Waves AMA 5/12/2023
Team that you send to the team, to the support team, and I will answer those questions and then you’ll be able to ask me any questions you wish. And we do this AMA in this chat, in this group this time, just like maybe for a change. So it’s not moderated as always, but probably to also support our main group.
So let’s get started. So what was happening last week? I think a very important thing happened. We almost launched the Waves doll.
You committed more than 100 power seconds to it and there’s one step to go actually. So we need to basically I need to send XTM there. So we have some surplus extend on the Earth from that extent that was assumed or like former USDM that was assumed from the bad debt on the Earth.
And I think it’s a great opportunity now to let the commit and decide what to do with it. People are asking why are we doing this? Why not just to pay it to Vires stakers and people who are stuck in Vires? But I think we could spend that money on reviving system revival, on funding some projects that are launching on waste now. And that should be very helpful in terms of general situation and ways.
And that in turn should help with your situation as well. So it’s not so much money, it’s like a little bit more than $1 million at the current rate. So it’s not like huge money.
So we better spend them strategically and the community decides what to do with it. So I hope guys, that you will be wise and we will maybe spend it wisely. You will spend it on some good projects on Waves and it’s happening.
Actually, I am trying to transfer USDN right now and maybe I’ll do that because there is some kind of multi signature account, but I think I’ll be able to do that during the AMA actually, at least I’ll try. And if I do that, the Waves Dow will be launched, which is awesome. So what else was happening on Waves? The audit for the gateways is moving forward.
The results will be there, I can’t tell you exactly when, but it’s coming. And meanwhile, as you know, we started to buy back old gateway tokens from the market, so the price is very low, but okay, if somebody wants to exit, they can do that. At the same time, I’m doing some fundraising attempts.
I hope I’ll be successful, but let’s see how it goes. There is a lot of moving parts here and situation is not very good at the moment, but we are moving forward and there is a lot of things that we’re doing now and it’s going to work out eventually. Yeah, sorry, I’m just trying to do a couple of things at the same time because I need to transfer those funds to the treasury.
So I’m doing some stuff. Okay, so I have a couple of questions from the team. Let me file them.
Okay? What’s the reason for a different token price on WX and other changes? When will it be solved? So you’re probably mentioning all gateway tokens and all gateways are being phased out at the moment so you can’t deposit to them. And also we will have to cancel old withdrawals because that would be a better way to make sure that people don’t lose money. For example, finance change their addresses and deposit addresses.
And I think it’s good to cancel just in case. That’s why a token price for old wrapped gateway tokens is different from the real price. This is a problem, of course, and we are trying to solve it, but at the same time, Wave change has integrated new bridges.
Like not completely integrated, but it’s like it’s coming. They are launching new trading pairs, new pools, and there’s these new bridges which are transparent decentralized and they are fully operational. So it’s going to take some time until there is more liquidity on the change.
But we have made the first step and it’s going to improve pretty soon because as I said, the new bridges are fully operational and there is no issue with them. Next question. When cross chain with Tom is blockchain network from Telegram founders, as you probably know, and I think I’m not really involved in this, but I think the team that is creating the new bridges, pepper team, is going to integrate Tom.
I have my doubts about Tom, but I wish them well. Please. They’re all like very original.
I would say their chain is pretty different from other chains and I would be happy if they succeed actually. But in any case, there is a pretty big community and if they are successful with Telegram integration, which I think is pretty possible, tone might become a major player in crypto market. So let’s try to cooperate to collaborate with them.
And I think when Tabithim integrates Tom in their bridges, there’s going to be some cross chain transfers between Waves and Tom, which should help Waze, maybe. I’m not sure about how it can help Tone at the moment because they’re like pretty big now, but it wouldn’t hurt either. Yeah, basically, let’s see how it’s going to work out for Tone.
In any case, I think we will have some bridges to them. Okay, yes. Maybe I’ll make some kind of summary of our plans for the next week at the end.
And now I will let you speak. Let me find somebody who wants to speak. Guys who wants to speak? Yes.
Hey, my friend, you’re on. By the way, you wanted to speak. Change his mind.
Oh, now you can hear me, right? Yeah, I can hear you. All right. So I have a question about huobi.
As most of us know, there are sources online claiming that Huoby also provided a substantial amount of liquidity on Vires. Can you confirm that? Yeah, it’s not like it’s pretty well known. Are they experiencing the same issues as US.
Users? Of course. So they didn’t have any kind of special terms or something? No, what you posted in our channel is like, completely wrong. All right, that’s all I wanted to know.
Yeah. Thank you. More questions.
Frank, you are on. Frank, please go ahead. You it.
Yeah, I hope you can hear me now. Yeah, I can. All right, so I was wondering about all these new PPD tokens that are replacing the old stablecoin tokens, and we’re going to need a lot of different pools in order to swap them to different coins or to actually swap them to the new coins.
Are there any proposed solutions for that already? Yeah, they’re launching basically you can’t launch them immediately because there’s a governance process on where the change and we can’t override it. It is possible, probably, but people wouldn’t be happy. So launching a new pool basically takes yeah, but it’s pretty fast because it was a three step process.
First you had to vote for the token, then you had to vote for the pool for the token, and then you could vote for the inflation in that pool. Now the second stage is basically scrapped. There is now like voting for the pool, and once the token is verified, you can immediately vote.
Pool is launched, like by default if somebody wants to launch it, and you can vote for the emission immediately. So the whole process, I think, takes two weeks. And we are launching those pools on our own pools with the new pepper tokens.
But you could do that as well, actually. For example, you can launch USDT to some token that you like. It’s okay.
Or you can launch your own token, get it verified, get it vetted by the community, and then you can launch a pool and you can even vote for WX emission in that pool. So as you know, there is some issues with liquidity now that we have, so that somehow limits the number of pools that we are able to launch. If anybody could help us with that, that would be awesome.
So if you want to launch some USDT to some token pool, you’re very welcome to do so. Yeah, I think we should try to set up the megapools to solve this problem. Do you think it’s possible to use the liquidity from the Waves down treasury to initiate stablecoin liquidity? Maybe you vote for it.
That would be awesome. I think next week, actually. So what’s going to happen with next week? I think the first proposals will be made.
Okay, so I have a couple of ideas, guys, but I’m not going to be forcing those ideas onto you. If they’re reasonable, you will accept them. If not, it’s okay.
But you can come up with a proposal to, for example, launch some pools with that fund because it’s going to be lucrative in terms of profits, actually, it’s going to make you some money. I mean, like the community, because, for example, if you book exchange in front of me the pool page and there is some crazy, crazy APIs there. For example, for USDT, USDC pool, you have like 50% API.
And if you do boosting, I think it’s even more. I understand that the liquidity is not like huge, but still, I think it’s because not many people invest in weeds now due to obvious reasons. But those who do make good money.
Actually, what I’m trying to find out for myself as well is the gateway tokens are going to be one to one to the new preferred tokens. Yeah, but you mean new PPT tokens or old tokens? Because as you know, there is this deepak situation with old gateway tokens. Right, of course, yeah.
And the idea is to gradually buy them back with the fees so that the price goes up and eventually they should actually be closer to tag. But for now, it is what it is. And maybe somebody can help us if they believe in us.
But I’m not promoting this. Obviously, it could be a good profit opportunity for some people if the situation is resolved. And it will be resolved.
And the tokens are like closer to tech, people who buy them now on the market will make very good money. Yeah. So depend on the other, right? Yes, sure.
In any case, I can’t guarantee anything, but this is what we are doing. And basically I am sure that this will happen because this is what I’m doing one way or another. Thanks.
They’re in a very bad, deep situation. But once it’s resolved, people who buy those tokens now will be in profit. Got it.
Thank you, Frank. Thank you, Frank. Thank you, Frank.
Yeah. Vladimir wants to speak. It’s always a pleasure.
Please speak. Hello. Hi.
I wanted to extend about the question from Frank, actually. I think it’s possible to utilize Megapool to solve we’ve discussed with you that it’s possible to launch Megapool for stable tokens. It would be a good idea, actually.
Yeah, it would be very good idea. So I think it’s kind of priority now for us to finalize a proposal how it can work. So it will be interesting to publish it and maybe people will love it and we can launch it.
Cool. It’s not so efficient. Yeah, it’s much faster than change, actually.
So on puzzle, it’s much faster. And the good thing about puzzle, you can launch a pool with multiple tokens at once. So you don’t need to launch pools with a pair of tokens.
You can launch a pool with like six tokens, for example, and it makes things so much faster. So it would be awesome if you guys could do that. Yeah, we will try to do it next week.
It’s not a joke. The goal is to publish. Okay, awesome.
Thank you very much. Yeah, I wanted to also talk about power dow I committed power and I’m really looking forward to the launch of waste. What I wanted to ask is how you want to proceed with different parameters for voting.
I mean, somehow there should be quorum amount duration for voting also like slashing parameters. Who will decide them? I think we will have some kind of proposal that the way the community has to vote for. So we can basically compile the proposal offline maybe with all the details like the length of the voting period, quorum value and such.
And then we will have to vote for the proposal altogether. So we should create some kind of aggregated proposal for the whole mechanics and vote for it. I think we can do that next week actually.
Yeah, that would be the easiest thing. So we have some defaults actually. And if community likes the default I don’t remember actually.
I have to ask the team what those defaults are. I think we can actually move forward with them. But if you want to change something, I think to come up with one proposal to change all the parameters so we don’t have to vote for each parameter separately and just vote for everything at once and be done with it.
Yes, sounds cool. It will be interesting to know the default parameters actually. But I think we will know.
Yeah, I don’t remember. I will share it. I’ll transfer the fund now actually, maybe like within 15 minutes and I think there’s voting will be possible next week already.
Okay, so we can basically start the operation next week and this is my plan to get everything going next week. That sounds cool. Yeah.
Also, maybe you can spoil on proposals you want to make because honestly it’s a bit difficult to how it will start. What will be the first proposals, for example? I have different ideas. I think actually I have a couple of proposals in terms of some good things that could help people.
Because my goal is very simple. There is a situation in ways and it’s like ongoing. We’re in the situation for a year already and has to end sometime.
So my goal is to end the situation, make sure we are moving forward. So what I’m going to be proposing in ways now should be profitable for the participants. At the same time it should resolve the situation that we are facing.
For example? For example, what can we do? Like a very basic proposal. Some people want to sell their LP tokens from viewers and we were doing that. Actually I announced that we were doing that.
But I think the Dow can take over with this. Basically, Dow can buy back zero P tokens vesting LP tokens, stake them and receive some cash flow because they are buying with a discount, obviously. So when you buy LP token, you buy it with a discount, for example with a bot and then you stake it back into Vires and then you start receiving staking and it’s a profitable operation.
So basically you’re making money with us. It’s a very simple thing that would allow some people to exit Vires, but at the same time it will be profitable for the doll. So this is like this is not the only proposal that I have in mind.
I think it’s a typical one. So the idea is to make money for the doll and at the same time help some people with their situation. For example, if they have some funds stuck in Vires and such.
Yeah, sounds actually very smooth, but don’t you think it could be bad to bring this 20 million or whatever it would be $1 million. Isn’t it too much to bring? No, but it is going to be a part of it. I think we could spend on that like 10% of the treasury and also no, there has to be many different proposals and there is a lot of projects, for example, that want to launch on waste, for example, probably, you know, some people want and we could find their idea basically with this.
I think the dog can have some preferential treatments here. For example, the dog can buy those tokens in bulk, for example, with a 50% discount, something like that. Before the idea probably investing.
They should be invested, of course, so there is no dumping. But that should be very profitable. And as you know, there is some very solid projects that already to launch on base and they could have launched maybe earlier, but because of the situation, those launches were postponed.
But I think it’s a good moment now when the new projects are working, people can bring liquidity to waste, participate in the dolls, the launches and the waste doll can actually provide some kind of seed funding or to become some kind of strategic investor for those ideal launches. Yeah, it sounds actually very good. So it’s kind of competitor for Waves Labs, right? Yes.
Basically, I think everything on waste should start happening through the waste doll. Basically we have this first quarter when basically people don’t want to participate with funds now, but it’s fine. And the Dow will be bootstrapped with the fund that we have on Vires, the excess funds.
But I hope my plan is that in three months, when the first milestone is reached, because there is like this KPI settlement period every three months, people will be able to deposit again into the doll. And in three months, if we are successful, I think we should be successful, people will start participating with actual funds. So it’s not going to be about donations anymore.
People will bring their own money because they should see that mechanics work. There is some incentives for their decision makers to make right decisions that benefit the community, not only themselves. And that governance model should prove to be valuable.
So let’s see what happens in three months. I hope that once the Dog is bootstrapped with this donation, it will be successful and that in turn will attract more funds in the future. Yeah, okay.
But probably the last question about this is how digitalized should be the proposals. For example, should we vote to buy virtual P tokens at the predefined price? Basically, you’re going to be posting on the forum. There is a Power protocol form and there is a separate section for a doll.
And I think the more detailed our proposal is, the higher probability that it will be accepted. Yeah, because the community will decide. Because as you know, you have as far as I remember, you have 13 tokens, right? Yeah, I think I have 13 as well.
Some kind of coincidence. I have 13 tokens as what they were, actually. But in any case, we won’t be able to decide on proposals because we don’t have any kind of majority here.
And I think there is like 110 tokens now. All decisions will be made by the community. So the better your proposal is, maybe even if it looks nice if you work on it, maybe if it’s like some pictures on it, you’ll be more successful with it.
The better it is, the higher the chances are that it will be accepted. Yeah, it matters a lot for community. Don’t you think that people will be afraid of slashing, actually, because as far as I understand, flashing is like 100% of the amount.
No, it wasn’t. How much? I kind of forget. I forgot.
But in the proposal for the firm, there is this breakdown. So basically the value goes down by 10%. There is no slashing.
If it goes down more, there is some slashing, but it’s pretty smooth. So basically maybe 20% of seconds can be slashed. But I think the way we are launching it is pretty good because people don’t risk their funds, actually, because the funds are donated.
Yeah, I think there is not a lot of pressure on people now. I think people need to understand that some Power Tokens can be taken from them. But I think in any case, it’s a good opportunity to make some money because they don’t have to donate or send any funds on their own.
They can basically manage the funds that have been donated. So I think it’s a good start and it’s like no stress here, so you don’t have to think what’s going to happen to your Power tokens. And you should probably focus on profits, on making decisions that will be profitable for the community.
And if they are profitable for the community, is there profitable for you. So this is the idea of Power Doll. By benefiting the community, you benefit yourself as well.
Okay. Yeah. Sounds very fresh.
Actually. A long time, no fresh project on wait. Can’t wait.
Thank you. Thank you, Sasha. Let’s get started.
Yeah. Bye. Bye.
More people. Yeah, me again. Who wants to speak.
Hi. What happened to all those funds from LP and Algo’s? LP and Lambo Staking? Because people can’t withdraw those either. They can’t exit Lambo, you mean? Yeah, let me check.
Actually, I’m I’m not so sure about that. So you’re saying that you can’t exit Lambo now? LP and Lambo saking. I mean, people have funds in there.
I mean, they can’t withdraw those either, just like any other use on waste exchange. Yeah, but because they can’t withdraw all gateway tokens, right? Exactly because of that. But they can withdraw all gateway tokens from Lombo.
Yeah, but aren’t those funds supposed to be somewhere on an exchange or something? I mean, after all, those are investment funds. But we are back to the same problem. They can’t exit because they can’t withdraw their old gateway tokens and for them it’s no different.
Yeah, but I mean, those funds are supposed to be invested somewhere, am I right? I mean, according to the UI within Waste Exchange, they have been doing fine somewhere, I don’t know, binance or whatever, actually with Logo, because it’s like if you can see this on, it probably is pretty hard. I’m not going to accuse you of your inability to use Weight Explorer. No, this time is different.
Let me continue. Yeah, so basically you can’t trade this because it’s like interchange lambda was based on XPN, on UDM and basically because of the DPAC, basically it was hard to it was all backed by FTN. It was all back.
We had to leave, we had to liquidate to liquidate people who had money to liquidate funds in Lumbo. That was like what we had to do. And actually it’s going to continue.
Once extend is at higher valuation, people will be able to exit Lumbo. But I don’t think there is a lot of people there and I have to ask actually, I don’t know, I’m not so sure about the amount, but if they were based on XTN, why was the UI Women Waste Exchange showing that those investments were doing fine? Because XTN wasn’t doing fine. Because actually it was all correct.
So the problem started when that’s when the problem started, we were unable to convert it back to tables. And that’s why this situation actually happened with lumber products because it obviously was backed by USDM. So basically Lumbo transferred profits API from XTM Staking to participants.
So the UI has been showing incorrect data for more than a year now on waste exchange. What do you mean? What do you mean when the happened? Not a year ago. Yeah, whatever, a couple of months, whatever it is.
Yes, that might be true, yes. But the problem started when used the Ndpac, the people responsible for those funds, it’s the trading team, right? There is a team, obviously who worked on that. What do you mean trading? Yeah, I mean, as far as I know that Waves has a trading team which is led by Leon Matriev.
And why doesn’t he make a statement about it? Maybe he knows more about it. Because I’m in charge of waste, my friend. I’m making all the statements.
I am like, if you want to accuse anyone, accuse me. No, I’m not accusing anyone, but you have to give away some responsibility. No, obviously you’re giving no responsibility.
I’m responsible for everything. Zero responsibility. I’m giving away zero.
So you’re doing everything. Why can’t you tell us where the funds are? I am doing everything. I’m responsible for everything.
It’s a very simple idea. But why can’t you tell us where the funds are if you’re responsible for everything? I will tell you. How long does it take you? But as you know, we have announced some kind of audit.
Not some kind of audit, but an audit. And once it’s over, I will tell you. It’s very simple.
So I can’t tell you now, because if I wanted to tell you, I would tell you that the audit is over. So you’re doing the audit? I’m doing everything. Okay, so what does it look like so far? I will tell you once it’s done.
Don’t rush it. All right, more questions. Yeah, it’s me again.
Hi, Frank. I was a little sidetracked in our discussion earlier. So what I was actually referring to is that we need one wrapped USDT in waves.
Right now, the PPT tokens are being rebranded to USDT in the Waves exchange interface, and we are stuck with an USDT minus Wxg. And for example, if another team called Sheena Bridge team starts a new bridge, they will start a new REPT USDT token in the waves ecosystem. And I think this is an idea from the Neutrino chat where we should set up some kind of pool or decentralized application app that is able to convert every kind of USDT token to universal reps USDT token.
Very good. Yeah, let me explain and maybe talk about it a little. So Pivot team decided to do that this way.
I discussed with them, and I think it’s more safe this way to have a specific token for each network, not to have, for example, one USDT token, but to have like, USDT polygon ethereum, USDT waves. And it’s a mess from UI perspective maybe, but it’s pretty safe in terms of like, accounting, because if you want to do one token for all the chains, you have to do some kind of rebalancing under the hood, either through the pools or somehow internally. This is the usual problem with gateways and bridges, so you can’t really make them perfect because you have to deal with different networks and sometimes it’s a mess.
So they decide to do a specific token for each network to basically simplify the accounting and make sure we actually or they can have a situation where experience now with the old gateways, but anybody can build some kind of wrapped tokens on top of those tokens. Basically, you can create one VT token which somehow aggregates waves. Ethereum is the polygon, is the tron.
So this is the idea, and I think there’s like several teams on waste who are considering this to be done. I can tell you because I kind of understand who will do that. Yeah, I got it.
From an accountability perspective, I got it. Accountability. It’s only because otherwise it’s not safe, because you have to rebalance.
For example, if one token is depicted, for example, some chain, whatever the chain might be, went down. And all those tokens in that chain are kind of like inaccessible. In this case, it affects that wrap token.
And this is the problem. So it’s better to keep them separate and have a new token be built on top of those tokens. And it should be a separate project.
So this is a plan here. All right, got it. Thanks.
Thank you very much, Frank. It was a good question, actually, when someone wants to ask me. Ahmed.
Hi. Sasha. Hi, Ol.
Hey, Ahmad. Okay, maybe you can elaborate a little bit later. As for the user interfaces, maybe some kind of like general remarks can be made.
What can I actually tell you about that now? So we always try to create very simple interfaces. I think it wasn’t always successful, but let’s see what happens with the next iteration of waves. Because we are working on integration of EVM now, and the idea is to make a very simple process of transition between waste and EVM chain, so that people could just switch between both networks, like under the hood somehow.
So you don’t have any kind of gateways or bridges between two different waves and waste, EVM wave, ethereum chain. And there is this proposal that we are discussing now, and it’s going to be based on zero knowledge cruise. So it’s pretty cool because we are doing like we are killing two birds with 1 st.
But actually I like ways of change UI, to be honest. I think it’s pretty good. Can be improved, but it’s okay.
Okay, more questions, guys. I can’t see any more questions. Last time it was more active, but okay, it was maybe in a more active group.
It was in the Fad group. So. Maybe we should switch back to the Fad group again next week.
And I think that group works pretty well. At least people can blow off team there. Hate me on this camera.
It’s okay if you like it, if it makes you happier. Okay. So next week was going to be on waste.
Next week power dial launch, like proper launch waste users. Stators will be able to vote for actual stuff to be implemented or something to invest the funding. What else? Our Turkish friends are working on launching Turkey charity Doll and there’s going to be some event next week, so I’m not really participating in that, although the idea was mine, but now they basically took over the project and I wish them well.
What else? More. Some information will be released about the gateways. Please understand that it’s not in our interest to try and drag on the situation too much.
Yeah, maybe something else I’m missing now. So sorry, just checking some kind of my notes or something. Yeah, minor throating.
Yeah. Basically today the core team has released this new feature on the test net that I proposed, that we proposed. But it was my idea, okay.
To split the mining rewards in three parts, like three ways split two ways goes miners as before, two goes to wave dow and miners receive LP token return that they can sell, actually. So in this regard, nothing changes, but they can have some potential upside from the install. And Two Ways goes to XTN buyback.
Yeah, guys, I just noticed that it’s an audio chat, not video. Let me actually show my face at the end. I just didn’t realize that I forgot that you can do video chat here.
So, yes, this is important, I think. Yeah. Markets guys were not able to launch this week and there is a lot of legacy they have to deal with.
So the launch of the new markets will happen next week and there is actually a nice proposal from the community to somehow combine buyback with the change with resolving Vires. So thank you very much guys, for this proposal and I like your involvement and it’s awesome. I didn’t understand the proposal at the beginning, but I think it makes sense.
Maybe you saw the proposal. If you follow ways closely, we have to think a little more about that. But I think something similar can be implemented.
More details next week. Stable coins withdrawals will be canceled next week. It’s pretty messy, it’s hard to do fast.
So this week it didn’t happen, but it will happen next week. Yeah, basically that’s it for the next week. Are moving slowly, but they are moving.
Zoe is launching and there’s a lot of development for 2.0 actually under the hood for both. We have a very interesting idea that we are already implementing and for EVM L Two, the idea has been finalized, which is very important.
I think this is the most important thing, at least for me personally. Okay, so till next week. Other things are moving on.
Power to the people. Wave Dow is launching next week. Like, properly.
Guys, have a nice week. See you in wave channels. In fat channel.
I’m there every day. Ah, till next week. I love you all.
Have a nice, productive week. Bye.