The crypto industry has undergone significant changes due to innovations in decentralized finance (DeFi) and blockchain technology. Sasha Ivanov, the founder of Waves, has introduced a new project called Units Network. This network serves as a foundational layer that connects ecosystem chains in a fully interoperable and trustless manner. It allows for the restaking of any assets and is secured by real-world assets (RWA).
In an interview, Ivanov discusses the strategies and innovations behind Units Network and its role within the Waves ecosystem. He also reflects on past challenges, including the depegging of Neutrino USD and the collapse of the FTX exchange, providing insights into the future of decentralized finance.
Cointelegraph: What are your plans for the next bull cycle?
Sasha Ivanov: We are launching Units Network, a project based on the Waves ecosystem. Our goal is to expand the ecosystem and attract new community members. Units Network enables the launch of your own layer-1 (L1) blockchain based on Waves staking. It is fully compatible with Ethereum and aims to simplify the process of launching your own blockchain network. Additionally, networks within the ecosystem can interact through the Waves network, which becomes a foundational level of the ecosystem.
CT: How did you address the challenges faced by Waves, and what lessons did you learn?
SI: The past two years have been challenging for Waves, but we have learned valuable lessons. The detachment of USDN and similar stablecoin issues highlighted the instability of a model solely based on market mechanisms. We have also demonstrated that decentralized autonomous organization (DAO) models can function during crisis situations. The Waves ecosystem has become fully decentralized, with funding being conducted through the Waves DAO.
CT: How did the conflict with Alameda Research and the collapse of the FTX exchange impact Waves?
SI: The collapse of FTX was a surprise that made me realize the risks within the Western financial system. It has changed my perspective on the crypto market and my goals within it.
CT: What are your thoughts on Ethereum’s current development and scalability approach?
SI: Units Network aims to connect layer-2 (L2) networks and the base Ethereum layer into one ecosystem based on Ether staking. This allows for the creation of a powerful L1 network with L2 networks using these mechanisms for decentralization and consensus internally. This is the end game for the current development of crypto technologies.
CT: Can you explain the role of Units Network within the blockchain ecosystem?
SI: Units Network aims to grow the Waves ecosystem by facilitating the launch of Ethereum Virtual Machine (EVM) networks. It bypasses the need for individual validators and allows networks to connect with others within and beyond the ecosystem. The ecosystem will have interconnected EVM networks, with the first Unit0 network being crucial. The Units DAO within the ecosystem is governed by the Unit0 token.
CT: What tools and solutions does Units Network offer?
SI: Units Network simplifies the process of launching your own blockchain. A blockchain originator makes a DAO governance proposal, and if approved, their blockchain is launched within a few days. The new blockchain is supported by the existing validator community and is interoperable with other chains within the ecosystem. External bridges provide connectivity to other ecosystems.
CT: How does the Hybrid RWA stablecoin system work, and what are its benefits?
SI: The Hybrid RWA stablecoin system combines crypto collateral with less liquid RWA collateral. This allows for stablecoin annual percentage yield (APY) while securing the stablecoin peg. Units will facilitate the launch of several RWA projects in the ecosystem, showcasing the network’s advantages in terms of launch simplicity and ecosystem connectivity.
CT: What are the advantages of utilizing Units Network over traditional blockchain platforms?
SI: Units Network focuses on the simplicity of launching your own chain within the existing ecosystem. It offers internal and external bridges, native staking of any assets, and an ecosystem DAO to support your chain. It aims to provide an accessible solution for all types of projects.
CT: What are the future plans of Units Network?
SI: We are starting testnet and liquidity campaigns to showcase Units Network’s features. The mainnet launch of the first ecosystem blockchain, Unit0, is planned for this summer. The next milestone is launching the ecosystem DAO based on the Unit0 token. Zero-knowledge proofs will also be integrated, allowing for different approaches to L0-L1 interoperability.