Welcome to the first community call!
First means that there will be more community calls in the future.
What is ahead?
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Decentralized Real-Time Oracles
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More trading pairs
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Highly effective SPOT markets
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One-click trading
Let’s go over these features
Real-time Oracles
I am really excited to present you Real-Time Oracles. Now we use Neutrino Oracles, which works ok, but has some limitations like adding new assets beyond the Waves ecosystem. That’s why we are updating the cross-chain oracle network (Pyth Network) as a source of data, which provides prices of assets to a lot of different chains.
New Oracles will have absolutely new DeFi experience with much more coins, stock, commodity, and as well as it will be useful for Tsunami, they can be used by other projects. Delay of the price provision will be around 1-3 sec, that’s really fast! 200+ cryptos in the Pyth Network can be added on Tsunami.
Spot Markets
You know that Tsunami allows us to trade perpetual futures and we decided to go higher. What we are building now is a new spot market! You can ask why the f*ck are you building another spot market on waves? We have WX, we have Swop.Fi and PuzzleSwap. I answer - we build another one because we can build it better!
First, Tsunami is built on the top of the Oracles. Perp futures need high-quality Oracles, that’s why as soon as we have them, we can use them for the spot market. We were wondering if we will have such amazing Oracles, why don’t we use them for making spot user experience better? We can!
If you are familiar with the common swap AMMs, you know that its downside is impermanent loss while liquidity provides. The reason for this is that those markets are not aware of actual market conditions. The only way to bring the price on AMM to the current price outside its markets is to arbitrage. And as an arbitrage is a profitable process this process should be extracted from somewhere and it’s actually extracted from the liquidity providers. What we are building is basically another process which will allow us to always have the market to provide liquidity at or near the current market price outside markets. Basically our oracle will be aware of what is a real price of assets. So we will actually create probably the most sophisticated spot market on Waves which features will be very important for most traders and liquidity providers. You don’t need to exchange your tokens for LP, there will be no fee to provide a single side of liquidity. There will be no impermanent loss, there will be lower fees (near 0.55%). However the downside of this model is we can launch this market only for highly liquid assets, so we will be close with PepeTeam.
One more important thing is that it will also be good for TSN holders, because 20% of the fees collected by Spot Markets would go to TSN holders (80% to LP). The pools will be hybrid.
These features will make Tsunami the first exchange with having both derivatives and spot markets on Waves.
1-click trading
You always spend time making the signing of transactions in the wallet and it can play an important role in derivatives trading, where time is one of the main things. That’s why we are looking forward to developing a non-custodial on-chain custom wallet where you can deposit the funds once and then use these funds in trading without approving each transaction with the keeper and without spending waves on the fee. Imagine you can just click Long and it will be immediately confirmed in the user interface of Tsunami! It will be ideal for highly-leveraged and highly-dynamic pairs such as forex, crypto or memecoins. Thank you!
Questions & Answers
Q1: In this current situation, we are seeing a significant amount of bear market monthly, how tsunami exchange can avoid such a dramatic loss, what plans will be done, and how it will aid our community towards another difficulty faced in waves exchange, where is tsunami exchange belong inside it
Another question is what makes Tsunami exchange huge differents from other decentralized markets.
A1: Whenever the bear market ends, I think what's even more important is the way ecosystems are actually starting to fight back during this crisis. I think everything will be alright. So if you have a good project then the price of the token will come with this. Because currently in the current situation like any discussion about token price I think it's kind of pointless. Because the ecosystem itself is basically relaunched. Being relaunched from scratch. So yeah. The token price talk. Yeah, let's reserve it for the future.
And what's the difference from other decentralized markets? I think the main difference is that we allow you to not only trade crypto. You can trade forex. You can trade commodities. You can trade everything. And you're doing this on the level one blockchain. So you're not doing this on a centralized or roll-up based exchange like Arbitrum is with a single sequencer. Guarding everything. You're actually doing this on the level one chain which I think provides a lot of value.
Q2: The next question is about the team. So how many team members?
A2: Yeah, I think it's 12 team members full-time working on Tsunami. And we do actually have a lot of experience like other blockchain products.
Q3: Hi, it's a pleasure, i have 2 questions related to the same topic. Basically, i would like to know if u have any intention of including new trading pairs for operation in the near future. I'm referring to other Waves ecosystem coins, such as $Puzzle, as well as commodities and stocks, as u mentioned some time ago. My second question is, if the answer to the previous question is yes, when can we expect these additions? Thanks, i really appreciate your answers :)🤍🌊
A3: So what we do not actually plan to do is to include any tokens inside the Waves ecosystem. Like $puzzle token and so on. Because those assets have such a thin liquidity that you can manipulate the price of them with $2,000 in your pockets. And this is something that we unfortunately have experienced with XTN. Probably WX was drawing all the liquidity from XTN pairs. It got manipulated using like really I think three to four thousand dollars. And this is what actually impacted liquidity providers on Tsunami. Because without those losses incurred by XTN price manipulation, liquidity providers would be at a huge profit right now. Like probably at 10% or more for the last three months. This is actually a lot. So no, we are not planning to do any in ecosystem tokens. So until it's top, at least top-200 on CoinMarketCap, we are not distinguishing. Definitely. We are focusing on highly liquid real assets, not something that's issued on Waves.
Q4: Any plans about adding charting on TSN ?
A4: What do you mean as charting on TSN? If it's improving the trading interface with more indicators and so on, yes. This is what we actually plan to do with the introduction of a pro mode where you can just turn it on and it would basically bring the training view that's used on Tsunami to its default quite complicated way. However, you can use all the indicators and so on and so forth.
Q5: Is there a plan to improve the user interface and user experience of the platform and create a mobile application?
A5: You can actually use Tsunami on mobile right now. So the web interface is fully adaptive.
Q6: Are you planning to introduce real price display time for e.g. btc/usdt or shorten the real price display time and second question where does the divergence in price on Tsunami to e.g. price on Binance come from? And third question: why is the price of btc/usdx and btc/usdt different?
A6: It is actually on the interface right now. So you can see the price on tsunami which is the market price and you have an index price and an index price is actually will be updated in real time very soon and it is aggregated from multiple exchanges. So traders are protected from for example squeezes that are going on like one single exchange.
Q7: Okay, when one TSN costs a thousand dollars?
A7: I think we need a lot of volume for this. The more volume comes and the token price will go up.
Q8: Most projects have no funds other than token launch, and this creates major long-term sustainability issues. Does the Tsunami Exchange project have a sustainable financing source other than the token launch?
A8: Sustainable financing here I think. The team is mostly self-funded. So this creates quite a few problems.
Q9: When burning TSN token?
A9: We're not planning any burnings right now.
Q10: Some spoilers about the new tokenomics?
A10: There would be no new tokenomics. This is the greatest spoiler. There would be absolutely no new tokenomics. Tsunami stays as it is. And regarding the plans on expanding to other chains, I think that would be a nice thing to talk about during the next stream.
Q11: Will Next Week Pepe be included in meme coins soon?
A11: Next Week Pepe will probably never be included on Tsunami. However, a normal Pepe would probably be included in memecoins really soon.
Q12: Why it is now sustainable to lower commissions and previously it was not. I understand that it will attract more investors to the exchange. But is it sustainable if the number of traders or the trades executed per day does not increase? Thanks
A12: What we are talking about is the lower commission on the spot market, not on the futures market. So the current futures like fees were not decreased. I think they are here right now. And for the spot market, the basic idea is to have a bit lower commission. Is to have aggregators like puzzle aggregator and keep your wallet to prioritize like the tsunami. So as we do not need high fees to beat impermanent loss, I think this would actually attract more volume and liquidity providers on tsunami would actually be profiting more than liquidity providers on other exchanges.
Q13: 1-click trading sounds dangerous.
A13: While this sounds dangerous, this is an opt-in. So if you don't want it, you just don't do this. And if you really want a dynamic trading experience, you deposit it to the one click wallet and then you can actually enjoy highly dynamic trading.
Q14: And seriously, what steps are planned to achieve a stable level of profit for liquidity providers. How do you plan to attract trading volumes given the current state of the blockchain wave in general? The reputation has suffered a lot, I mean this situation.
A14: This is actually a nice question really. I think for the last, I mean, since XTN delisting, the profits for liquidity providers are quite stable and are actually quite high. Even at the current trading volumes. And given the state of blockchain, this is something that we can't do something about. So we cannot save Waves with our team. We can only help Waves save itself by actually building good products on it. This is the only way that we can help waves. However, after the XTN delist, I think the profit for liquidity providers are quite good actually.
Q15: When will there be all markets I propose to Alexandra. Gold will be very good, Tesla related stock too.
A15: They're coming. They're definitely coming. As soon as we actually launch new real-time oracles, we would immediately list gold, Tesla, some other major stock, like more crypto, altcoins, memecoins.
Q16: Are you thinking about migrating to other blockchain?
A16: If you mean by migration is ditching waves, no, we do not plan on doing this. And about expanding to other chains, this is something that we'll probably discuss during the next community call (spoiler).
Q17: Where does data come frome data for new real asset markets e.g. forex like FXCM, OANDA and we can track data on Tradingview?
A17: The data come from the data aggregators actually. So there are a lot of data aggregators like polygon.io, where they actually aggregate data from, I think, the SIPs. So the SIP security interchange providers, something like this. So those are like real data.
Q18: Do you have an approximate date planned for the implementation of stocks, commodities, forex?
A18: The approximate date for the implementation of stock commodities or Forex, as soon as we launch real-time oracles. So we launch real-time oracles, then we have like a test drive on like one pair, and then we'll expand it to everything that's basically supported by PIF. So stock and commodities in Forex.
Q19: When Lada?
A19: It's really funny.
Q20: Any plans about launching bots from the UI like grid trading etc.?
A20: And on the trading bots, like grid trading, I don't think we have plans for integrating this right now. I think this is actually something that would be better left by the community. So the protocol is open and you can, I mean, I know there are actual members of the community who are writing bots right now, because I think last update, we actually changed the API of smart contracts. And there will be some guys from the community like, oh, my bot stopped working. Can you please first notify us about actual changes to the API? So I think yeah, that would be something that's better left to the community.
Q21: Btw trading with FOREX, there is big risk when a gap comes and hits SL a bit later. Are there any mechanics/compensations for such a problem ?
A21: I don't think we would implement any kind of mechanics like gap mitigation right now, I think it's quite difficult actually to do. So we will see how often that would be the case. And I mean, yeah, this is very, very useful. Because in use are like they kind of, I mean, for example, like in an inflation use, you can predict what time they would be. This is known well ahead of time. And if you keep your position open during the time when someone is expecting to affect the market will be published.
Q22: What about TON?
A22: Yeah, this is something I would propose to discuss the next community call.
Q23: Why stop at Tesla and not add all the markets?
A23: We wouldn't be stopping at Tesla. We would definitely add some more markets. However, we cannot add all the markets because each market is required to have at least some liquidity. So while we do have a single pool for all the markets, we cannot, for example, add like a millions of markets, of highly liquid markets, because then the combined open interest in those markets can pose a significant risk to the liquidity providers. So a market should not take up more than like 5% of the total liquidity provided to exchange. So more liquidity, more markets.
And we would first aim at adding something that's highly popular, like Tesla, Apple, maybe something else like Unilever to provide an alternative to IT companies. But I think there, that's it. So we'll try adding something popular first.
Q24: Copy trading?
A24: Yeah, and copy trading as well. I think this is something that's better left to the community project, because the data is on chain. You can actually even use an API of Tsunami. I mean, the wallets that are winning are well known. They are in the leaderboard. So I think implementing copy trading on top of this is not that difficult.
Q25: Why did you choose the name Tsunami?
A25: Because it's built on the Waves blockchain, and Tsunami is just a large wave. I think it is something that's very fitting for leverage trading, where a wave becomes higher and higher and higher until you get liquidated (joke).
Q26: We see TSN added to coinmarketcap or even listed to coinranking , do you have plans to listing TSN on some DEX or even CEX, or make TSN on other blockchains like Puzzle on BSC?
A26: Well, okay. We may actually, with the new bridges, bridge TSN to Binance Smart Chain and, for example, in PancakeSnap. This is actually something that we consider to increase the liquidity of the TSN token. So yeah, this is something that we may actually do in future.
Q27: At what point do we raise open interest to 200k L/S? for example when we reach 2m in the vault?
A27: What point do we raise open interest? What pair do you think we need to raise open interest? Because last time I was checked, like an open interest is very rarely hitting its limits. And I think with a million or more than a million in liquidity, I think we can actually raise open interest on Waves pair. It is the most used pair. We can raise it a bit.
To be completely honest, I'm very curious about USDT pairs. Like, this is the same as USDX pairs. I am very well aware that USDX is like an inconvenient instrument at most. However, lack of activity on like Bitcoin and Ethereum pairs is something that puzzles me, actually. Yeah, we'll check this like a Waves pair and if it's really maxed out, we may consider doing this.
Q28: How is marketing going for Tsunami?
A28: Exactly as marketing going for other Waves projects. Each post we are doing is getting a lot of unrelated replies. Like, yeah, about the whole Waves exchange situation and so on. So I do not think yeah, doing like investing in marketing at the current point is something viable. From an ecosystem standpoint, I think the marketing is doing great. Any ideas are actually welcome. Yeah, I think the major blocker for any project on Waves is currently the whole Waves exchange and gateway and use their situation. Because this is something that needs to be resolved in order to move forward. Otherwise, it will just haunt us forever. Unfortunately.
Q29: When a position is liquidated, what percent goes to the stakers?
A29: There are liquidation penalties and half of it goes to TSN stakers and half of it goes to liquidators.
Q30: Migrate to another blockchain?
A30: Everyone is saying this, but it is an immense effort to migrate to another blockchain. For there is no such thing as migration from Waves. Waves has unique technology. So, migrating from one EVM blockchain to another EVM blockchain is hard enough. And migrating from a non-EVM chain to another EVM or non-EVM chain is only slightly easier than writing everything from scratch. And we haven't even touched the marketing part and the community part. So, it is immensely difficult. And while we are planning to expand to other ecosystems, we do actually plan this. But it is not easy in any way. And we are currently in a very difficult negotiation process on how to best do this.
Q31: Some plans with Waves Ducks?
A31: Well, we do not have plans on interaction with the Waves Ducks right now. I don't think there are a lot of traders in the Waves Ducks community. So, for now, there are no plans. However, we are completely open. So, if you have some ideas on how we can better interact, that's welcome.
Q32: TSN governance?
A32: The governance is something that's always, like, at the back of my mind. So, I always think about this. And then I think, like, oh, okay, we can either spend development effort on governance, which is nice, or we can spend development effort on actually doing something useful. Because with the current, like, amount of TSN token holders, I think the whole governance thing, we can do governance by just creating a poll in Telegram. And I would say it is good. It is nice that investors in Tsunami would vote, for example, for what pairs to be added. But I think for now, the current process of communicating with the community, like, with the chats, and polls, and so on, is enough to align, and what team is doing, actually, with the interest of the community. When we became bigger, yeah, the governance would be, like, fun, literally. We may actually do something like minimal governance, something like Puzzle data. No, I think it's not a puzzle. It's Pluto. So, like, it's a Waves DApp, like, no user interface, nothing, where you can just vote through invoking a Waves DApp method. So, something like this, it can be implemented, like, in an hour. We might probably do. But we try to maintain this, you know, a level of quality that we're trying to, like, maintain in Tsunami. So, everything looks and feels like a good project, but, something that being hacked, like, together in a few hours.
Q33: Are you planning to make a change regarding the funding time? An 8-6 or 4 hours period would be nicer rather than hourly.
A33: Yeah, funding time. There is an ongoing debate on the funding time. I don't think, again, this is the highest priority right now. And I think hourly funding actually works well right now. Especially with quite low trading activity for the moment. I think it's important that funding is paid in a higher cadence.
I think that's it for today, actually. Glad to see you all here. Almost 40 people. I think only Sasha has more views. So, thank you all. And have a nice day. Until next time. Bye💙
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