Waves AMA 5/12/2023 (2nd video)
All right, guys, let’s try to do this in this chat. Let’s see how it goes. It seems to be working perfectly and the video quality is quite good.
So let’s try to do that here in our favorite chat, which we launched recently. But I think it’s working quite well. It and serious questions are being answered, but at the same time, there is no censorship here and people can say whatever they want.
So I like it. Let’s keep it going, let’s keep it up. I think the idea now is to scale it, not to increase funds, but increase the number of people here, because I think sometimes we have a quite productive discussion.
So let’s get going. So that’s how we do it, the way we always do it. I will cover some topics from the last week and then you can ask questions and I’ll be answering them.
So what was happening this week? Just now I was told that BTC transactions on WX old gateways were canceled. There was like deposits that were stuck in a limbo and now they’re canceled. So as we promised, transactions have to be canceled first.
The audit is still ongoing, but we were able to cancel the transactions and the buyback for people coin tokens, all gateways have started as well. So I think it’s quite important we are moving forward. It’s not fast, but we still are.
The process of canceling the transactions is harder that you might think due to some legacy that we have in the old gateways because they have been functional since 2017. There is some legacy, unfortunately, and there are some stock transactions and it’s pretty hard to cancel them because you need to make sure that they were not actually sent so as not to create a double spend situation. So BTC canceled buyback started two important things about the old gateways.
What else? What’s next? Yeah, so last week I have published proposal for the miners in waste ecosystem that would allow us to resolve the current situation faster, because we have a situation with XTM that has to be resolved and we have some other situations, as you know. But miners proposal is meant to resolve external situation mostly, and at the same time there is an idea to engage miners more so they are able to participate in the upcoming Wave Doll. This thing would need to be done in any case, and I think it’s a good moment to combine like resolving the issues and enhancing the governance on ways to enable more engagement from the miners.
Not only they just collect some stake in interest, but they need to be more active in governing the ecosystem and it’s a good moment to do so. So I published a proposal. According to it, 33%, like one third of miners profits goes to STN buyback, another one third goes to the doll and the rest goes to the miners.
As it worked before, it’s going to take some time to implement a proposal and there’s also voting so the miners can vote against. I will actually argue that they should vote for it and I will be explaining it and we have had some fruitful discussion with them. But let’s see how it goes.
It’s not like set in stone and the miners might not vote. It’s a possibility because in any case the miners should be like the people who decide where the ecosystem moves. So we have to explain to them, I have to talk to them to explain why this is necessary, how it can help.
And I think it will help really a lot because situation will be resolved through this over time, not immediately, but people will see some kind of like prospect, they will see the future where it’s going and it can be quite important. Also they will be able to participate in the governance and this should be more profitable because the idea of power dow on which waste dow is built to make sure that people create effective dows, if they don’t, they lose money. People who make decisions.
So they should actually increase their profits from money, not reduce them. This is a goal here. And I have some other ideas about XTM that I will probably announce next week.
It’s going to be also ada related. And I did announce one idea that I had for XTM. This is a trading box for XTM that buys major cryptos because I think there is a chance of Bull Run actually and we don’t want to miss out on that.
So I think that we can actually use XTM that we have to buy major cryptos such as Bitcoin and then basically it increases the value of XTM because there’s going to be a trading bot that makes money when Bitcoin stays in range, like when it doesn’t go up or down much, or when it goes up. When it goes down it probably loses money, but some of it is compensated by the trading algorithm. So I think it’s a good idea and that could also maybe create some kind of future for extend.
And I basically tweeted this week that let’s make extend great again, something along those lines. And yeah, I can see a future because hard packed stable coins, that is like stable coins that are connected for example to dollar price actually have some drawbacks. I think it would be cool to create an asset with low volatility like national currencies that could be used in future as a currency.
There is some idea behind this. XTN is not going to be a hard tax. Stable coin should eventually eventually, once this situation is over, it should become a low volatility asset.
And I think it’s interesting, it’s more interesting than creating another hard packed table coin. So what else? Pepper bridges are launching. They launched Bitcoin this week and Binance Smart chain because Ethereum commission fees are very high and it’s important to integrate cheaper chains.
Liquidity is coming. It’s very slow. I understand it’s like a couple of hundred K liquidity, but it’s just launched.
So next week there’s going to be pools on WX within new tokens. So there’s going to be incentives and I think more liquidity should be there. So it’s just starting.
It’s going to take some time, but it’s moving forward and the bridges are working perfectly. Knock on wood. So that’s it.
I have a couple of questions from the community that were prepared by the team and I’ll answer them and then I’ll allow you to speak. Good questions. Yeah.
Any progress in Turkey, doll yes, there is some progress. We have a partner in Turkey who is helping us with local stuff and it’s very important to have some local partners. So Turkey Doll is basically about creating a mechanism for fundraising.
So we’re not going to be donating on our own. Let’s make sure because people are asking, guys, you’re having so much problem how you can do charity. We are like, creating the mechanism.
We’re not donating money. I did donate like 50K from my own ways to Turkey, but that’s it, basically. So we need to create some kind of mechanism for people to do fundraising in a more efficient way, like charitable fundraising.
And this is what we’re going to do. We have some partners, there is going to be some inauguration event. So it’s moving forward and we are preparing as a proposal for the Turkey Doll, which should be announced, I guess, on Monday and let’s discuss it then.
I think a lot of people from the Turkish community will be willing to participate in it. Yeah. Next question.
Sasha we miss waste ducks. How is it going? Yes, waste ducks are still there. The team is quite independent, actually.
It’s like totally independent now. It’s not going to go away. They have their own pipeline.
I’m maybe advising a little bit, but they’re moving forward on their own, I guess, so won’t fly away for sure. They’re going to stay there and we will be working, the team will be working on the mechanics of the game. And I think there’s not going to be any huge events, I think, next month in Waste Ducks.
But they will be working on the game mechanics and getting ready maybe for a better moment to do some kind of like massive campaign. So I have a lot of ideas regarding Waste ducks, but probably this is not the best moment to push hard. So we need to basically focus on ecosystemic issues.
Once they are resolved, everything will fly, including the ducks. So to summarize, waste ducks are still with us. The team is independent and they will be working on the existing mechanics, improving them and waiting for the right moment for a big marketing push.
That’s it. The questions are over, guys. If somebody wants to ask me something.
Yes. Everybody can say whatever they want to say I never use this application. Yes.
Hey, so bear with me because it’s kind of yes, you are on. Great. So apparently you’re going to start to collect trading fees in order to pay out the pending withholds why is that even necessary? I thought the funds would still be there.
In any case, we need to do that because we will announce the results of the audit once the audit is over. And it’s going to take us some time. But in any case, we need to make sure that people who can want to exit and sell their old gateway tokens can do that because we have been receiving a lot of requests.
So basically we have two types of requests. Some people want to exit and they’re asking to cancel the transactions as fast as possible. And the other half is saying, no, please don’t cancel.
So there were like two camps here and actually the second camp that doesn’t want their transactions to be canceled can just wait because nothing will happen to their tokens. They can just once the audit is over and we understand how much liquidity we got, depending on the liquidity availability, we will be enabling the withdrawals again and they will be able to withdraw, maybe not like immediately, but this is going to be an option because they don’t have to sell. Right now, we are not like asking people to sell, but some people want to sell.
So we need to find some balance here. So you’re saying after all these months, you still haven’t figured out where all these funds are? After which month? How many months has it been now? I don’t know, like half a year or something. And people haven’t been able to withdraw their funds? Just figuring it out.
As you know, we have very old gateways. They’re like 70 years old. And you might not believe me, it’s okay, but it’s pretty complicated and you need to really figure it out and taking some time because this is not obvious.
And actually I can’t announce the results because I understand actually the situation, but it’s probably a little bit too early to say because there’s going to be some kind of more official statement once the audit is over. But believe me, it’s taking time and we started it basically not so long ago. It’s not like six months.
Fair enough. I’ve got another question concerning virus. And frankly speaking, I’m a bit amazed about the fact that waste exchange with rolls are causing such big issues because those are tiny sums compared to the amount of stables that are stuck.
So to say, on virus, we’re talking about more than 100 million of nonvested stables. So what happened to the money and what are you going to do about it? Because there are still a lot of people stuck in there about what just like virus situation you’re asking just clarify what exactly you’re asking because virus is actually the situation on virus hasn’t changed in months. And what we are trying to do because as you know, there is XTM stuck in the collateral.
And the only way to resolve the current situation is to make sure that people are able to sell their XTM at a decent price, close to one dollars. There is no other way the situation can be resolved. So we’re working on that.
Still, there were like a couple failed attempts, which I admit, but we are still working on the same thing. So we are trying different things. In current situation, you just can’t result with money.
If we could, we would, but in this situation that we are like facing now, we need to come up with some solution based on incentives, fees and such. So you just can’t result with money, unfortunately. So virus situation probably you’re not following, I’m not rolling you because it’s like kind of like the question is a little bit strange because you should know actually what we are doing is the same that we have been trying to do during the last month.
Basically, we’re trying to increase the value of XPM and make sure that people are able to withdraw their XPM from vesting, maybe not in one shot, maybe slowly and sell it at a decent price. So a price now is not decent. And we need to come up with some incentives, ideas to make sure that there is more utility to XTM.
Maybe like API and pools. Maybe some dowels for XTM. We need to create additional incentives to prop up the value of XTM and make sure that people are able to sell or use it at least in such a way that they are not facing any financial loss.
So you’re saying all those people who deposited USDC and USDC and all those other coins, they basically rely on XTN to go back to its former price? Don’t be offended, but how is that not a rug pool? No, but it has a situation. It’s not happening now. The situation is the same for a year.
Yeah, I mean, it has already happened. But how wasn’t that a rug pull then? If everything depends on XTN anyway? I don’t understand really, just please reform relate to your question. All right, I’ll explain as simply as possible.
People have deposited USDC. USDT, BTC. And all those coins.
Yes, well, you’re claiming all those coins, they rely on XTN to go back. So it was rocked. I mean it’s literally they got yeah, but why shouldn’t have, why should you should have asked the question a year ago.
Because we’ve been dealing with this for a year already. Exactly a year. Well, a lot of people have claimed we have had the situation for a year already.
So collateral is only in XTM. So I probably can convert it XTM to UVC and USDT as well. But to do that, we need to increase the value of XTM because what is in collateral is only XTM and there is no like USDC or USDT.
Unfortunately for people who didn’t decide to do vesting and they still have unvested balances on Virus, we should probably come up with some other solution as well. And Virus is like we’re launching now with the new tokens, new gateway tokens, bridges, tokens, and there’s going to be more volume hopefully on various and probably we can come up with some idea to compensate people who didn’t decide to do vesting from the protocol profits. Maybe there is like 10% of protocol profits that are going to holders right now.
Maybe we can actually add another 10%. That goes to people who didn’t decide, who didn’t choose vesting. As for rug pull, really hard to comment on that.
This is the situation that we are facing. You know, nobody pulled any rocks, you know, so basically yeah, but what if you’re saying nobody got rocked, what else happened? I mean, if everything relies on XTM, everybody got rocked. Yeah, every depositor.
Do I need to explain what happened? Everybody knows that. So basically no, actually no collateral. No, I can explain.
Sure, we’ve been dealing this for a year basically, so it was like that. So basically there was XTM in collateral. And when this situation started to happen with bear market and a lot of thought around waste and in crypto in general, crypto market went very abruptly down and that basically depend very hard because waste price went down.
And to cover the interest on Virus, basically because the debt was assumed, we had also to sell XPM and we had to sell waste. It’s not only us, but we had to sell it as well. And we basically sold everything we had.
And that led to the current situation when the collateral is basically not matching the amount that were borrowed. It’s like it’s a bad situation. Usdxt was unable to be working properly under those conditions.
Unfortunately. It’s like a black swan event. But of course there was a problem with architecture, which I fully admit, but this is what we have currently.
We need to resolve the situation and the only way, the only way to resolve it is to make sure that XTM is great again. And there is no like it can be either. Like we can either forget about the situation, say okay guys, you lost money, but we’re not going to do that.
So the only option we have to resolve this is to make sure that XTM works and has value. That’s how we can resolve this. And this is what we have been doing over the year.
There were some additional events that actually were not public, unfortunately or fortunately that didn’t allow us to stick to the plan. Not stick to the plan, but execute the plan. But we are still on it and we’ll do that, we’ll make it.
So it’s a matter of time. I hope I answered that question. Well, not really.
I mean, you’re claiming it was not a rug, but at the same time it sounds like the same that happened to UST and Luna. It’s basically the same. No, it’s not the same.
Actually, in last situation it was much more abrupt. We had some checking balances in place not to allow that. So it’s kind of similar, but it’s like protracted in time.
I don’t know about situation much, but nobody, neither creators of USDM or anybody in this team has made any money off of this. So we lost basically everything. But it’s okay.
It’s not important in the long run. Who did then? That’s the question. Who made money? Yeah, who made money? Shorter groups.
I have a couple of ideas about more to say prominent guys, but I can’t tell you why not groups have made because it’s not going to be useful. How is it not going to be useful? I mean, it was useful to USD and Luna. Nobody, nobody actually knows what happened to Luna.
Who made this crash? Who created this crash? So you can only make some accusations and they’re kind of like unfounded. So in general, I kind of understand what happened to them, but I definitely don’t know any details. And it was orchestrated, obviously, but I’m not going to discuss it.
I’m not interested. And the same applies to our teacher. But the community is I mean, if you’re claiming, you know, there was a shorter group, so why not disclose the information? For example, Vadimir showed some small account on Twitter who was trying to short XTM last week.
This is a very small account and there’s like many accounts like that. It was just a proof. You basically just have to take a look at what the email from Puzzle published last week to understand.
Are you talking about that USDN or USDT, whatever that denominated government? Yeah, something like that. One small example, these are like different parties and this has been happening for a year. So it’s okay.
It’s okay. Because if you are vulnerable, somebody is going to use your vulnerability. It’s okay.
I’m not even mad at them, so it’s okay. But we have what we have. So next time we have to be better prepared.
Maybe actually we shouldn’t participate in this rat race at all. I’m not probably going to be focusing on other hard, tax stable coins because I don’t think this is a battle that we should be fighting. But in any case, if you’re vulnerable, somebody is going to use your vulnerability.
And this is exactly what happened to waste because we were not prepared. We had a lot of other scenes going, had to move like all the people out of Russia and looks pretty crazy, a lot of things. But it doesn’t matter.
It doesn’t matter. The only thing that matters how it’s going to end. So we are on it and nothing can break my will, for example.
So I’ll be fixing this chase until it’s fixed. And nothing can break me, you understand? Fair enough. Okay, cool.
Next speaker please. Our Turkish. Hello again, long time supporter.
Hi, Farah. How are you? Fine, you? How is it going? Yeah, it’s okay as always. Okay.
I have some explanation to sue and some proposal for external situation. The same question that sue asked. I am asking to Binance since ten years, I think who earned the money? Just two days ago we saw a market crash, sudden crash at Binance just because of a stupid fat.
Some people made money finance exactly know who are they because they have customer knowledge. They have everybody’s information. They know who want the money exactly.
By their phones, by their mail address, by their real address. But they don’t explain it. I’m asking these questions to Central Exchange since years.
It was so strange that sue asked you this question who won the money on virus? Just a few days ago sue asked me at the fat channel. I am complaining about Central Exchange manipulations over the years. But now he’s doing the same thing over to you.
I’m not defending you by the way. At wire situation someone made rackpool Central Exchange, alameda and Hacker. You? Maybe.
I don’t know. I don’t care also. But we exactly know someone made it.
It will not solve the problem that we have now to speak this. It will not have anything. What happened is happened.
We need to do something to fix the price at wireless station. As I understand, people deposit money ustt bitcoin ethereum at a wireless and someone took it and left just XTN on virus. There is no coin on virus now, as I know, there is just XTN debt.
And as I know you own that app. You said I will pay that app but there is no coin, no bitcoin, no ethereum, any other thing. There is just XTN, as I know.
And you said you will pay it, but it will take time. As I understand, if XTN becomes normal one to one to US dollar, there won’t be any problem because you will buy back that bitcoin ethereum and pay to people. But that’s the problem of ours now.
XTN is not one dollars and as a community we should try to work to fix it to one dollars again. And to speak about what happened at past will not help. If we stick to what happened on the past we will not solve anything and the system will not work.
We can’t do anything. That’s my explanation. So everybody should support or you should leave.
You should take the loss and leave. That’s it. I don’t want to choose to accept the losses of waste or XDN.
I have tons of XDN. I have tons of waste. Tons of waste.
I don’t want to accept that. I want to fix the problems for the community, for myself, for everybody. At last I made a proposal and you said we’re going to do it we will do something like it.
I really liked the thing you said about the mining redistribution. But there is just one thing. I thought it would be separate as I said to do wavestakers and for extean.
But I just couldn’t understand why Burnick extend? Because I thought from the six waves two ways will go to external reserves, not a buyback. From my angle it’s not a good way to support it will be better to support the reserves, not buy back HDM and burn HDM. Yeah, actually I can explain why can you still hear me? Yes.
Can I write? Okay yes. Basically, I was applying to express question why we don’t add waves to the treasury directly. Because that’s how we had to change the name of XTM.
Because we had some pressure from Korean exchanges and finance and they were really bent on us changing the name and making sure that people understand that it’s not a stable coin anymore. Otherwise they basically could have and they would have actually delisted ways and that’s why it’s dangerous to play with this thing because this is what exactly Luna was doing. They tried to connect they tried to connect consensus of the protocol to their stable coin which hasn’t really worked out for them and people are afraid of that now.
So if we announce that now XTM will be backed by wave money that could create another batch of serious problems for us actually situation you can’t print new waves at Lunar Station people can cultivate possible to explain anything. It’s impossible. Yeah, I know it but you need to explain it because you can’t but you can’t explain, you just can’t.
You cannot because they have an agenda kind of like they’re saying that there is a huge similarity to Luna although there is none and that you have to disable it. So if we connected inflation and waste to XTM directly we would have waste delisted it’s not the end of the world. It wouldn’t be the end of the world but the community wouldn’t allow it, that’s for sure.
So I’m just trying to find some balance, some middle ground between what I think is right and how the community reacts to it. So I think for now it doesn’t make sense. If we get the listed it’s not going to be good.
So let’s just make sure that we are not being too extreme with what we do because we could increase inflation by an order of magnitude or something but it’s not going to work. So let’s just stick to the plan and let’s make sure that this plan will be executed. It doesn’t have to resolve everything in one shot, it has to be consistent and over time we will make sure that everything is going to be back to normal.
Okay. And what about adding new collaterals to XTN? For example ethereum or another coin? Yeah, I published the proposal last week in the neutrino chat and it’s not adding a letter of directly to the treasury. Something else.
It’s like using XPM which is released from Besting to buy and trade Ethereum, Bitcoin and other major cryptos and I think it will work. So we could also create incentives for people to add majors to the treasury but I don’t think it’s going to work now. So we have to make the situation a little bit more scale because at the moment, let’s be realistic, nobody’s going to issue XTN with Bitcoin.
Let’s just be realistic. So there is some legacy and the legacy is bad. So we need to turn things around and after that there is a chance that people will be doing this.
But for now we need to create more realistic incentives and more realistic plans should be executed. For example, using XTM to buy a Bitcoin or Ethereum could work in case we have some kind of a bull run situation which is possible. So this is what I would focus on and this is what we will be proposing maybe like in more detail.
I just made some basic proposal. We discussed it in the entry, not chat. The response was mostly positive.
So we need to work on the details and maybe we can have another route of discussion and implement the theme because I think it can make all of sense. So I would like to respond to ATSE if you can still hear me. Sure, yes please.
At SEC. I have no clue why you would bring up Binance. I mean everybody knows that Binance is probably involved into shady things.
I mean that’s not the issue here. Are you trying to justify something? I don’t understand the issue. The issue here is that Waves Exchange tokens were supposed to be backed one to one and by now everybody knows that’s not what happened.
I mean people are trying to tell us some fairy tales about accounting or whatever but I don’t think that’s actually the case. Tell us what was the case? Yeah, those tokens were not or they were used for something they shouldn’t have been used for. I mean, whereas other tokens you can’t tell me.
Let me finish please. I don’t know, maybe you were longing or shorting ways, I have no clue. But you can’t tell me you can’t find those funds for it has been months now.
Second of all, for example there was a gateway address. Gateway address? Why were funds tunneled through tornado cache? Why did that happen? I know why I will tell you because some people are not responding to our request for information. You’re basically saying man, you’re something else.
You’re saying that I took the money personally from the public address that I have published sometime before the event and I sent money from that account through to another cash and cashed out. That’s not what I said. The funds were not backed.
I said the funds were not backed and. I said some funds to another cash? Yeah, because that’s what happened. I want to know why I sent money from a public account through to another cash.
Someone did? Yes. Okay, but you’re saying it’s me. Basically.
Maybe the possibility is there, but in the end I don’t know who it is. By the way, I prefer it anyway because you need to understand that you’re very, how to say, stressed and frustrated and that is cloud in your vision. You can’t think straight and you just can’t add two and two together.
It’s like anybody with some understanding of crypto could see what actually happened and we will maybe explain it in more detail very soon. But I feel like kind of like so instead of actually explaining what happened, you’re claiming I don’t understand what happened. That doesn’t make any sense.
I just told you let me repeat about the rock pole situation that you’re asking. No, we’re talking about the gateways right now. We’re not talking about any rockpool.
We’re talking about the gateways. Rockpool or gateways. What do you want to talk about? I mean, I just told you those funds obviously were not backed.
And I also ask why would anyone I don’t know who operates those gateways, but why would they funnel funds through tornado cash? I mean, why? What’s the point? Yeah, they’re not like no, wait, what? Toronto cash? It was a virus account. Public virus account. And tornado cash is connected to the public virus account.
Has nothing to do with gateways. Please. What do you mean it’s connected to a virus? It was a public virus account.
You should do some homework because this is always the same with you. You’re twisting things. There is a public always you come, you say some bullshit and you leave it’s.
Okay, but okay, this is a pattern. It was a gateway address. No, there was like a public US account and there was XTM, and it was 3 million, and it was, like, transferred from that account, sold for tables, other tables, because XTM was table at the time and it was wandered through another cache.
Yes, this has happened. Yes, exactly. But it has no connection to gateway situation.
This particular case, tornado cache scene is XTN or USDN. It was USDN back then that was stolen from, like okay. Transferred from the public account, sold on ways exchange for tables, and those tables were sent somewhere else.
Return on the cash. This is what happened. It was always that one account.
Very convenient either way. That virus account you just talked about. Yeah, but the money was transferred from it like it’s on chain.
It’s on chain. You can see that. Like the transactions going from that account to waste debts.
You can see being sold for others tables. You can see those tables, like, being sent away or the serial amount. Remember what it was.
So this is what happened. So you should basically not twist things because it’s not what happened. We can discuss the rock pool as well if you want.
Yeah, no, I mean it’s still about the waste exchange tokens that aren’t bad. Yeah, obviously let’s discuss the rock pool as well because it’s like all right, so basically if there is a rockpool situation, basically somebody made money with that situation. Who that party is basically tell me who made money with so called rockpool? I don’t know.
That’s what we’re trying to find out, aren’t we? Where is that money? Okay, where is that money? Where is that money? Obviously it went to Binance afterwards. Nobody knows. So we should ask it to buy sincere I am telling to people to buy us know who has that account, who transferred that account.
Exactly. They know who made the money. People ask.
I could also ask you what about all those virus proposals? Well, you can’t really call them proposals. I mean those feature changes please do, please ask me. They were pushed through without any kind of vote and you call them emergency updates.
Of course, only one thing like that. I don’t remember which there was selling. So we were unable to come up with the right parameters and people started to sell extend like crazy and independent and that’s when I stopped wasting.
Yeah, I regret that it was like some kind of dictator type of decision. I shouldn’t have done that. Okay.
But I was like we really frustrated that we were trying to keep the pack and we just couldn’t find the right parameters and people started to sell like crazy. Alameda guys I think mostly because they have XPM investing. It was before the crash for Alameda and we had to stop it.
This is the only thing. All the other things went through governance community voted for it. You can track those votes on chain.
The team voted for some of them, but it wasn’t a majority voting because we were able to maybe explain the reasoning to the users and they voted on their own. So it wasn’t that we just imposed those decisions on them. It wasn’t like that’s.
Okay, who else wants to speak? Because it’s like almost 1 hour but we are discussing with only two people who are asking good questions. Yeah, actually one person, but it’s okay. Who else wants to speak? Guys? Okay, some questions from the chat one.
Okay, so I told people that I wouldn’t be replying to the questions from the chat. But since you don’t want to speak my little father, it’s okay for me to get some questions from the chat to pick some questions, some nice pictures here. What happened to CRV token and funds on curve? As far as understand, there is still some XTM on curve but it’s very small amount.
Are there exact audit deadlines one by one starting from next week? We’ll see. We p six. Could you remind me what it is actually a new plan to pack XTM.
Yes, we need to create more incentives. I will announce a couple of ideas next week and I’ve already announced one. This is trading bot that buys a major crypto for XPM and sells it as well.
So there’s going to be some market making, should be potentially profitable coming node update? Yes. The proposal for the note next week, it has to be coded. It is going to be on test, not first and then on the main net.
What makes with Doll to be profitable? Is there a better investment strategy? How to generate alpha if it is because of the governance? Who are they and what makes them good decision makers regarding crypto investments? So you can participate as well. Of course, anybody can participate and there is some skin in the game because you basically stake your own tokens. If you make some bad decisions, you are slashed.
It’s very simple and it should create some incentives to behave and make sure that decisions that we are making make sense. And anybody can participate, but anybody has to have some kid in the game. So it’s not participating for nothing.
You have some accountability and recourse. So this is how it works and this is how this governance model, which is very simple actually, but it hasn’t been tried before in crypto and I think actually it should work. Let’s see how it goes.
So it’s an experiment in any case. I understand that, but the logic behind it is pretty simple and I think it should work out. So if you want to participate in the experiment, I think you need to become one of the governance of the way it’s dal.
I think we will decrease the limit for the participation to one token next week. Yes, I have some interesting questions. Okay, yeah.
So next week there’s going to be some updates and everybody’s invited to participate because whatever some people say, it is very nice because it’s a great moment to really turn things like around and maybe start something totally new in crypto, like an ecosystem that doesn’t have a single beneficiary. Because I think waste is the most decentralized ecosystem now. Nobody in the team has waves, it makes waves the most decentralized ecosystem.
So we need to push it further and we need to make sure that the only beneficiary of everything that is happening on waste is waste community itself and that you decide on everything that happens inside it. And I will be totally happy if it happens because this was my goal all those years, basically. Some other things maybe didn’t allow me to implement this vision, but now the time is right.
So you’re very welcome to participate and I actually will make some announcements next week in terms of what else we can come up with in terms of funds for waste. Doll but let me do that next week. I have to prepare some details so you will be able to manage those funds.
Not only the funds that you come up with, but also some other funds. Please don’t forget that if a minor proposal is accepted, there’s going to be some consistent cash flow from the money to the waste doll. You will be able to decide what to do with that cash as well.
Explain continuation transactions a new feature in upcoming node update. I don’t know where we saw that. Actually, continuation was an old idea that we didn’t execute.
We have some other ideas that will be launched in the next release. This is about making processing faster. Basically, I think the processing of transactions will increase by an order of magnitude in the next release.
And it’s a very simple solution, but the consensus that we have on ways so called chain based consensus allows us to do it. So please stay tuned and we’ll be able to increase the difficulty, maximum difficulty of transactions and it should actually increase the throughput, hopefully. Hopefully, I guess the goal is to increase it by an order of magnitude.
And there’s going to be this thing with L Two EVM l Two based on Snarks which shares the state with L One that hasn’t been executed before. I posted this idea as well. There are some details that has to be worked out, but the idea itself is valid.
I’m like 99% sure. So we’re going to be working on that as well. What is this? This is somebody part.
What was that like? Okay, either a lag or something else interesting. It show it again. Yes.
Some more people here. Okay. I just didn’t know.
I can’t see anybody wishing to speak, please. But how can I enable them? Teacher Clark? You can ask me. Thank you.
Sasha, what’s your plan for the marketing without money? Yeah, a lot of work, man, a lot of hard work. Hard work conquers everything. Money does not matter, only work matters and will to win is very important.
Money, shit, forget about money. Okay, so there are marketing without money. No, basically we will raise some money from maybe some VC funds.
I’m not trying to be used here. Money is important, of course, and we’ll be trying to raise some funds and revive the ecosystem, attract more people. But money is not the most important thing.
You got to have a vision that you want to implement and I think we have it and the money will come. The money is just fuel. Without an idea, without some clear vision, no money can help you.
So you need to have a clear understanding of what you want to do. And I think we have it. So money shouldn’t be a problem.
Thank you very much for your answer. Thank you, man. Thank you.
Always a pleasure. If there’s no one else I’ll ask with this, okay, sure. Yeah, speaking here, I’d like to ask about all those Algo products.
I mean, we do know all those funds went to binance, but there is no proof those funds actually came back. What happened to those? Elgar products are being phased out. There are some people who haven’t exited yet, so they’re waiting until they can exit without a loss and it will happen.
We didn’t succeed with Algo and those trading bots were successful, but not in that environment. Since I’m responsible for everything, you can consider it to be my fuck up. So those bots were working fine, but when you have two things with smaller amounts of money, when you have a slippage situation, it’s changing your results.
And also when you have LP tokens, there is some situation when a newer participants in Elgato were able to somehow take the profits from the old participants because it was some kind of like an open ended fund that you could enter and exit any time. And there is some spheres effect, I would say, that allows you to somehow if you can for example, enter the fund when it loses money and then it started to make money again, you can withdraw your LP token in such a way that part of your withdrawal is taken from the old depositors. So it’s hard to make it right because centralized funds have some corrections in place.
So they recalculate the price of the share price. They recalculate it based on some handling algorithms on chain is really hard to do. And that thing was quite visible, unfortunately.
So algae products were not successful, unfortunately. And we are feeding them out. So currently there are some people who still didn’t exit, but the amount is quite small.
I think it’s maybe a million or two and they will exit into time. Nick? Yes. Nick, more questions.
Nick barrel is here. The guy who supports us all the time. Yeah.
Hey, man. He’s going to be very optimistic and positive compared to the previous speakers, but it’s okay. Yes.
Let me just yeah, it’s like yeah, Heinek yeah. Hi, Nick. You’re on Sasha.
Can you hear me? Yeah. Hi, Nick. How are you? Hi.
Okay. Sorry about that. I’ll do a video chat.
You can if you want. Sure. Oh hyman.
Good to see you. Like, we’re brothers. Yeah.
I have to say the Fudge chat is probably the funnest chat in the world. I think that was a good call on your part for the put the FUD chat in there because it’s so funny. Some of the stuff people I definitely recommend it.
I like it as well. It almost feels like how crypto should be actually, because it’s a bit edgy, it’s a bit tongue in cheek. So I do think it’s quite cool, actually.
Just had a couple of questions. I’ve been away for a while. I still don’t understand this Wxg thing.
Could you explain it just sort of simply for me? What is it? What does it mean? It’s been around, I’ve been reading like the white papers and stuff, but I just don’t get it. STM is going to be some kind of like an index asset basically. So it is backed by a basket of crypto assets and it tracks their aggregated value.
It’s very simple. So you have potential, you have lower volatility in this case. And also I had this idea to launch a new stable coin, allow that which would be working like that.
Basically it would be something like die but it would allow participants to basically make profits. When this coin is traded against major cryptos, basically there’s going to be some speculative interest for issuing the coin. So people bring for example, their bitcoin to the treasury.
A new stable coin is issued with over collateral and their stable coin is issued into the market. Like tether basically is issued into the market. What tether people do, they are basically issuing new tether and selling it’s kind of like unbacked.
I’m not saying they’re bad guys, okay guys, but this game is kind of like highly dangerous sometimes. But what they do is they are issuing you tether and they sell it for bitcoin and that tether becomes backed by bitcoin eventually. But I would have hand that with explicit backing from the beginning.
Basically you issue some tether, you over collateralize it with bitcoin and then you go buy more bitcoin so then it could actually be more safe, to be much safer. And this is what I wanted to do with a new table. But I think we can implement the same idea with XTM in due time because there is a lot of tokens in circulation now and I think the supply should be too many to implement that it’s too much, too many tokens with 600 million XTN, how are we going to fix that? Yeah, basically one of the ideas here.
Yeah, we burn it with the cash flow for mining. This is the idea we got implemented yet. I think it’s going to be a good thing.
It’s going to be a good thing for the community and I hope the miners will be on board with it. So if it gets voted for, what happens? One third of waste mining cash flow goes directly to XT and buyback and after that it is burned. So this is one thing and we have to maybe launch the trading bot and it can be done independently.
I don’t think it needs some kind of approval from the community because we will just create a trading bot and we will allow people to deposit their XPM into it. If they don’t want to, it’s okay, no problem. And on top of that we need to create some new projects that use XTM.
And my idea would be a doll that works with XTM. I need some more time to work on it though. So next week I will announce it.
The goal is to increase utility. The goal is to burn excessive XTM and the goal is also to add something to XTM treasury which is not waste related. Okay, unfortunately we’re in a pretty bad state now.
I fully balance that. So we need to have some cryptos with more traction and more support. Do you think it’s a point though that you saw me, what I was chatting on the FUD chat earlier about why don’t we just kill XTN? Just convert it into Waves and be done with it can’t really kill XTN because a lot of people hold it and as you guys are beginning, basically so it’s can we just convert it, convert it to Waves or it doesn’t work like that.
Probably is going to be pretty hard because there is not enough waves in XTM Treasury to fully convert it. So we need to add more tokens. We need to create some mechanism.
You can’t resolve everything with money. Unfortunately, it would be awesome if we could do that, but unfortunately it doesn’t work like that. So you have to come up with some actual ideas sometimes and those ideas should attract money.
There’s plenty of money out there in the crypto world. There’s trillion dollars out there. But like you said, it’s not just about money, it’s about creating the ideas.
The thing with Waves I’m still trying to get my head around is what problem does it solve that’s different than say, Ethereum or Salana or Ada two scenes mania. So it’s one thing is about community. I hope that we will be able to create a different community.
So we’re in a bad shape now. But my goal is to make sure that the only beneficiary from everything that happens on waste is community. So for that we need to create new governance models.
For example, such as Power Dow that would enable community based governance in such a way that everybody benefits. This is like community and maybe organizational, societal part of it. Technically, waste is meant to be very cheap and fast.
So it has to come up. That was waste all the time. Basically.
We were incredibly cheap for L One and still are pretty fast. Currently our L One is as much as usable. It’s really fast.
It’s really fast. It’s as fast as Salana, really. Partnering with different crypto groups.
Are there any people out there that are like Waves, that maybe we could put our projects together, put the idea like waves and such and say maybe one standing alone is kind of hard. But if we stand together as one group we could introduce some different aspects of communities and mix them a bit and kind of kind of I’m very open to partnership. Yes.
So we need to maybe so Power Golf, for example, could exist on other chains. It’s very agnostic. It doesn’t have to be limited to waste chain only because it’s not about the tech actually it’s more about the process of governance so it can be transferred to any chain.
And I think we will have an ethereum version of it. And also we are launching not immediately, but we will launch an EVM also because EVM is important. Why EVM is important.
EVM is like basically the programming environment that you have on Ethereum. And it has become very important because they have created so called Zkvm, which is like zero knowledge virtual machine for Ethereum. Basically, it allows you to prove any computation and come up with a proof.
And anybody can use the result of the computation without making the actual computation, just checking the proof. And it’s a great breakthrough, which can be compared, for example, to Chat GPT. I think it’s amazing.
Maybe not so well known, but it’s very important. Very important. And basically you have to do any calculations.
Yes. And people have been working on that. A lot of very smart people out of very smart cryptographers from all over the world and major crypto projects such as Polygon, they’re like very talented guys.
I think they have implemented it recently. And there is like four GK EVM now from Polygon, from Consensus, from some other guys. And they’re like amazing people.
They have created this product. And basically that’s why Ethereum actually is winning, because there was so much smart people there. And it’s a lot of development on the layering solution.
Yeah. So maybe it’s not like about it’s not about like Ethereum is cool, but there’s a lot of comparable products and products that actually maybe can compete, for example. But they have more people, more money, and they probably, at least in terms of virtual machines and programming environment, they probably have one.
We have to basically have to live with that. So in any case, we will implement EVM on Waves in Way, which is pretty unique, I think, and it should bring a lot more developers to waste. So let’s see how it goes.
Yeah. Okay, that’s cool. That’s good.
That’s always a pleasure, sasha, always a pleasure to see you. Thank you much. Thank you.
All right. I don’t know how to hang up on this thing. You got to kick me out.
Yeah, I will allow one other guy to speak. Yeah. Emmanuel, you’re on.
Emmanuel Martinez unknown Environment Hello? Hey, Manuel, you’re on. Please ask a question. Yes, Sacha.
I am in the web system, like older since like three years, more or less. The thing is that when WS was launching, I did buy $1,006. Now it’s almost $30, approximately $38.
Could you repeat which which token? Which token? I didn’t hear you. So which token? When she buy $1,015 of WX to a dollar. The token now is $38.
$38 that I got. But I have the same obvious okay, I did buy more talking $400 of eggs, the token, two things approximately. Then I saw talking going up.
So now I have $800. I said, Let me go down again. But when the change made, it in the platform, $400.
So why is that change so much between transactions? Yes. So basically you’re frustrated that WX token went down so much. Yes, I want to accumulate, but when I try to maybe have some more, then I don’t be able to do the translation again.
Even the price is down. Let me say certain thousand right now. If to buy, I have the same, I can buy only 10,000.
Then why changing so much against the clients? You mean WX token or which token or waste token? Yes, just to make sure that I understand. You want to buy more and you cannot very low. If I want to buy more, then cost a lot of more money than the price you see in the screen.
Which screen? In the platform price. Yes, WX is different, but WX is only on WX exchange between STN and when I try to buy more WX, even price is little in the floor, then I have to pay more. So if I had 13,000 now I want to buy, I’m going to have 10,000 it.
Then why is one XTN? Isn’t one dollars never more? That’s his question. Yeah, more or less. Once again, why is not one dollars? Can you say it again? This is his question.
If I don’t understand wrong. Yeah, that’s my question. Because the situation is just again decline.
Why? Teacher Quack, can you maybe repeat what you said? Because you seem to understand and I don’t. Can you say it again? Emmanuel. Can you repeat in Spanish? Okay.
Joe. Joe. Joe.
Pray milky dollar and w ekison trentio dollar trend iOS luego intent compare w eight is tamala uncle president Mass w I must if you don’t understand something, ask. Okay, I understand some. But if you say that he bought at the initial price, then the price go down and then he repeats the booback, he wins a little money.
Then when he wants to sell again, lost this profit. I don’t know why. He starts with 400, then reach 800 and then return to 300.
Why? I don’t know. He don’t explain. So he was buying the token while it was going down, like averaging, and now he wants to sell.
But actually if he sells, he loses money. This is what he’s saying? Yes, just maybe explain better once the new bridges are launched and there is more volume, that’s for sure. So it probably is not a good time to sell WX.
I’m not suggesting that you should buy it, no way. But probably if you have it, don’t sell right now. Because currently there’s a lot of things happening on WX platform new bridges, there is a problem with the old gateways and probably this is the worst moment to sell.
So please wait till the price is better. Please don’t sell right now. Just wait, please.
Okay. I hope I answered your question. Yes, but I wanted to go more WX.
You can do that. I’m not saying that you should, but you could for XTM for example, or just if you want to even down. I can receive the blue X amount that I have now.
Emmanuel Nova Suvism the price aren’t going to go up now. Just have XTN for sale, for life and for do whatever. So XTN is going to go down? Yes or yes if you want to wii it’s your destitute.
Nobody say you do but can go down. So you can 100 and go down. It’s your use.
Okay. Yes. Yes.
Delocaten is wild. Yeah. W x then.
Yeah. Meal. The internet is a meal.
This is a meal. No, we are comprised el prefio the keystone is look to and don’t face barrier prefio comparison as establish a keeper. Yeah.
Compress it to ventas. Do you want to buy or sell? I don’t understand. He wants to win back again.
The problem is he received less than he wants. But he has to wait because the price is very low now. He has to wait.
That’s a if you want to do yes or yes, wait. Okay. Just wait.
You can just it’s market. It’s not about waste. What we are doing.
I’m not a good trader, actually, I don’t like trading that much. But what we are doing is called averaging out. When the price goes down, you are selling as it’s declining, so you’re buying more of the asset and you think that it will turn around and you’ll be able to sell.
So some people are losing a lot of money with this because they’re thinking that the price is very good now and they’re buying, but the price goes down even more. This is what yeah, I put my order I put my order in. WH no, I’m going to wait.
Yeah. Okay. Yeah.
Thank you. So we have another person who wants to speak. Jeff, I’m able to please.
I wrote you a message on Telegram because I don’t want to say this here again publicly. Can you please read my message? What’s your telegram name? It’s Jeff. I think the same.
Okay. Is this something very secretive? I don’t like to talk it here publicly. Okay.
I can hear my emmanuel, can you turn your mic off? Emmanuel, turn his mic on top. Yeah, okay. Yeah, I applied.
Thank you. It okay. More guys, do you want a boostlet? One question.
Sure. What is making? What kind of address ethereum or solano or what kind of address on waste? So you’re like asking about waste? I could check what you’re asking. It guys more fun.
Give me more funds or words of encouragement. Okay. Sasha, can you mute the manual? It’s pretty noisy.
Yeah, I did. Thank you. It’s a new tool for me, so I’m not really sure how it works, but it’s okay.
Actually, telegram works kind of fine. So I think we should do that again. Okay, guys, so I think we have been discussing all the various problems ideas for an hour and a half.
I think it’s time to wrap it up. Okay. Please let me ask you one more thing.
Always before you go. Always, man. Always a pleasure.
Always. All right, I want to ask you about the gateways again. So you’re saying there are technical issues.
Could you or whoever is responsible for the gateways specifically tell us what the exact is and why not prove us that those funds still exist? Because that will get rid of any fund we have. The issue here is people think that those we are doing the audit. How long does it take? There is some discrepancy, as you probably understand.
So we need to basically finish the audit and tell you the situation. It’s not so bad because I kind of know the situation, so I’m just not ready to give you the exact round. Yes.
What does that mean? It means what I said. It means exactly what I said. It doesn’t mean anything else.
So it’s like we won’t have to deal with it for some time, but we will resolve it. I’m not optimistic or pessimistic. I’m realistic.
We have to work and this will be resolved, as always, because we had a similar situation, it can be kind of ironic, and you can say that we brought it up on ourselves again, but we had something similar in 20, 18, 19, it’s like long ago. Yes. And we were able to resolve it.
So the same will happen this time again. And you’re asking the same question, basically, and I’m giving you the same answer. So there is some audit going on and we need to understand the details.
And you need to understand, I think as far as understand, you are like an It person as well. And you need to understand that when you have a product that has been running since 2017 continuously with several different teams, it might sometimes be pretty hard to understand what actually came down because there is a lot of legacy and there is like, I think, at least three different teams that were running the gateways on waves over time. A lot of patches, a lot of legacy.
So it takes time and it is what it is. We’re not trying to somehow, you know, gain time, win some time. We’re not trying to win time.
It’s not like that. Basically, we’re just trying to get a situation, result and have some kind of closure. So we will tell you exactly what happened once we have all the details.
All right, that’s it from my side. Thank you. Yeah, so I think that’s it for now.
I think it looks like pretty good. AMA I like how it works. Technically.
I think we should do the same. It’s better than YouTube and it’s definitely better than Twitter. So let’s repeat this next week in the same group, I guess, because I guess a lot of questions here, important questions.
So next week, what’s going to happen? Let me just give you some summary. So audit will be continued, some results should be there. Well, turkey doll announcement waste doll some kind of like new announcement for waste doll.
I think we will limit decrease the limit of participation from ten to one power token. There’s going to be some announcement about the treasury that is in the works now. Minor proposal will be implemented on the testnet and next week it won’t start.
I think we won’t be able to start the voting. The minus voting next week probably the week over. Next it will start.
The week after next it will start. What else? Let me check XTM the BOTM bot trading with XTM we will maybe give you more details and make some kind of proposal with more details. I think we’ll manage to publish some kind of like light paper for what we do waste now with L, one part of it with faster processing virus.
They didn’t manage to launch new markets today. As far as understand, they will be able to do that early next week. Also, other transactions will be canceled on WX, like stable coins and probably we would need to maybe create some more incentives for people who hold old tokens and cans and don’t want to sell them at the beginning, don’t want to sell them now.
So maybe they will be able to stake them in some pools on WX and earn API while they’re holding them. I think it makes sense. So that’s it, guys.
So a lot of things are happening out of development, a lot of problems, but we are still on it and we will be on it until it’s resolved and after it will thank you very much, right? And waste power to the people. Hope guys, you will have a nice productive week. See you next time on Friday, I think in the same group on Telegram.
Love you all. Bye.