Waves Blockchain AMA 06/13/2023 with founder Sasha Ivanov
But hi everybody, sorry I’ve been late. There is some problems connection. Somehow it got resolved on its own.
Okay, so let’s get started. As always, or at least like we did the last two times, you can type your questions if you really want to speak, it’s possible, but actually not necessary. So you can just type your question and I will reply.
And at the beginning I will make some summary of what was happening in Waves last week. And then you can ask me anything you want, as you usually do. Okay, let’s get started.
So what happened on Waves? So let’s start with the recent events. We had some issue today, I think you’re used to it, you’re used to our issues. And there was another one today as now we’ve launched with Doll and there is like seven projects that successfully applied for it.
And you voted for the project. And the last project was Waves-Keeper. They’re launching a token, I think it’s going to be very interesting.
They have a great product, I really recommend you check it out. And they received XTM and there was an issue because they actually in the Dot proposal, they used the bot address and the bot just sold XTM and they used that bot to sell XTM from swaps that are made within the Keeper. But somehow they will explain actually so they write some kind of like post mortem now and will be published in maybe 1 hour and they will explain how it happened.
So basically 4 million XTM was sold with one order by the bot. Some people made some money with Arbitrage, but the team, I mean Waves-Keeper team bought it back already and they restored price back to the level before this unfortunate event. So that’s it.
I don’t think it’s a big problem, but it doesn’t look good, of course. So we’ll do our best to avoid those issues in the future. And I think it’s like probably Keeper team has not been really involved in communication with the community.
So maybe it’s a good opportunity, maybe like a little bit unfortunate opportunity, but still good to start talking to people, start promoting their product. Yes. So that’s about the situation.
I want to also thank Vadimir from Puzzle, some more people and Ways Dimitri, if he’s like watching me now, this is a guy who found this problem and basically if it wasn’t for him, it could have been much worse. It was like late, too late and I was asleep. But okay, we got lucky.
Okay, let’s move on to other things. As I mentioned, we launched waves. It’s quite successful in my opinion.
And we are able to fund the projects on Waves with it. So I think there is some funds left in the treasury for a couple more projects. So it’s coming, stay tuned, there’s going to be more teams coming to visit all soon, next week.
What else? So miners will have a new feature to vote for actually going to be CV features. There was this feature number 19 that actually was meant to buy back XTM, but we got some feedback from the miners and we had to add a couple more features like add on features to maybe define what will be happening in different scenarios more clearly. So there’s going to be like feature 20 and feature 21 and together with the feature 19 they will basically constitute this proposal to buy back XTM, send a portion of Waves issuance to Waves down and there’s going to be like a couple more features, like more technical that will be included in those proposals.
Basically, miners want to understand what happens if they want to cancel the buyback. So we have to implement this and a couple more things which are more technical. So this is on the test net now and next week it will be on the main net and the miners will be able to vote for or against it.
I hope they will vote for it because I think it’s a pretty well balanced proposal. You can’t come up with an ideal proposal, I guess, in current circumstances, but actually this is the best we can come up with. I think it can be ideal, it can be only balanced.
And I think this proposal is quite balanced. At least we haven’t come up with anything else. And during the discussion, because we’ve been discussing it for a month, I think with the miners, the community, nothing else has emerged in terms of proposals.
Nothing better, at least. So I hope they will vote for it. So what else? This week there was some updates on Vires.
I think today they actually re enabled withdrawals, profit withdrawals from Staking. Let me just check what else happened there, maybe I’m missing something. Yeah, and they came up with a proposal to basically liquidate the old markets altogether.
Please check it out if you participate in various activities and they promised to launch this feature which was announced but wasn’t launched, to enable open collateral, basically. So when there is a very high utilization level, those like lending protocols, they get stuck actually, because you can’t withdraw your money and it’s a problem and I think nobody resolved it and Vires will try to resolve it by a pretty simple approach. Basically, when you can’t withdraw your liquidity that you provided for the loans, you will be able to access the collateral actually.
And I think nobody has this because it’s not liquidation, because everybody has liquidations. When the loan is not backed anymore, you can liquidate this position. But it’s not that, actually, it’s something else.
Basically it actually deals with a situation when the health of your position is good, actually, so it’s still pretty well backed. But like, users who borrow the funds don’t want to pay them back. And in this case we have a problem because people who provided liquidity can’t take it back either.
So there has to be some solution here. And solution can be pretty simple. In situations like that.
You just can access the collateral of those borrowers and we will implement it as promised on Vires as a next feature. Okay, so what else? Yes, on WX, we finally have Staking payments because people were complaining that they are not receiving any yield farming rewards for Staking WX, it was actually working initially, then we had to stop it and now we re enabled it. So if you have WX taking from now on, I think from Monday, because it will be credited every week to your account starting from Monday, you’ll be receiving some yield farming rewards.
What else? Okay, maybe that’s it, guys. So just ask me questions and if I miss something, I will have a chance to reply to your questions and maybe we will answer all the questions that you have. So.
Yeah, VOD Dimmer is here. He’s sneezing. God bless.
Okay, so your question, guys, as you know, it’s not moderated. I answer all your questions, threats and everything. Let me maybe scroll it up a little.
Sasha, what do you mean by profits from Staking are allowed to withdraw? Yeah, if you take zero token, you earn some yield farming rewards and those rewards were disabled. Now they are enabled again. Tell us more about Galka.
Hello. Tell us more about WX network rebranding. It should happen next week because this week WX reenabled Staking and that was a focus because it’s not so easy, actually.
There is a lot of contracts that have to be fixed or tweaked for that. So next week they will do the rebranding. And on WX domain, which was announced like a half a year ago, I guess.
And finally it happens. So on the new domain, there’s going to be only working products, everything that’s working and was not impacted by all those things that we had to face last year. So it’s going to be trading, it’s going to be pools governance, buying crypto eventually through credit cards, launching a token and some products on top of the pools, similar to why earn some liquidity aggregators and also a swap.
Because you can either trade on WX or you can just swap through the swap interface. And I think it’s pretty neat, pretty cool feature. So it’s going to be there.
So the idea is to transfer their all working products and leave all the legacy behind. And all the legacy remains at Waves Exchange domain. It’s still working until we’re working, until it’s not even needed anymore.
So there is no time limit for this. It will be life as long as it’s needed for people to redeem their tokens and so on and so forth. Because it’s pretty hard to do marketing for the old domain, as you understand, probably.
So we need to transfer all the good things to the new domain and do some marketing because we need to revive the ecosystem. We need some more, maybe people in our ecosystem and without marketing it’s pretty hard and marketing can be done, I think, in my opinion, with the old domain. So we need to transfer everything that works fine to the new one and start promoting when withdrawal possible again for UXG.
Unfortunately, I can tell you the date here for now, we’re doing the buyback with the fees. I think the fees should go up in value when the new domain is lost and based on liquidity availability, we might re enable withdrawals, but I can tell you the exact date now. The plan is to buy them back with the fees and if fees are going up, the buyback volume goes up as well.
Eventually those tokens will be bought so you don’t have to sell them now. You can wait till the price is better and meanwhile actually you can take them in the pools they’re stakeable and you can earn like around 10% APY currently, which is not bad on your old Wxg tokens until the situation is resolved, which is I think inevitable but can take time. Meanwhile, you can just stake for example in C pool on WX and earn around 10% APY.
Is there a plan to increase the amount of buyback of Wxg tokens based on? Based on the amount of fees? And also we are talking to some VCs, at least not too many of them, but we have some traction with some people. And I think there’s going to be an announcement at the end of June regarding some partnership which will be quite helpful in resolution of the current situation in so you should forward it to Waves Keeper guys and I will tell them actually, how is going audit of C? Basically the audit, as I told you several times, is the phasing out of the old tokens and replacing them with the new tokens from Pepper Bridges. And meanwhile we are doing the buyback with fees and we are trying to increase the fees as much as we can.
Is a partnership linked to Armor? No, it’s not like in any way linked to Armor because how can it be when we will make another world art official artist for Waves? I think you are an official artist already, actually, because you created this avatar and we are very thankful to you for this. And do something else. I think you should launch some NFTs on Puzle market for example, and maybe you can sell them.
Will we see new products like Launchpad and the new domain launch pad? Definitely. I forgot to mention it because probably I’m not thinking about launches at the moment, but they will be there. The launch pad was actually developed but not launched.
So we will have to launch the launch path. No one buys my NFPs. You should promote them.
Come on, we will start from scratch. Promoting the new X domain. What domain? From scratch? New product? Yes.
So you can see that we will start from scratch other new things that we don’t know on WX? I don’t think so. The idea is to actually not have too many features there at the beginning at least to launch only working products and not to clutter the site with too many features products. Make sure that people understand what products we actually have because we always had a problem with marketing and it was always quite difficult for us to explain to people what products we have.
So let’s focus on the good things that we have and let’s push them hard and depending on the progress, we can launch something new. Can you tell more about LP, Token? Yes, actually I think that I have to ask the team that develops Waves, they have to complete it this week, but probably it will be done next week. So there’s going to be a separate interface for Doll.
There’s going to be a power interface and a separate interface for LP Tokens because power platform don’t have them actually, so they have only like general functionality but it doesn’t have LP Tokens. So LP Tokens will be at a different place and we’ll show it to you next week when power drop for TSN stakers. We should discuss it with Tsunami team.
I think it’s doable. I mean promotion will require some investment. Are you ready for it? Yeah, we will try to maybe attract some external funding or something like that.
Ah, would you push only products made by Waves or Tsunami as well? But like it’s a strange question actually there is no like you should ask me this question in private because it’s a very strange question. All teams on Waves are the same, more or less. So we are trying to put the whole ecosystem and there was some centralized payment, so to say, but it’s over actually because from now on everything will be financed through the Waves Doll.
So all the team on Waves are equal because they will all be paid through the Doll and they will all be making their own profits and they’re not going to kind of like centralized fund management or any kind of like it’s not some kind of holding. All teams are independent, they finance themselves, they don’t have to share their profits. They exist the way blockchain projects should exist actually, so they work within one ecosystem.
There is some synergy between the products but there is no centralized governance or control or any type of holding structures. Is there any ETA of launching new dolls? I think we’re going to launch the Ambassador doll soon, as soon as we have more time because we need to promote Waves as an ecosystem and for that we need some kind of a vehicle, some kind of promotional structure. I think Power Dow can serve as a vehicle.
So we have to launch the Ambassador doll, but I can’t tell you when. As soon as there is like a little bit more time. Maybe once we have some clarity around XT and buyback because everybody’s waiting for it.
Once it’s done we can move on to other things. Let’s keep at least cheap transactions as competitive advantage. Yeah.
There is not any plans to increase transaction fee on Waves. I don’t think it makes sense. People usually not usually but quite often propose to, for example burn the fees or increase the fees.
I don’t think it really matters. So you need to have a lot more transactions so that it matters. Yeah.
As for new dolls on Power platform I forgot to mention the Turkish doll which is prepared and I think it will be launched next week because it was like we plan to do it today but somehow with all those situations on puzzle we couldn’t. So it has been pushed off till next Tuesday. Although can help the ecosystem if teams would have to sell external for hand external funds.
So basically I think that it’s not going to be a problem in future because the doll was pre funded with 20 million XTM and it’s almost over. I think there is maybe two projects more that can use the remaining funds and after that it will be funded through Waves hopefully because there is this proposal to the miners to send one third of the inflation to the doll. Hopefully they will vote for it and in this case doll will be funded for miners profit and maybe more people will want to join the Dow later in three months when there is the first milestone.
So every three months there is some milestone basically defines whether Dow is successful, it rewards the participants and it allows more people to join it. So if it’s successful let’s hope that we will have some external funding. Maybe also in XTN but I don’t think that XTN will be the main assets.
Actually it will be strange but let’s see how it goes. But you need to understand that the XTN that was actually put into the doll has already been almost spent. I don’t think it’s going to be a big problem in terms of selling because there is not going to be any more XTM in foreseeable future in the doll.
Some people are being impalied but it’s okay. Half of a high attack, half of crypto is in Tron chain. Yeah, Tron will be there.
So you should actually ask Peppa team how they’re moving forward with Tron. I think that Tron is coming next. Maybe polygon? I’m not sure.
So either Polygon or Tron you should ask them what is coming. Yeah, you should ask Pepper team because as you know Waves is very decentralized. So I’m talking to all the guys but I can’t give you any exact information because I can give you some general idea of what is happening.
So I don’t know what they will launch first. For example, polygon or tron. Tron is good because everybody uses USDT on Tron.
Yeah. More questions. So Ambassador Dow is separate from power? No, it’s launched on power protocol but as Waves DAO, for example, like the same status.
So you have wave doll and you have a separate ambassador doll. Bring the thought here. Yes.
As for zero markets, I think some people will actually pay back what they borrow there. There is this proposal for you to vote if you follow Vires. Basically it is meant to phase out the old market.
So people will have one month if this proposal is accepted, to pay back their loan. So let’s see whether those ways that was borrowed will be paid back. Yes, as for yes, I think it’s a very good moment.
Architect is asking how we are going to promote our decks because it’s a good moment and I agree with you. Yes, maybe it’s time for crypto to get back to its roots decentralization and maybe it’s time for our decks to shine. I don’t know.
Okay. But we’ll do our best to promote it because the moment is quite good, actually. Yes, I agree with you because there is going to be a huge pressure on centralized exchanges.
I think they will survive, but decentralized crypto will become more prominent and more important. That’s for sure. Why not using the recently found extra 200K Waves to create a nonprofit way Dow to support projects that don’t necessarily have tokens still on the important part of the ecosystem? I think it’s doable.
Yeah, just we need to maybe keep those waves because actually being very transparent here, I had to borrow some USDT against those waves to fund the current teams because there is some window between centralized funding and moving all the teams to dollar funding and I have to somehow cover that window. It’s not so easy, guys, but those ways remain intact. Basically you can see them there in the same address.
So if this loan is paid back, those waves will be used either for the current waves at all or maybe we can use your idea and launch a separate nonprofit with doll because current Waves DAO is for profit. I think it’s quite important to make sure that projects that are launched through the Dow are sustainable because if it’s nonprofit, nobody cares and it will just die eventually. So people should think about sustainability and that’s why we launched for profit Dow.
And as for nonprofit Dow, as you understand, nobody’s going to fund it but myself actually. Yeah, you understand it guys. So as soon as I have funds, I will add it to the charity doll and I will give it all away because as you understand, nobody is able to do anything nonprofit in ways.
So it’s like let’s be realistic. People made huge profit. Yeah, with the current situation.
Yeah, I think around 30K people made could even be something like a treasury that runs on donations. We’ll do that. I’m just not so sure about the volume of those donations.
I don’t think it’s going to be substantial. That’s why when next power batch? Yes, people wanted to receive power for holding surf tokens and they will actually. But something is always happening so we just can’t get around it.
But in June we will do that for sure. As for the charity doll, I think even Ambassador Dow is going to be some kind of like for profit. I have some ideas how to do that.
It’s quite simple. You can just accept donations from teams to promote their products and a part of those donations can remain in the Dow Treasury and it makes the Ambassador Dow profitable potentially. It’s a very simple idea.
We need some sustainability here. So I’m just trying to create something sustainable that can work without involvement from myself or from other people who want to fix things. It has to work in a decentralized way and has to be sustainable.
What will be the future of XTM Serve and WX token invasive system? Nothing changes in this regard. So XTM hopefully will be brought back like the excess extern and after that it will become proper index token. Serve is kind of like tied to XTM.
So if XTM is doing fine, surf will be doing fine too and WX remains remains. So it’s not going to be replaced with anything else because yield farming tokens for the pools at all and will become like established once the contracts on WX are finalized and locked. After that it will just become yield farming token, like curve for example, for the pools.
And it’s going to be like fully decentralized. So it won’t be swapped because why swap it? It serves its purpose as the token for the pools for yield farming, it’s going to remain. As for the snapshot for Surf power drop, I don’t think we made a snapshot yet.
So we have to make a snapshot at some point in the future and drop their power to serve holders according to that snapshot. Maybe we can make swap parameter a little bit higher and burn more XTM with swaps somehow people don’t want to use up the current limits because there is more XTM to be swapped daily, but people just don’t use all the limits range when new tokens will be added to XTM Treasury? I think it all depends on the way miners vote. So if miners vote for the buyback XTM, I will get a huge boost from public perception, I think mostly because the buyback impact won’t be immediate, so you will see no impact in one day.
But the public perception help. And I think after that we can think about adding new tokens to the treasury. When one Usdtwgx is equal to one USDT, let’s see how it goes.
That would be realistic to say that the plan is to buy back all those bad old tokens until the end of the year, at least the free float. People who want to sell them should be able to sell until the end of the year. That would be good.
What is the best opportunity to earn on Waves in the short term? It’s like really hard to say. The ecosystem is basically being brought back to life and I think you will see a lot of opportunities just like at this point, at this junction point between having some issues and resolving them and moving forward. So this is like maybe a good moment to take a look at products that will launch soon.
Maybe. I’m not suggesting that you should buy anything, but we are at this inflection point I would actually look at the products that would be launched through the doll because the idea is to make them sustainable, make the doll profitable. Because all that depends how we move forward actually.
Because if doll is successful, system will be successful. If we fail with the doll, I don’t think there is any other way for us to move forward. So we need to make sure that the doll is successful.
And in order to be successful, all the products that are funded to the doll have to be successful as well. So they are trying to help the project create their economics in such a way that there is like a good profit opportunity for the doll. And I think we have some great products there.
Even the products that are causing some issues like Keeper today, they’re great and just check them out. They have great functionality in this Keeper. They have a great portfolio tracker.
It’s going to be MultiChain. It’s not going to be focused exclusively on Waves. So it’s going to be interchange.
Check them out. They can become pretty big. It is hard to swap daily, meaning NSBT swaps.
Can developers make subscription for NSBT swaps? Somebody should just code a bot. Strange because it’s application on top of the core functionality. Somebody has to code it and auto swaps.
I’m not sure. Can you increase the limits for swapping accounts and decrease it for non swapping accounts? I think actually you can come up with this proposal because we have to go through the governance. If we do it without asking the community, I don’t think people will like it.
So you can just make a proposal with the neutrino doll. What’s the best opportunity to earn Waves in the short term? Tsunami for sure. Yeah, tsunami is a great product.
I agree. The guys are doing their best with limited resource and it will pay off for sure in the future. Why is west going so bad? I think there is going to be more news around ways enterprise public chain soon.
It’s not the priority now but because there is some other things that have to be done first. But there is a lot of ideas about west as well. How is your search for this is going? We have something coming.
Maybe it’s not going to be too huge, but let’s start with something end of June. Did I answer to? What? Yeah, because you participate in little chats somehow we have made this proposal to the miners and we have to wait whether they accept it or not. And depending on that, we will move forward.
So there can be like different strategies. So we will have to wait a little till this proposal is either accepted or declined. How relationship with soros going? Mafia France? We hand.
Yeah. So we are good friends. Yeah.
So of course. Um but they don’t give us money. Source is very greedy, unfortunately.
So, guys, more questions. Can we have Saudi prince invest into Waves DAO? Okay. It would be good, actually.
Yes. Let’s maybe launch it without him and then we can present it to him. And if it looks good, he’ll be ready to invest.
Because I explained it to you guys last time. I don’t think it’s very easy to raise money in Dubai or in neighboring countries because there is not so many shakes. But a lot of people want something from them.
It’s complicated, but doable. But it takes time. Of course.
It for example, maybe, you know, Telegram and Telegram raised some funds from local people as it’s like it’s common knowledge, it’s public knowledge, but they are here. They have been in Dubai for I guess like six years at least. Maybe even more, actually.
And they raised some funds only last year. Oh, my laptop. Is that guy let me yeah, it’s okay because I’m charging my phone with my laptop.
What’s up with 2.0? Yes. So we basically have a plan for waist 1.5,
so to say, and it’s been actually developed already and with 2.0 will still have to be finalized because I just don’t want to do something that could help us with short term, but will be useless in the long run. So we have to do something really interesting.
And it takes time to come up with this. So we have several ideas centered around zero knowledge proofs, but we still need some more time. But at the same time, wave development is moving forward and we’ll have some very nice features in the current network.
When will be the next Glitch? My Glitch meter has a Glitch, so I can tell when. I’m sorry, what will be in 1.5? No, zero knowledge.
There’s going to be some optimization for smart contract execution which will actually increase the throughput. And as for fee burning, we can include this as well. But we have to discuss it again, maybe within the team and also with the community because it has to be done properly and maybe finality.
Finality is a nice feature which will have to be implemented at some point. Maybe we’ll implement it in the next release together with state changes. There is like this idea to push state changes into the network without making the nodes execute the smart contracts.
And it works actually with our consensus and it will increase the throughput considerably. It’s a very nice feature. It’s like doing zero knowledge proofs without zero knowledge, so to say.
I will have to explain maybe in more detail later, applying features without owners permission. But you can fork the network very easily like that, and there’s going to be like not Waves 2.0, but two waves in Allegh, two different chains.
BTC, all tokens are being bought back as well, unfortunately. When WSG are sorted out, will the tokens be deprecated or will they continue? They will be deprecated, of course. Yes.
Okay, guys, I think I replied to most of your questions. Let me make some summary again for the next week. So the minor proposal is live.
There is two new features that the miners will have to vote for or against. And they will be on the main app next week for you to load on Turkey Doll, which is I think important for public perception always. What else is something else? Because there is a lot of things and every day brings something new.
I’m sure that the next week won’t be different in this regard. So guys, thank you. Not so much fat during the AMAs.
Where all the fathers gone? You make it more exciting actually, when you thought come, come next time. Say what? Say or something wrong with my visions. What does it mean? Sasha? Say penis.
Penis. Okay, very funny. You’re like, you’re so sophisticated.
How old are you actually? Twelve. I can’t speak Japanese, guys, I’m sorry. Christoph.
Yes, I will check. Yeah, remember about your ideas. We need to do something on Sam kawaii netherworld art.
Actually. Where from? Our Japanese. Very interesting.
You are 22. Okay guys, so see you next week. I love you all.
Power to the people and ride on waves. Bye.