Written by: Shelby Gosling
On September 30 2021, WadzPay WTK Unofficial Community held a joint AMA (Ask Me Anything) session with Stas Madorski, WadzPay’s Vice President — Blockchain Marketing with Dust, One of The Founder of the Community, hosting this AMA. In this AMA, Stas shared the latest developments from WadzPay and answered The Community’s questions.
We would love to thank the community for your passion and support, as well as your love for our vision. You can join the Unofficial Community here.
Please note that the community is not affiliated with us. All AMA responses are the personal opinion of the interviewee, and do not in any way constitute financial advice.
Hi everyone, please welcome Stas Madorski, WadzPay’s VP of Blockchain Marketing. Stas was kind enough to come in here and answer our questions. The AMA will have two parts. In the first part, everyone but Stas and the admins will be muted, and we’ll ask Stas a dozen or so of the questions forwarded to me by the community over the past few days. (I won’t be able to ask all the questions, unfortunately, as there were so many, but I’ll try to ask the key ones.)
After that, in the second part, we’ll open the floor up to live questions from the community. When we open the floor, please do not spam the chat, ask your question only once, and be polite — otherwise you’ll be muted.
So, Stas, want to introduce yourself and make some opening remarks about the project before we jump into the questions?
Hey @dust_9 thanks for having me! And hi to all — it’s a real pleasure to be here. I’m Stas, and am VP of Blockchain Marketing for WadzPay. I’ve had the unique pleasure of seeing WadzPay grow from ‘just another crypto offering’ to a booming multinational company…it sometimes feels like I’m back at P&G. We’ve all been working around the clock to deliver on our vision of an interconnected world.
It’s been absolutely nuts to see this group and community blow up!
Loving all your passion, your positive energy and some of those memes.
Time for some house-keeping Copy-pastes:
As we work with governments and large corporations, and due to NDAs I may not be able to answer all questions, if they’re not referencing officially announced communications.
Please also bear in mind that I am in marketing, so might not be able to answer the more technical questions. Do also note that everything I say is my personal opinion and to quote the main man, CZ, not financial advice. We are not promoting WTK in any way, and those who wish to trade are doing so at their own discretion and risk.
Some questions which required inputs from our team I’ve already pre-answered, and for other questions, I can answer them live. So you may need to wait a bit while I type the responses. I’ll stick around at the end for a little while (time permitting, and answer up to 5 questions). Let’s get the ball rolling :)
So the first question is something a lot of people have asked about
Can you explain what is going on with this wallet 0xb187ef132898ec4795cec80d11c74931de12559f … The Black Hole wallet is dispensing millions of tokens to it, then this wallet is sending them all to Bitmart. The supply of tokens on Etherscan has increased from 100 million to 160 million in the past few days
First of all, thanks for bringing this to our attention. The team was quick in clarifying what happened:
This movement coincides with a partner launch, a gaming partner, with whom we will have 55,000 wallets. The required settlement currency is USDT and WTK. We are also testing the capability of remittance corridors between UAE and Philippines, UAE and Thailand, Saudi Arabia and Indonesia. These programs are expected to go live in Nov/Dec this year.
The expected volumes from these programs, will be upwards of USD$100mil in processed transactions in 2021 itself (with the fee payable in WTK). Such spikes can be expected to enable testing, as well as liquidity once live. These spikes in activity may also be seen on partner/paired tokens of WTK.
Question 2. What’s the goal of the partnerships with a) Xinfin and b) MasterCard?
I have a love-hate relationship with questions about partnerships. We have to be really careful about what we do say but I always want to share all the good news.
As announced, we are working on the fields merchant payments, transaction settlements, Buy Now Pay Later (BNPL) and remittance products. We will have a lot more to announce about our partnership with XinFin very soon: looking forward to sharing specific details as soon as I can.
For Mastercard, you’ll have to wait a little while longer for details. This is protected by NDA.
We have other unnanounced partnerships too which I can’t wait to share with you, which include a gaming company we are already ‘live’ with, and a major entity I won’t even hint at, as your detective skills have been too good so far haha.
You will see a really major announcement coming in the next month, as we bring you news from Dubai & Canada. Stay tuned :)
Great … Are there plans to migrate away from the Eth network (ERC20) to the XinFin network (XRC20)?
I can spend hours talking about protocols haha
We’ve considered changing protocol numerous times, and I’m sure some of you have done your research and learned that we were planning to move to TRC-21. However, with the ‘promised’ improvements on ERC-20, we are playing the waiting game and see the state of protocols at the end of the year.
Staking is mentioned in the white paper. When will that be ready? And how will it work?
The whitepaper was a blueprint, and our focus has evolved significantly since its publication. For the latest information about what we do, the website and our socials is a better source. We had planned to offer staking, but at present, this is not a priority.
We are reworking the whitepaper, though to better reflect the focus of our business
I see, thanks. OK, next question: What’s the plan or roadmap for listing on other exchanges?
I have to start off with the usual disclaimer
I am unable to disclose future exchange listings
Having said that, we are in talks with several exchanges (e.g. FTX)
That’s great to hear
When is the burn to 125 million total supply going to happen? Or did it already happen?
We haven’t burned any of the tokens. Burns will occur after transactions are settled in WTK. As we are shifting away from a B2C model, we are also thinking about an improved tokenomy with business goal-related token burns, or buy-backs. Happy to hear community suggestions on that.
Ok some more tokenomics questions
What’s the total max supply? Is it already reached or is minting still happening? What’s the actual circulating supply?
The total supply is 250 mil, it’s already been reached
I didn’t prepare for the circulating supply question, but it should be around ~150 million right now.
I think that’s right, I saw 160 million or so the other day
More tokenomics … Why does the token only have 2 decimal places? How can such a low supply token with only 2 decimals be used to cover small payment amounts?
Yeah to be very honest, that’s an oversight
For now, we haven’t faced any issues, but if the token ‘moons’ then we will work on a solution
I think you meant to say when it moons 😅
Ok … Can the “Private investors” that own 40M tokens sell at any time?
Their tokens have already been unlocked, and they could sell at any time (and I am guessing have sold already). We have also bought back tokens from some of those investors.
When can we store tokens in the official WadzPay app? What is the plan as far as the rollout of the WadzPay payment system being integrated into running stores and open markets?
People in some markets can already do this. However, it’s important to clarify: our initial idea was that this App is the most important piece in our ecosystem. Since then, we have instead started white-labeling the App for large partners (such as banks, conglomerates). So when you ask about the rollout of the WadzPay ‘payment system’, that for me is the more important question.
Our technology is already rolled out, and powering the needs of some of our partners. You may even be using an App without realising that WadzPay is powering it now.
OK folks, that was the last question for this part of the AMA
Thanks so much for all the great questions!
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WadzPay.com is Driving Financial Inclusion whilst enabling broader acceptance. WadzPay will become THE DEFAULT Digital Payments Processor. We will build direct relationships between Financial Institutions (FI)/non-bank Financial Institutions (NFI), merchants and consumers. The WadzPay token WTK is available on Bitmart now.