Waves Labs
Apr 5,2023
4 minute read

AMA with Sasha 31/3/23

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 31/3/23 can be found here.


//Recap Start//

Key Points:

  • Pepe Team is working on the bridges, those are coming soon.
  • Power DAO interface has been launched along with the weekly lottery.
  • XTN and WX plan will be improved.
  • Waves DAO and Turkey DAO launch next week.


Q & A

Q: Why are your ambassador leads making ambassadors tag unknown users as part of the Tribe DAO bounties? This particular task is getting people’s accounts suspended, users report our accounts for it. 

Sasha: Tribe DAO has been launched a couple of weeks ago, and the team is now in the testing mode, so there might be some hiccups. Everything will be eventually resolved and better adjusted to Twitter’s ever-changing policies.

Q: The drop of Power token fotr the XTN holders is done. When will be the Power drop for the WAVES holders? 

Sasha: The next batch will be likely distributed next week before Waves and Turkey DAOs launches in several instances.

Q: What are your plans to bring general stability to the Waves ecosystem in the coming years? 

Sasha: There is a certain direction I want to take Waves, there will be a separate AMA on that, because it’s too broad of a topic.

Q: How can I make sure nothing like USDN ever happens again?  

Sasha: We’ve learned a lot from this situation, so it’s unlikely to occur ever again. Our general approach has shifted a lot when it comes to stablecoins. Further plans will be shared next week.

Q: Please cover in more detail the situation with WX gateways. If you cancel transactions, people who would like to withdraw through Waves will probably lose most of their funds because exchange rate is much higher at WX than at other exchanges. Is there any time estimate for you to replenish the gateways with sufficient amount of funds to process all withdrawals?

Sasha: We will cancel transactions and allow you to make new ones right after the new stablecoins on the new bridges are launched. We’re doing our best to secure enough liquidity, but it’s taking more time than expected. We hope to resolve the issue before summer. We’re trying to come up with solutions that will both resolve it and will work in the future.

Q: What about the 50,000 WAVES locked and not participating in anything? Maybe we can vote to eliminate them from staking rewards? 

Sasha: We’re working out the new mechanics for Waves that will allow for finality.  

Q: Why don’t you add TRON chain to Waves? It’s way cheaper than Ethereum. 

Sasha: I think TRON will be included in the new bridges Pepe Team is working on now.

Q: How are you going to attract more people to Power DAO outside of Waves or even Web3? 

Sasha: We need to create something for the people, like we’re doing with Turkey DAO, to let people know that crypto can solve real world problems easily and transparently. We are also expecting the things to get better with the new bridges that will be up and running within the next week. Also, collaboration with other DAOs is possible to attract more crypto enthusiasts.

Q: How can the donations be slashed in Turkey DAO? 

Sasha: The end product of Turkey DAO are real world objects like schools. If everything goes according to plan and the donations go to building a school, the managers get their rewards, and it’s all transparent. If they fail to deliver, their rewards are slashed, so they have an incentive. 

Q: Are the funds stuck in Waves Exchange gateways safe?

Sasha: The gateways have been operating since 2017, and it is only now that we’re able to audit them, so there might be some small discrepancies. The plan is to raise more funds to cover them. We’ve experienced a bank run situation, which has put a lot of pressure we’re now dealing with. Hopefully, the new bridges will make it easier.

Q: Why are there 2 different ETH?

Sasha: We will have different ETH for each chain, like Polygon ETH, Avalanche ETH, etc. This is to avoid the rebalancing issues when liquidity is concentrated on one chain.

Q: Why is it taking so long to implement the WX governance changes? Is it possible to change the waiting time to 2 weeks on the vote?

Sasha: We can do that.

Q: Any new ideas on WX governance or mechanics?

Sasha: We already have boosting, you should try it out. Lots of changes are coming to WX Network (former Waves.Exchange), and WX will be an infrastructure token. There will be governance for inflation and token verification. WX Network will be fully decentralized. 

Q: Are you going to add EGG and VIRES to the multi-collateral reserves?

Sasha: The Vires team has already put 1.5 million tokens into the reserves about 2 weeks ago, but they are not yet activated. People are dumping tokens and WX is not powerful enough to create a sufficient demand. Vires has even less utility and we fear that it will be dumped to oblivion. VIRES will be activated once the bridges are launched. Demand is key.

Q: Why can’t I receive my Waves School rewards?

Sasha: For Waves School, we’ve switched from and external team to an in-house team. The rewards will be sent next Monday.

//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. See you on Twitter!