Waves AMA – 06/06/2023


Hi guys. Hi Friday. And it’s time for our regular AMA.

Sorry for my voice, actually I’m a little bit like under the weather. I was in Europe and I have a very bad allergy there for a couple of days. I’m okay now, I’m back to Dubai, but it’s gonna take me a couple days to to get back on track, I guess.

I’m sorry for my voice. Let’s get started. So how we do? The usual way.

Let’s discuss what happened in ways last week and then you can ask me any questions. I think you can just type it in the chat. It’s very easy.

Don’t bother with speaking. If you really want to speak, it’s okay, but you can just type it in the chat. So let’s get started.

What happened last week, always what happened there? Actually, so not so much actually, I would say we were doing what we had announced before, miners voting for extern buyback, which should resolve the situation. It’s not going forward too fast because the miners have their concerns. We are in discussion with them.

We have made like additional proposals and I think, I think now everyone is on the same page, but it’s going to take maybe a week to execute a little more actually. So there is a proposal to implement feature 19, but actually to meet the desire of our miners and get on the same page, we need to implement a couple more things. Feature 20 and feature 21.

Actually, these features will implement buyback council in the miners wish. So in future they will fix the distribution of waste to doll and to buy back because it was like one third of the total inflation, but miners want it to be fixed to two ways each and something else actually. So we were discussing feedburning, but miners actually decided not to do it.

So we are very decentralized and there is like a lot of discussions. There is a group with miners and we want to make sure that we find some consensus. This is what blockchain is for actually.

To find some common ground between people and we are moving forward. So it’s not so fast as I expected, but it’s still okay. I guess we would need a little bit more time, but looks like we’re going to make it eventually.

So what else? Some other interesting seasonal waves. This week on waste exchange, we finally implemented, we returned that feature with stake in interest. When you take your WX, you now receive taking interest.

This feature was active before then, we had to deactivate it last year. And now based on your multiple requirements and desires and complaints, it’s bad. So now you can take your WX and receive APY.

And also we’ll have to change the mechanics for WX. It’s not over. So people are asking for unlock.

They want to be able to unlock their WX. So there’s going to be a feature that will allow you to do. So there’s going to be some kind of gradual unlock.

You can’t unlock it immediately in one shot, but the feature will be there soon. And next week, basically, WX is relaunching on a new domain without legacy. The legacy will remain the old domain, old gateways, all those things that have caused us so much problems will be working, of course, and people will be able to use them until all the problems are over.

But we need to move forward. Not to move on, but move forward. It’s like there is a difference.

So we’re moving forward, but we are not forgetting about the problems that we have. So nobody is trying to sweep them under the carpet. But on the other hand, we need to move forward.

So there’s going to be a new domain for WX without legacy, with all working products. And finally, hopefully, there’s going to be some marketing because it’s time to do some marketing and since there is no issues with those products that will be there, marketing will be very much in place. So to say what else happened last week? Couple of miss, more Saints voting at all.

A couple more projects came first. Projects have received the funding. For example, Xley received 4 million XTM for their product.

It’s leveraged yield. Farming products. Puzzle have received I don’t remember how much, maybe 2 million to basically get back on track after the hack.

And they made an offer to the doll that was reasonable. They sold the tokens with a discount, puzzle tokens with a discount. And the doll accepted that offer.

And I must say that I haven’t voted for a single proposal yet. So it’s all been defined by the community. I just watch for now and I haven’t voted either for or against any of the proposals yet.

And I posted my account like I created new account on waste and I think this is going to be my main account. I have some power second there. I think it’s time to provide as much transparency as needed.

So I will be using one account on Wave. What else? I think for just an overview, it’s not and maybe I’ll come up with some more information based on your question. So guys, ask me anything.

This is fat channel. You don’t have to be restricted by anything. LMG let me open the chat.

There were some questions before the email started. Maybe I’ll just scroll up through them. People are asking about the USLP bot.

We can tweak the algorithm, but for now it just buys from bid orders. So it doesn’t do market orders because it’s kind of so if you want to sell, you can sell it to the bot, but the bot won’t buy from you actively. I think it’s okay.

Any news on the VCs? Yes, there is some traction. It’s going to be finalized at the end of June. The terms are still unclear, so let me not disclose any information because it might be misleading at this stage.

But there is some progress, some actual progress. When are we going to access alfred, when are we going to get access to our XTN? It’s been so long. Yeah, I think you mean Wales accounts, bigger accounts.

It all depends on whether the minor proposal is approved. If it is, I think we will have a very, quite clear it’s not like set in stone, but it’s going to be a pretty clear timeline for this because we can actually evaluate the amount of waves that will be used for the buying back. So we can make some projections.

So let’s just wait until the miners load. Hopefully they will vote for the proposal. In this case, the future of XTM will be very clear and it’s not going to be a very bad future.

So XTM will be finally phased out completely as a stable coin. It will become some kind of like index token, as was announced, because now it’s somewhere in the middle. So it’s not a complete perfect index token, it’s not a stable coin, something in between.

So we have to kill that stable coin par by buying XTM off of the market and burning it. And in this case, XTN will become a proper index token will go up in price, obviously, because there is going to be buy pressure and all the tokens that are being bought back will be burned. So the future of XTN will be pretty much clear.

So, as always, you have to wait. Next week thing works all the time. So letters are voting, you can track their votes.

There’s going to be like two more features. They have to be coded. Next Monday they will be on testnet.

So it’s going to be some time to have them on testnet at the end of the next week or at the beginning of the week after they will be released on the main app. The minus will load. So it’s going to take some days.

Okay, so how long of buyback is required? Realistically, guys, I think it will take a year. It might take us less time if we have some positive developments, maybe something new comes up, maybe some disease. But let’s be realistic and pessimistically.

It’s hard to estimate because you have to be optimistic now, because in times like this you have to be optimistic because if you are pessimistic, you can come up with all wild, sad visions of the future. Let’s not do that. Let’s stay at least realistic or optimistic when WX move into new domain.

The guys didn’t do it this week because it’s kind of like it’s not so easy. And this thing with transferring DEXes to a new domain is not easy to do. In Waste Exchange case, there is like authorization method which uses seeds, decentralized authorization, and because your seeds are stored basically in your browser and they are somehow connected to the domain, you use so we need to make sure that people are able to export them properly so they are not lost.

It’s a very tricky thing. We have this issue like before, maybe 2017, there was a waste wallet domain and there were some issues with moving to the new deck. So it’s not so fast.

But next week this will happen. Any news on VCs? I told you, Mohammed. Yes, there is some news, there is some traction and hopefully it will be announced at the end of June.

At least this is the plan for now. Any updates on XTM? Miners vote looks like they will vote for the proposal. In this case, XTM will be bought back with a part of miners profits, which is a very good thing for XTM and Waves ecosystem in general.

We don’t need to save XTM, obviously, we need to help Wave ecosystem. And this problem holds us back. Basically, XTM just holds us back.

So we need to resolve XTM and in this way we will help Wave ecosystem move forward. Rochelle are on board? Yeah. Roche, Illuminati and lizard people are on board as well.

Yeah, I personally talked to a lot of lizard people and I met George Soros yesterday. Yes, he’s in Dubai. Sorry, Mohammed.

I’m sorry, ma’am, I mistrad your name. There is so many Mohammed in the MREs. It’s like crazy.

It’s like John. It’s a very popular name here. Jiren, would you rather watch a tree grow or a negro? I think watching a negro.

Yeah. Okay, I got you, man. No, it’s awful now.

It’s like how can you watch a knee grow? It’s like watching the wallpaper peel, you know, like or dry, you know? So it’s like fun. And when serve will be redeemed. Yeah.

So we need to discuss serf. So I promised you to do drop of power tokens to serve. It will be done.

I will keep my promise. But not this week because somebody is selling power. Some stupid people, not wise people.

Or maybe like there are two wise, excessively wise, I would say. Some wise guys are selling power. It’s not me, which is very easy to understand.

So I decided to move that distribution maybe next week, because if we drop it to serve holders, probably they will be selling. Why dump it? Power token is very scarce. This is a very idea.

So if you dump it, you are stupid. I’m sorry guys, but this is the truth. Keeper wallet.

Just create token. Wave. Yes, guys.

Waveskeeper will launch a token. I didn’t want to announce it, but as long as you’ve seen it, I think it’s okay. Yeah, Jiren got me.

Actually with negro thing. You got me. Sasha, where is your hair? I like it much better, guys.

I like this haircut much better. Actually. I feel better like that erase hair.

Great. Again. No, I don’t like it.

I like it this way. Sorry. I feel connection to the universe when I don’t have any hair.

Both are waste. 2.0 Working on that, guys.

Yes. So it’s very hard to do anything groundbreaking now in the Blockchain, but I think we will do that. There is some kind of like end game in Blockchain now.

So you have to take it into some other direction. There is going to be some new technology maybe in place of Blockchain. I’m not saying that this is going to be us.

We will come up with it with an idea, but something is coming. We will try to do something unique. I think we are very close to that.

Let’s just give us some more time. Because I’ve been trying to do some unique things for years. So it’s probably time to really come up with something unique.

Because otherwise now Blockchain is not the most hyped up thing. Obviously AI is and it really beats Blockchain. I’m not saying it’s bad, because AI is amazing, for sure.

So if we want to keep up with AI, we need to do something new. Something really new. Waste is the best crypto ecosystem.

Hopefully it will be. Yes. Now it isn’t, of course, due to all the problems, but we have potential purpose.

If you ask some questions and I didn’t reply, don’t be shy to repeat, guys. Okay. It’s okay.

Extend bot. Yeah, you’re right. We didn’t manage it this week.

Extend bot that will be buying bitcoin. As I said, there is some Vires part to release XTM from Vires. It’s not over yet.

It’s not done yet. But will be. It will be done.

And maybe it’s a good moment to discuss whether you think that bitcoin will go up. I’m not so sure about that, actually. But if you believe in that for sure, you can use a bot.

I for 01:00 a.m Thinking now that it’s not obvious that bitcoin price will go up, to be honest. Will WX Token still have the same level of governance on Is 2.0?

I think the governance for WX is okay. Now what we need to do, really, we need to finalize it with the unlock thing and lock the contract the way they usually do it on Ethereum. So you can’t change the contract.

You make the contract immutable so people understand that there’s going to be no changes in some functionality later. Before that, we need to implement unlocking for Double X and after that we will be able to lock all the contracts, which will provide some security, which should give some confidence to the people. Because on Ethereum this is the way it is.

It’s not always good, to be honest, because Oasis is more flexible in this regard. You can change the contract because there is like two parts in the contract. There is a script that can be set on any account and there is logic and they are separate and the script controls the behavior of the account itself.

It’s not like that on Ethereum. It’s pretty different. But the Waves has some advantages in this regard.

But people are used to immutable contracts. So I think it’s time to make all contracts on WX immutable and provide people with some kind of confidence about the future of WX so that they will understand that nothing is going to change. Because we have to change the contracts last year due to bad bear market and functionals and people didn’t take it lightly.

They were really disappointed with us. So now we need to make good. Okay, more questions.

How’s the plan to add BTC at extend collateral will be done? Any update? I think it all boils down to the minor proposal. If the miners vote for it, people understand that the excess external will be burned and people will start using XTN as an index token. And in this case, people might find reasonable to issue new XTN with actual bitcoin.

So we need to provide some clarity. So we need to not to promise, but to actually execute our plan. And if people understand that there is going to be a cash flow like always, which will be used to buy back XCM, I think XTM will be back not for the sake of extend but for the sake of system.

Because now this thing is actually bringing us down hard. It just pushes us down currently. So we’re not trying to save because people are asking quite often, why are we trying to save XTM? Just let it die and forget about it? No, it’s not like that.

Because this problem is not the problem of XTM. This is a problem of basic system. And by actually making XTM work, we should resolve the main issue in laser system now.

Because that was obviously the major issue due to XTM DPAP. We are facing a lot of bad consequences now. Greedy miners.

Yeah, everybody’s greedy. Okay, who’s not greedy? I’m not greedy. Yes, but you don’t believe me.

Of course you. We should make Moonkey rich again. Totally.

My grandfather participated in ten K was bounty. Yeah, kind of like elon change API. API.

So many similar abbreviations on Twitter and it’s hard to parse Twitter now. I will try to check back and understand whether it works. I’m sorry, but we just couldn’t parse the results because it had worked before, but then it just stopped.

Please allow us to withdraw at least $200 a week. You can just sell if you want. So it’s not like I’m not allowing you to do something.

I’m doing my best with the resource I have, guys. Actually, I would immediately allow you to withdraw all the money that we have. But there is an issue with this, so I need to make sure that it happens not through just like withdrawing funds at the moment, but through some other means, namely buy back from fees on WX.

And we are trying to raise money. So two things that are being done at the moment. How much funds in percentage lost as a result of BPAC? It’s hard to say that it’s very small because as I said, the amount of funds that has been withdrawn from X last year is like I can’t give you the exact number because it’s an estimate, but it’s more than $300 million.

So it’s a lot of money that was withdrawn. And the problem that we are facing is a very small percentage of that amount. But it’s still a problem and it’s still not good yet.

Ah, do you have a schedule for audits? How long will the total progress take? I think we will phase out all the old tokens until the end of summer. How much funds left to develop the waves ecosystem? It’s becoming very decentralized. As you know, we transferred some funds from Vires and there were some excess funds on Vires that was left there after assuming all the bad debt and we transferred them to the doll.

So it’s like around close to 20 million. Some of them is already taken by the project and minor floating actually will enable sending a part of inflation to the waste doll. So there is going to be a very decentralized cash flow to waste projects around if the minor float for it is going to be like close to how much one around one waste per year, which is not so little actually and will provide the juice for the waste teams.

Also there is this external inflation. We’ll try to talk to the VCs. So waste is becoming like people have been always complaining that waste is not decentralized.

Now it is becoming very decentralized because everything is going to be very decentralized and based on decentralized mechanisms of funding, everything is going to be very decentralized. Now the question how much money is left is kind of wrong because the new money will come through the inflation, through the activity of other projects. And actually the goal now is to make waste decentralized and make sure that it’s like self perpetuating.

So you don’t have to fund it. Music just perpetuates itself from within. You don’t have to push it, it pushes itself and we will do it.

I’m sure UDC buyback is from Vires not related to UDC audits? No, UDC has been bought on WX with fees. What about the tokens locked in Vires after the delisting of related tokens? Good question. There’s a proposal on WX to use the tokens that were bought back on WX for deposits to Vires.

It’s a community proposal, but people don’t seem to be willing to vote for it. Do you think it makes sense? You can still vote. I didn’t vote for it.

It’s like community proposal. I’m not sure that this is the right thing to do, but I think we will need to slowly liquidate old markets on the Vires as well. Maybe similar to the process that is being used for old gateways.

Now buy back with fees and such. So let’s just maybe think about it a little more. Vires is kind of relaunched.

I think we will need to implement the feature that we had promised actually unlock of collateral when the utilization is high because now there is not any money on numerous yet like almost zero but somebody like looped and maybe just for fun. And utilization is high again. So we have promised to you that it won’t be the case.

We just didn’t implement this feature yet and somebody used it. So I think we will have to implement this and make those lending protocols more stable. Because this is the problem of not only Vires, this problem exists in all lending protocols that are based on pool mechanics.

When you have lending pools, you can have a situation when you can’t withdraw your funds. So if you use some kind of scientific language here, liveness is not guaranteed. Now the protocol can just hold.

But there is an easy fix to this. You have to think it through. Of course you can just unlock the collateral in those situations and allow people to just like lenders not borrowers, but lenders take the collateral and sell and in this case you will never have this problem.

Does Lace team own any real estate offices? No, we don’t. And believe me or not, I don’t own any property guys, I’m absolutely not worried about that. Why don’t you look for a rich emirati with too much money to invest and help develop the ecosystem? I will try to do it.

But you need to understand that if you come to Dubai, you will understand it’s not so easy as it seems because there is a limited number of fakes and unlimited number of people who want something from them. It’s all very slow in the Emirates because the culture is not so fast on one hand and on the other hand this is a thing that I just told you. There is so many people who are trying to raise funds here.

It’s incredible. But not so many people are able to provide funds and it’s not so easy. And I can say that it’s my forte to raise funds.

I will do my best, of course, and I am talking to people and will result in something. But please don’t think that it’s easy to raise funds in Dubai. No, it’s very complicated.

Yeah, soros asked me something that I couldn’t give him. We didn’t have any consensus. Yeah, maybe you’re right.

Maybe from Saudi Arabia is better. I should go there. Yeah, because people are thinking that you should come to Dubai.

I will never say anything bad about Dubai publicly, but it’s a weird place. It’s like unusual and sometimes not in a good way. I would never live here, but it just happened because we moved here almost a year and a half ago because that was probably the only country that we could move out of Russia easily and turkey, actually.

But somehow we moved here. It’s an amazing place to stay for a vacation for a couple of weeks. But it’s not such an amazing place when you stay here for longer, you know, if I come to Dubai, can I find my hubby? B, you should come here.

Intersex relations are very weird here. Let me put it this way. I’m not improving all that.

It’s kind of like something, in my opinion, that people shouldn’t do. But I won’t go into detail, but you understand what I mean. Obviously, it’s all based on money and it’s like transactional.

Everything is very transactional. Hong Kong is now best place to relaunch waste right now. Yeah, probably.

I should go to China. I’ve never been. Actually, I should go now.

It’s possible I should go to Hong Kong. Guys. You’re right.

And through yada as well. It’s close. I want to go to Saudi Arabia for a long time because I think it’s going to become a very major hub here.

Maybe Dubai will become not so important. Saudi Arabia has more potential in terms of population and a lot of money as well. So probably it’s the next big thing here.

Wow, nice gift. Try to explore McKenzie Bethesd organization for funding. Yeah, it’s like interesting.

Let me check. I’ll check how much money you pay to buy Bush Halifax. You know that actually they had issues building Bush Halifax, completing it, because there was this financial crisis.

I was in Dubai first during the financial crisis in 2000 when it happened, I guess, and everything was on hold, actually. On hold. And bush Halifa as well.

And they borrowed money from the other emirates, from Halifa Sheikh. And this is his name, basically his first name, Khalifa. And that’s why he told them that I will lend you money if you name the tower.

If you name the tower, my name. They have issues as well. Dubai will be phased out.

It won’t be phased out, but it will maybe lane in its significance compared to some other neighboring countries, in my opinion. I might be wrong. I will be glad to be wrong, but I think this will happen.

How are the Pepper bridges doing? Everything is fine. I think they are working on a unified, stable coin because you have multiple networks and you have USDT ethereum, polygon, binary smart chain, and it’s like different tokens. So it is very confusing and not easy for people to use.

So they are working on the mechanics that will create a single token for a given asset irrespective of the chain. So there’s going to be one tether which will somehow cover all other UST. It will wrap all those Uzts in one token.

Not like different assets, but one asset on different chains. So they are working on that. There’s going to be some pool, there are some mechanics, and this is the next thing they will launch.

Okay, sasha, can you say on each I’m sure this is something incredibly filthy. So I’m saying this on each. Why you don’t sell your villas to return the blue X’s or funds? Because I don’t have them.

I would actually yeah. People are asking, why not in Russian? Because we have a very international community. And I’m coming to the Russian chat.

There is a Russian waist free chat, which is nice, and I’m coming there almost daily. And guys, you should speak English. Everybody should speak English.

If somebody is russia is saying that English is dying as an international language, and there is a guy, you know him, who is saying that not Putin, but some other important guy, it’s just crazy. English is picking up incredibly. It’s everywhere.

So it’s like it’s not going to be phased out in centuries. Learn English. Guys It’s on the rise.

It doesn’t matter what’s happening to the US. Maybe even to the west. English is going to do very fine because we don’t have an alternative as an international language.

Yeah, you talk a lot. Be careful for cold. Yeah.

I was in Switzerland, in Tuk, in Crypto Valley, and I had a very bad allergy. I was like that. I wanted to meet some people and maybe make a meet up, but I couldn’t really.

I had to go back fast. So maybe next time. And I’m like for two days here and I’m still not well.

Somehow I haven’t had an allergy for maybe five. Not only when the environment is dirty, but also when the environment is too clean. And probably this is the case.

Dubai is much more dirty if you check some applications that are used to check the quality of air. Dubai is one of the dirtiest cities in the world, probably due to dust and sand. But I feel great here.

No problem. Yeah. Sorry.

So somebody called me. Yeah. Wait, no.

Can you hear me now? Please confirm. Okay, let me just somebody wants me to call him. Yeah, basically it was him, but I declined the call.

He has he has 1 billion wave. 1 billion. He offered me 1 billion waves, but I declined politely.

Okay, guys, so what will happen next week? Summary to conclude, miners voting will continue with a new feature for the miners to vote for some kind of, like, add on feature that they will feel comfortable with. Also, Wave Exchange will move to the new domain without all the legacy. Let me check my notes.

I have notes, believe me, but I have notes. I think there’s going to be a couple of new teams coming with their proposals on waves, dow platforms around Vires. I think th.

Yeah. And obviously something else. Okay, guys, it’s always a pleasure.

Sorry I wasn’t, like, in my best shape today. I wish you good health. I wish you to have a very productive week.

Power to the people. Right on waste. I love you all in the worst of fathers.

I love. You all guys. See you next week.