? 

Sasha: That would be nice, but who is going to give funds now? At the very least, we need to stabilize the situation on our own first. At the moment, we have a proposal that I posted in the Neutrino chat, which relies on something similar.

Q: What happened to the stabelcoin liquidity pool in the CRV network, and XTN itself in it? 

Sasha: As far as I know, there's still some XTN in there.

Q: Is there an exact end date for the WX gateway audits?

Sasha: Starting next week, we will be completing audits for each individual token. 

Q: What's going on with WX algo-products?

Sasha: Unfortunately, they did not meet our expectations, and they will be removed from the ecosystem in the future. 

Q: Recently in FUD chat I noticed an idea along the lines of "let's just trade XTN for WAVES and forget about it?", do you think that's possible?

Sasha: I think not, too many people hold it, and there are not enough WAVES in the treasury to do it.

Q: I asked this question once before, but I want to ask it anyway. How do you see Waves in the future? How are we different? What problems are we solving?

Sasha: We want to create an ecosystem in which there is only one beneficiary and that is the community. And this is solved by Power DAO. Technical-wise, we have cheap and fast transactions, which is what we have always been known for!

Q: What about collaborations with other crypto groups?

Sasha: We have always been open to such proposals, for example Power DAO may well be in another blockchain network. Also EVM will help us attract developers from other platforms.

Q: Why doesn't the WX team or you share exactly how much liquidity WX has?

Sasha: It's due to discrepancies in the numbers. We understand that this will stop the FUD in the groups, but we would first like to audit and find out the exact numbers.

//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.