AMA with Sasha 3/3/23
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 3/3/23.
Let's get started. I will describe what we've been doing last week, what we achieved, let's discuss it all. Let me give an overview of what has been happening.
Sasha’s Comments on XTN
Finally, the XTN plan was set in motion, we announced the plan to add multi-collateral to the XTN treasury, this plan was accepted by the community. Yesterday, the first batch of new tokens was donated to the treasury, it was the WX token, the WX team donated tokens to the treasury, we have to thank them for that. In future, other tokens and even more WX tokens can be added. It's important to understand that if the WX token price goes up, it will be reflected on the XTN price.
Q: What is the next collateral you will add to XTN treasury?
Sasha: Let's see how it goes. After the new bridges have been launched, there's going to be some relaunch of Vires platform, it will remain there, I understand there's a lot of FUD around Vires. The code base is good, there hasn't been problems with the code on Vires. It should move forward. I think new bridges will help. The next batch of tokens will be Vires tokens. And then we’ll see how it goes. One by one. Now we did it with WX, and WX will basically relaunch with the new bridges, and there's going to be new mechanics for WX token as well. There's going to be the mechanics for boosting profitability of the pools, new mechanics with the fees, it will be done to make the tokenomics better. After that, we'll move to Vires to help become great again. As for Swop.fi, there's a lot of ideas as well, leveraged pools, also an idea to integrate trading bots with liquidity pools so that there's more effective utilization of liquidity in the pools. Also, there's going to be a DAO on Waves Enterprise network, still not finalized, but moving forward as well.
Q: When the XTN will be added to other cryptocurrency exchanges?
Sasha: I'm not sure that should be the focus now. Let's develop it a little.
Q: After XTN becomes multi-collateral, BR will be removed?
Sasha: It is removed, there's no BR anymore.
Q: Yesterday there were added 100 million tokens to the main Neutrino account. Where is it explained how this contract will work to balance the XTN price gradually?
Sasha: What it actually achieved, it brought the price on the contract closer to the market price. And that was the idea to do that, the first step. New batches of tokens can be added that would increase the smart contract price, which in turn will increase the market price. Now what will happen, for example, if WX is doing fine, its price can go up which will increase XTN price, also new collateral when added will increase XTN price as well. Let's move slowly with the XTN price because it's very hard to do in current market conditions, we have to be really inventive and smart.
Sasha’s Comments on Bridges and Gateways
New bridges. Unfortunately, the team working on the new bridges wasn't able to complete everything this week, there's a little left. Next week, the new bridges will be launched.
As for the gateways, I understand that people are unhappy, gateways have been processing the transactions. Maybe not so much has been processed this week, but it's moving forward, there was a huge progress with Binance Smart Chain. The situation is bad, but we're resolving this. Please, remember that there are independent teams in the ecosystem, so don't bother Pepeteam with the gateways situation. Consider me to be responsible, and you can bother me.
BTC withdrawals haven't been made for a while from the old gateways, and let me try to make sure they will happen around Monday.
Q: Will there be a marketing campaign to support the new bridges?
Sasha: Of course, there's a separate team, and they have a marketing strategy. There's also Waves Labs, it's becoming an independent entity within the Waves ecosystem as well. Waves Labs will be focusing on collaborating with other projects on Waves, helping with marketing, so there's going to be mutual interest. Pepeteam will collaborate with them. Waves chain is not going to be the only focus of Pepeteam obviously because it doesn't make too much sense for interchain bridges projects to focus on a couple of chains. The more chains to support, the better.
Q: I don't believe anyone would trust the new gateway.
Sasha: First, it's going to be very transparent. Second, it has no connection to the old one, it's not focusing on Waves, it's an interchain protocol which WX team integrates, but it's not their product. It will be made to be trusted.
Sasha’s Comments on Power
This morning, I announced the date for the Power snapshot, it will be taken next Friday, it's March, the 10th. Get your WAVES tokens ready, withdraw them from exchanges, also XTN participates, pools participate so you don't have to take your WAVES out of pools because they will participate as well. People are asking why it's taking so long to decide on the exact airdrop date, we don't have to hurry, we just launched the application for Power last week, it's very basic. You need to launch some child DAOs to really understand how it works. There's going to be Waves DAO, charity DAO, we're working on that.
Q: What will make the Power DAO treasury?
Sasha: It's coming. Next week, we'll focus hard on Power, there's going to be announcements, and we need to launch it fast because it's time to move no matter what. When the time is right, there's going to be a new stablecoin.
Sasha’s Comments on Waves 2.0
There's so many interesting things coming, Waves 2.0, I think there's a pretty clear plan for L2 on Waves, which will be announced pretty soon actually.
Q: What feature about Waves 2.0 are you most looking to showcasing?
Sasha: We need to publish the litepaper finally. There's going to be two parts, and we'll improve our L1, and we will create L2 with EVM. The approach is going to be pretty unique, there's going to be a ZK technology used for L2 to L1 interaction, but people will have to lock their WAVES on L1 to participate in L2. The idea is to create a lot of incentives for Waves as well. I think an announcement will happen in March.
Sasha’s Comments on Waves Ducks
I have a couple of ideas about Ducks. They are moving according to their roadmap. It's pretty good. As for Ducks, they have a small but engaged community. I think everything is going to be fine, but they're not going to be moving too fast. Maybe we can do something else with the EGG token, I have a couple ideas. I will turn to them as soon as I have more free time.
Q & A
Q: What do you think about bringing AI narrative to the Waves ecosystem to attract more people to use Waves blockchain?
Sasha: It's very interesting. Once the problems are resolved, I could think about launching something, but it's not going to be some kind of like ChatGPT-based thing, it'd be nice to decentralize those systems.
Q: Will you be at Expo Dubai?
Sasha: I was at the conference last week, I haven't been to a conference for maybe a year, I presented the Power protocol. As for Expo Dubai, maybe. There's a lot of things I have to take care of. If I'm in Dubai and am invited, I'll be there.
Q: Sasha, when 10k WAVES bounty winners announcement?
Sasha: They changed the API on Twitter, and I applied for the access to the new API, and I'm waiting for a reply.
Q: Vires dropped, Enno dropped, NSBT dropped, WX dropped, everything dropping, why is that?
Sasha: Market dropped, BTC crashed today not completely, but considerably.
Q: What happened to the gravity protocol? Is it still alive?
Sasha: It's transformed into what Pepeteam is doing now.
Q: I want to do a charity work as Korean Waves Army. What should I do?
Sasha: I think you can participate in the Turkish DAO that we're launching. As for some Korean charity DAO, if you have any ideas on Asian-based charity, not focused on Korea specifically, please reach out to me.
Q: After adding a product to the treasury, its price increases logically, but the price of WX is reduced by 30%.
Sasha: I think there's going to be some kind of price support for WX because there's some USDN left from IDO from last year. And that USDN/XTN will be used to support the price, that's the plan.
Q: What about ENNO? It dropped 10x from ICO. Where is Serkan?
Sasha: Serkan is doing fine, and Enno is going to do fine as well. Crypto and the world in general had a pretty rough year.
Q: Will Waves team let other blockchains be as collateral? Because people want to do that.
Sasha: For a stablecoin, I think so. People will be able to vote for the collateral. As for Waves DAO, I'd focus on Waves initially.
Q: Will there be more batches from the team, like any more WX?
Sasha: It's possible. There's some treasury on WX, and WX is really helpful. The team was so nice to add those tokens to the treasury, and probably they could have added more if it's needed, but let's see how it goes.
Q: Thanks for help and effort to be on our side with the Turkish earthquake.
Sasha: We will be launching a charity DAO, and now we have come up with the organization structure, we found a charitable foundation that we can work with, I think we can trust them. We will sign an agreement with them, and after that we will launch a Power protocol child DAO focused on Turkey relief. The initial goal we want to announce will be to build a school in Turkey. There's going to be more announcements, people from Turkey will be able to participate in execution of this. Stay tuned.
Q: What happened in Vires yesterday with the liquidity?
Sasha: It's faked liquidity on Vires, guys. There's the account that assumed the bad debt, and there's double counting, and yesterday it was removed. I think one day the real liquidity on Vires will be even bigger than that.
Q: How much liquidity does Waves need to get out of a difficult situation?
Sasha: I'm talking to some investors, if you know somebody or you have a lot of money, you can reach out. But I think we need to handle at least to a certain extent, maybe as much as we can, on our own. I think it's time to get rid of beneficiaries, everybody has to become a beneficiary, the community as a whole.
Q: How do you plan to reintroduce USDT from the legacy market to Vires again?
Sasha: We will have to keep the legacy market separate. And there's going to be new markets with the new tokens.
Q: Hi Sasha, why the donation of the collateral had zero effect in shoring up the price of XTN even though it was always marketed to do so?
Sasha: Let me elaborate on that. The smart contract price wasn't really correct, there was some hack to keep the price on the level that would be close to the market price. But now it's all fair, this hack is removed, and the smart contract price reflects the market price. The next step is to increase the value of this collateral. It was just the first step, and there's more steps to follow.
Q: Please tell me, will the WCT token be useful?
Sasha: I think there's going to be some utility to it. It will be kind of replaced by Power in a way, but a lot of people hold WCT still. It will make sense for new projects on Waves to do some airdrops to WCT holders. I personally won't be pushing it too hard because I will be focusing on Power which I find to be very promising and versatile.
Q: Do you think that the new USDT and USDC markets are safe now to provide liquidity or it would not be a good idea?
Sasha: The idea is to make some update to the P2P lending protocol because what was on Vires is not unique. Once it's launched, I don't think there's going to be smaller tokens with a little liquidity on Vires. I think it's going to be only majors, like WAVES, ETH, USDT, USDC at the beginning. The risk that there's going to be some problem again is very low. And on the protocol level it will be actually decreased to almost zero.
Q: What about making a WX credit card?
Sasha: WX guys will work on that. Once the bridges are launched, next step will be fiat integration.
Q: Sasha, when will there be an offer for people from the old markets on Vires USDT?
Sasha: If you mean for people who hasn't converted to XTN, we'll try to come up with a way to some market making for vesting LP token. The idea is to get everybody moving, not only legacy markets but also people that are stuck.
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!