Dec 12,2023

AMA with Sasha 8/12/23

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 8/12/23 can be found here.

//Recap Start//

Key Points:

  • The long awaited L2MP airdrop that was intended to start this week has been postponed to next week. It's already being actively worked on and should start very soon to help our ecosystem by attracting new users.
  • We finally launched the Waves 1.5 update on TestNet. It's the first step towards the L2 blockchain implementation. So if you're interested or planning to launch your own node, you should pay attention to this update.
  • A reminder that holders of deposits on Vires.Finance can convert them to L2MP. This feature will be available for another 1.5 months, so those interested in the L2 blockchain should hurry to take advantage of it, as well as high-yield staking.
  • PETE trading pools have been updated. From now on, you do not pay a fee to the pool when buying $PETE, but when selling $PETE, you will pay a fee of 10%. Asymmetric fees like this are new on WX.Network and they will likely benefit $PETE. Also, we recently announced a trading competition, the top 3 traders with the highest trading volume will receive lifetime income in the form of 3%, 2% and 1% of the trading fees respectively.
  • On Monday, we will see the end of the KPI period of Ambassador DAO. So far it has only been operating for a month, and I think it will be reasonable to drop PWR tokens locked in Ambassador DAO. This will replenish the DAO community and also give them an opportunity to earn money by fulfilling its tasks. I think it will help attract attention to DAO itself and to the ecosystem.
  • Numeris DAO is still underfunded, so it is advised to pay attention to their proposal. It offers to relaunch Vires as a Fixed Interest Rate Lending protocol. XTN is required to develop this protocol, so pay attention to this investment opportunity.
  • Also, a WCT Liquid Staking proposal has recently emerged. Its developers want to give WCT token holders the opportunity to participate in Power DAO voting, thus providing utility for one of the oldest community tokens in our ecosystem, a really interesting project. Keep an eye out for it and give feedback to the team of this DAO.

Q & A

Q: Is there any insight into what's going to happen with SURF?
Sasha: Yes, I think the most sensible thing to do would be to exchange it for L2MP, but first let the market determine the correct exchange rate for SURF. As for when this exchange will be available, I think this month, but in any case it will be available before Unit1 launches. 

Q: About converting SURF to L2MP, is there a possible exchange rate of 1 SURF=1.15 L2MP?

Sasha: No, I don't think that's possible. At the moment SURF is trading extremely cheap compared to the expected price of UNIT0. Let me remind you that the planned capitalization of UNIT0 should be $100m. I think that such an exchange rate will affect the UNIT0 price, and it will negatively affect the whole L2 blockchain ecosystem.

Q: Which project will be the first to launch on the L2?
Sasha: Regarding third-party projects, it is not yet known for sure, there are still ongoing negotiations. However, the very first will be a UI for creating new L2 (Unit)-chains, using UNIT0 and WAVES tokens.

Q: Don't you think WCT's liquid staking is a possible vulnerability?

Sasha: No, I don't think so, as it's only 100 PWR tokens, however the team of this DAO should probably keep this in mind.

Q: Will L2MP have any utility a year after the start of mining?

Sasha: Eventually, L2MP will be replaced by the WAVES token. Within a year, L2MP holders will share half of the UNIT0 supply among themselves, after which they will be able to sell it.

Q: Will there be an updated conversion rate for Vires' obsolete markets?

Sasha: Not quite. The plan to resolve the situation with the obsolete markets remains the same. In order to repay their debts, it is necessary to first restore the XTN price by cutting its supply and buying it back. Because the collateralization of these deposits specifically does not allow us to improve the conversion rate to vesting, compared to V1 deposits (ETH-WXG and BTC-WXG markets, for example).

Q: So I'm left with the only option to convert to vesting and wait?

Sasha: There are actually 3 options and you can diversify your assets. Now you can convert to XTN vesting and just get your XTN tokens within 500 days, or you can convert to L2MP and instantly access those tokens, sell them or stake them. Also you have the third option, which is to save your deposit on the obsolete market. It is quite possible that the conditions will change, for example, the XTN price will grow and vesting will no longer be unprofitable.

Q: If all the deposit holders in the V1 market of BTC-WXG decide right now to convert to vesting, how much XTN will be left for the collateral?

Sasha: Let's take into account all V1 markets where vesting has already been implemented. These are WAVES, BTC-WXG and ETH-WXG markets. Vesting for the latter two markets was implemented a week ago, so I think that everyone who wants to convert to vesting has already done so. Taking this into account, I can say that all calculations were correct, there is enough collateral to resolve the situation with debts, so the situation is already close to being resolved. The loan looping situation is actually quite extensive. Some users have used their loans as collateral for a new loan, thus creating a purely virtual debt that can also be eliminated.

Q: Can I exchange -WXG tokens for L2MP directly, like XTN?

Sasha: Not yet, but I think such an option will be available eventually.

Q: After Unit1 is started, what will Unit2 be about?

Sasha: While I can't share the details yet, I will be helping one company launch their blockchain right after Unit1 launches.

Q: Why hasn't the buyback of -WXG tokens increased much after all this time?

Sasha: I think the main reason is that trading fees on WX have not increased that much yet. This will be aided by a number of WX products that are already in the works. The main ones of course are futures and synthetic tokens. What's interesting about synthetic tokens is that they are essentially the WX leverage trading. However, we should not forget that we are approaching this situation from different sides, as I said, the exchange of -WXG tokens to L2MP will also help to solve this situation.

//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!