Denis | Lead Dev of Tsunami speaking
So, as always, we will start with a short presentation. We'll go to questions and ask those. Today's AMA is a bit special, really important news here.
And before we start, let's put the elephant out of the room. So, spot markets are really in the final stage of development. Basically, the swap is done and I think only the UI for liquidity provision is something yet to do. And even this is in the final stage of testing. So, this will be released really, really, really soon. The long-awaited spot market is almost here. So, let's begin with a short overview of.
So, Tsunami basically is almost a feature-complete perpetual futures trading platform. And, in fact, it will soon be the first platform to combine spot markets and derivatives on waves. There are a few things to do, like basically switch all the markets to new just-in-time oracles that work just fine, as it actually shows, and add new markets and stop-limit orders. But that's basically it. So, with this, the platform is basically complete.
Unfortunately, in the current situation, USDT trading volume is quite low, as basically no one uses USDT for trading on waves. They are mostly used for arbitrage trading, and quite well. And the daily volume of trades is around 10 to 30k. And, unfortunately, it's not even that low, because the leading exchange on waves is WX, and their trading volume is actually from 50 to 100k. The trading fees that we collect right now, just do not cover team spending on development and on maintaining this.
As you can see, Tsunami is a really high-quality project. It requires a team of engineers to build it and support it. So, there is a long-awaited thing about going multi-chain.
What's the problem? Yeah, waves have some issues. As I've always told you guys, it's not easy to go multi-chain, actually. Because, first, unfortunately, base legacy hinders your ability to fundraise quite a bit. So, whoever investors we actually spoke with, they were mostly like, oh, waves is surrounded by FUD, so it's better not to have a multi-chain project that supports waves. Or, even worse, was initially funded inside waves.
To actually build a multi-chain extension to Tsunami, we do need external funding. Because the funds that we have raised during an ILO are mostly gone with XTN itself. There is quite a lot of TSN already in the market. It would not be a problem if TSN were a token of at least a relatively successful project. So, this basically positions us for kind of seed to series A funding.
But, as I've told you, the base legacy and low volume makes it very difficult. I would say almost impossible. There is nothing impossible in this world, but it's almost impossible to find investors who would consider investing seed or series A money into the Tsunami as it is. And, this is why we have actually decided to start a new project from scratch. Without porting the Tsunami to other chain. Or, without new project being governed by TSN token.
I would like to present you a Storm - our team's new project, which is basically a perpetual futures market on TON blockchain. This project is very different from Tsunami. On the surface, it's the same. It would, of course, reuse like 80% of the debt. So, everything that like front end, back end, like all the trading mechanics. It's very different.
To better understand this, we need to learn a few things about TON. TON is non-EVM blockchain that was initially developed by the Telegram team.
It's quite a well-known story of how the Securities and Exchange Commission in the USA basically blocked Telegram from doing their own blockchain. And, the ICO of TON was basically blocked. No one knows how exactly Telegram finally managed to do it. But, they stopped the idea. No one knows if they actually returned the money to investors or not. But, basically, the whole code for this blockchain was open source. And, then some team picked it up and started developing.
Of course, it wasn't some team. They were precisely the right guys to actually continue developing it. Then, they did quite a nice job with this. So, TON is actually quite a powerful blockchain. It's a level one blockchain. It's quite fast. However, it's not EVM. And, it's very difficult to actually code something on TON. So, we're way better with this.
The only reason why we chose TON over any other blockchain, like going EVM, especially in the case of starting a new project, is because TON may solve the number one problem in DeFi or in Web3 or in blockchain in general. It is so much sought after mass adoption. Because, I would say, they're in very close collaboration with the Telegram team. That means that they have access to over 500 millions users that they want to onboard inside the ecosystem. And, this user base is the only thing that makes TON an option to go after, a desirable option. On Ethereum, it's about 1 million daily users like absolute maximum. Much lower on average. They are probably not even users. This is accounts. And, you probably know even on Waves, most of you have two, three, five accounts. So, of course, the real number of users is much lower. Exclude bots, exclude airdrop hunters with multi-accs, and the real number of users is much lower.
TON provides us with the ability to potentially access large user base. And, this is where we actually positioned TON as the first DeFi protocol, DeFi solution for retail users. So, here on the right, you can see that the main difference, like the other competitors may all seem very similar. For example, GMX, what is GMX? Oh, it's a perpetual futures protocol. However, GMX is something that basically targeted on whales. How many assets are trading here? Very limited amount. Is it easy to onboard? Not at all. It's level two onboarding. It's very difficult. So, it's basically for whales who trade futures on Bitcoin, Ethereum, and other major coins.
DYDX is more or less a solution for traders. However, the number of assets selection is quite limited. Then, there are Vela and G-Trade, very similar, again, on level two. Difficult to onboard. However, an asset selection is higher than on DYDX.
And we are aimed at the retail users, basically Telegram users, who want a decentralized solution, who wants to really control their funds. So, they would not be at the mercy of a centralized exchange for like saving all their funds or disallowing them to trade. And TON is here to provide some really nice option to ease onboarding on blockchain ecosystem, like buying stablecoins with cards, easy P2P, wallet embedded in Telegram, and so on, and much more. So, the market, of course, is very large. This is why we are building this. So, we are aiming at like at least 100 million daily volume, probably after a year. Like a launch roadmap of this new product.
As you can see, we have just recently started the testnet in silent and private mode. So, two days ago, we have started the testnet. And now, we are on track to perform an audit, probably one or two testnet like relaunch from scratch as we update our contracts.
This autumn, we actually plan to go mainnet, as you know, with a few pairs in low-risk mode, and then expand and build from there. And probably the first question that you want to ask yourself, what will happen to Tsunami? Are we leaving waves? Are we ditching it? And the answer is absolutely not. So, in general, nothing bad will happen to Tsunami. This is according to roadmap.
We'll add new markets and new features like one-click trading and so on. So, basically, most of the features will be developed for two platforms because 80% of code is actually reused. So, the only thing that's different is the code. I mean, it's a smart contract code and the services that we use to integrate with blockchain. However, as Tsunami was kind of designed with a blockchain abstraction in mind, it's relatively easy to backport features like from TON to Waves or vice versa.
But hey, there are even more positive news. Because the sweetest part is, of course, we cannot forget our early supporters and users. And for those of you who stay with us, who join the strong community and get through testnet to mainnet with us, and of course would not sell their TSN because why sell them? You never sell TSN. There will be actually an airdrop of a new token. So, while we are not able to bring TSN token to other network, we can completely bring this new sweet token of a hopefully more successful project here to you.
So, in future, when there will be a token generation event on TON, and actually we are planning to do this very, very soon because in current market conditions doing a token generation is just wasting an opportunity. So, whenever we do this in a better market conditions, there would be, it's already allocated in the tokenomics, a part of Storm tokens that will be used as an airdrop to TSN holders.
So, while you lose nothing from TSN, you would get something else. You would get a Storm token. So, stay with us. Follow our journey. Join our new community. Try the testnet. See if you like it. Let's stay together. Thank you. And let's go to questions.
Will the Storm be on Waves?
Well, not exactly. The Storm is our new project that is launched on different blockchain. However, there would be an airdrop of Storm tokens to those of you who hold TSN. So, it would be a snapshot for users who would actually actively participate in TON. So, you would join our community, join the testnet, use mainnet, and then you would be eligible for the Storm airdrop as our early supporter. Well, it's not like later on Waves, because basically, the basic promise of project is very similar.
What’s the difference between Storm and Tsunami?
They are both perpetual futures trading projects. However, with TON, we target a bit different audience. Because here, all of us are basically like hardcode blockchain users. And here, with Telegram integration, we can actually hope on attracting more retail investors who would be less tech savvy. And we want to use some decentralization to basically protect their funds, not for the sake of decentralization. Yeah, there will be some shortfall holders. Yeah, the Storm basically relates to Tsunami because it's built on the same team. And this team wants to kind of give back to those who supported us in the first place.
I love the idea of the new token , but my only problem is investor that lost money in last telegram TON might cause FUD and affect the token ....how is the team preparing to fight this?
This is probably the first reason why we actually choose to do a new project and rebranding. Exactly because every mention of Waves causes FUD and affects both token and like everything else.
As I heard there are around 1B TON locked until 2027 year on some whale accounts from some early mining, sounds not so good for me, dunno how for you guys😁
Well, 2027 by blockchain matters. And I think that this is so far, so far ahead. But it's not something to consider even during a strategic planning. Because a strategic planning horizon of blockchain is around one year. Especially for a startup. And a tactical planning is like 10 minutes. So, I really hope that Storm executes its basic premise at attracting retail users and telegram users and onboarding them to Web3.
So the total supply of the STORM token will be more?
Well, the total supply of Storm does not matter. The total supply of tokens really does not matter. It's evaluation what matters, actually.
Will there be a voting for the new tokemonics or it will be just started?
Yeah, for new tokenomics, probably there would be a voting.
There are 50318 TSN used for voting, it means we will not apply for Waves DAO?
And about WavesDAO, okay, there is no XTN in WavesDAO. So it's over. Pepe team got last bits of XTN out of DAO. Actually, you know what is the fun fact? When I created this proposal, there would be around, I think, one and a half million of XTN in Tsunami Vault. Now there are two and a half million. So we’ve got one million XTN more in the vault. And that's what will support new pairs, these things that would go really soon.
We can see that trading volume is not enough to reach 30m till the autumn, do you have any plans to decrease the quorum or maybe to take some marketing activities?
Taking some marketing activities is something that costs you money. And the cost to attract one customer is basically what is known as customer acquisition cost in marketing. And crypto marketing, especially in the bear market, is expensive enough. Now add to this the fact that it has actually lost a lot of funds, like as all of you, as all of us, with the USDN depeg. And the ecosystem is still affected by the FUD. So the customer acquisition cost is even higher than for a normal crypto project. Combine this lack of funding with a very, very extremely high cost of acquisition on where there could be some marketing activities. I really hope that the waves itself, or maybe WX, the project that actually managed to collect at least some funding with their IDO, would actually start some marketing. And then we would basically try to acquire part of their users by building a complementary project.
I think you should implement the new tokenomics asap, it will take some good buying pressure to TSN and probably will make a fomo for all who had sold the token
It's actually planned. It's not that difficult. It's actually still like in a design phase. There is something to tweak. I got the idea that the community mostly likes it. So that's nice.
TSN token is still a new project ..is this really a good time to be doing another token?
It's still a TSN token is not going anywhere and Tsunami is not going anywhere. So a new token is unrelated to Tsunami.
How is your appreciation about real time oracles with pythnetwork until now? And when can we expect its application on all pairs?
Yeah, real time oracles actually work really, really, really good and we are really enjoying how it works right now. You can really soon expect that there will be more buyers. However, we really need to bulletproof our relay from these networks to waves and make it decentralized. So as soon as we complete decentralized relay the only thing left to fix is some performance issues because it's really like a hype. And whenever you have some network delay, it really can affect the performance. So whenever we actually decentralized our relay to at least five nodes, then we will just basically say that, OK, it's done and it's production ready enough to make all payers supported by Pyth Network oracles. But this network itself and integration works absolutely great. It was an amazing decision, an amazing integration, really complimentary.
Is there a link on white paper of STORM for investors to read?
Of course it's coming. And Storm is so early. You're the first guys here who hear about the Storm. Like first guys, really.
From where you got the idea for the name storm?? 👀
Storm was kind of inspired by Tsunami, because storm is something that comes after the tsunami. And I really like the whole idea of Storm and like the volatility associations with the word storm. I think it's a really, really nice naming a big promo slavery explaining. A storm is exactly what happens today on bear market, I would say. Some may say it was a shitstorm. Or liquidation storm. Yeah, I really like this. It's so fun to think about this.
Testnet Storm will be in the telegram channel?
Yeah, it would be in Telegram channel. And we will announce it after the AMA ends, there would be the official announcement in news and so on.
How to be a storm whale?
Well, first join our testnet. And you know, open position, high leverage, win a lot of tokens, become a whale, you know, standard thing.
When new pairs with real time oracles?
Yeah, new pairs in Tsunami are coming really soon. All new pairs would use real time oracles. And also all like the old pairs would be migrated to decentralized oracles.
How long the testnet will take?
Honestly, I don't know. We hope to finish it in two months. But there is a lot of unknown variables on TON, actually. So it's really new technology. And it's really difficult to code on.
We actually aim at launching mainnet like September. So by this time, testnet should end.
Any updates for the charts soon?
What do you mean by the updates? You mean a professional mode, right? With indicators and so on. Yeah, it is in pipeline. But I think we have more important things to do right now. So no estimates on this.
So guys, thank you for coming here first and for your support. I was really kind of nervous, kind of afraid that you would all start like just shitting in the chat and basically fudding the hell out of this. I hope you see an opportunity together with us.
So let's stay together. Thank you guys. And enjoy your evening. Bye-bye <3