Behind Ubeswap’s Latest Advances: Key Updates and Community Questions Answered
Ubeswap’s journey and development have been quite progressive since the new DAO administrator’s takeover. In this article, we share insights from our recent AMA with Harun Sarikurt, Ubeswap’s BD, discussing the developments over the last two quarters and answering questions from the community. We hope you find this article insightful. Let’s get started.
Key Updates
Enhancements and Governance
January: The selection of new DAO administrators was finalized, and existing farm and stake issues were successfully resolved.
March: Completion of the DAO admin switch provided new administrators with access to relevant areas, enhancing governance. Ubeswap also introduced updated tokenomics with UIP-17 and launched the CELO-UBE Farm, expanding its liquidity options.
Community Engagement and Information Sharing
February: Ubeswap held its first AMA session, fostering open communication with the community. Additionally, a pivotal Medium article titled “Make Ubeswap Great Again” outlined the future plans of the platform.
May: The release of a detailed roadmap set clear expectations for upcoming features and goals.
Events and Partnerships
April: Participation in the TOKEN 2049 event in Dubai helped Ubeswap negotiate potential partnerships and present its vision to a broad audience of investors.
May: At the CeloGather event in Berlin, Ubeswap shared its future vision with other projects in the ecosystem. The platform was also recognized as the third project on CeloPublicGoods among at least 100 projects, highlighting its commitment to public goods and sustainability. Notable partnerships established during this period include collaborations with KohCelo, ImmortalX, and SolidityScan, each aimed at strengthening Ubeswap’s connections globally and enhancing technological integration.
June: A partnership with Mento was initiated, further expanding its network. The launch of Ubeswap V3 introduced significant platform enhancements, and the announcement of a bug bounty program post-launch underscored Ubeswap’s commitment to security and reliability.
These developments reflect Ubeswap’s strong commitment to innovation, community engagement, and security, positioning the platform for sustained growth and increased adoption within the Celo ecosystem and beyond. The proactive approach in establishing strategic partnerships and participating in major blockchain events highlights Ubeswap’s active role in shaping the future of decentralized finance.
What awaits us in the second half of 2024:
As we head into the second half of 2024, Ubeswap is gearing up for exciting developments within the Celo ecosystem. We’re focusing on improving platform stability and user experience by fixing bugs and enhancing features.
This summer, known as ‘Stablecoin Summer,’ we’re expanding our range of stablecoin options to offer better returns for liquidity providers using our advanced V3 farms. We’re also teaming up with Stabila to get more stablecoins circulating on Celo.
Celo’s move to layer 2 is a big deal. Ubeswap is ready to benefit as Celo becomes a top layer 2 chain. As Celo’s main decentralized exchange (DEX), we’re looking to grow our role in the ecosystem.
To reach more users, we’re boosting our marketing efforts on social media, crypto forums, and partnering with blockchain influencers. We’ll also showcase our new features and technology at events and webinars.
In the coming months, we’re adding a launchpad and allowing cross-chain swaps to make Ubeswap even more useful across different blockchains. Our goal is to keep growing as Celo’s top DEX, led by our team focused on making Ubeswap a leader in decentralized finance.
AMA HIGHLIGHT
1- Can you give details about the listings, when and which platform? Has negotiations started?
Yes, I realized this is the question that is on everyone’s minds. First of all, I would like to remind everyone that CEX listing is not a standalone activity that magically adds value to a project. We need a strong technology, user base and token activity to strategically grow and be listed on a centralized platform. Once we establish this, listing on an exchange is just about making the necessary payments. Timing is key, otherwise the listing would only be more selling pressure for the token.
Obviously, the when and which cannot be disclosed until listing. However, the listing will take place within 2024.
2- What is our marketing strategy? How can Ubeswap attract new users?
We have been focused on building up the product and making it desirable for users. We have made headway and is now close to a working bug-free product that delivers value.
In addition, as I just mentioned in the second part of my recap:
‘Collaborative marketing initiatives, including partnerships with influential blockchain influencers and thought leaders, will also play a pivotal role. Additionally, Ubeswap plans to participate in key industry events and webinars to showcase its new features and technological advancements. These targeted marketing campaigns are designed to highlight Ubeswap’s unique offerings, such as its stablecoin yield opportunities and the innovative V3 farms, aiming to attract a broader audience and cement its status as a leading DEX within the Celo ecosystem.’
3- What’s the latest situation on the UBE token migration?
Around 56% of the community has converted their tokens. We are in touch with Valora to remind users who have not converted yet to convert their tokens. It has been 3 months since we opened the convert page and we are thinking of waiting at least 3 more months before opening the topic to the users. All non-converted UBE tokens (currently 32 million) will be burned, thus decreasing the total supply.
4- When will new pools and new farms be added? How can we incentivize these farms?
The first week of July will be a bug fix week and after that we should slowly start seeing the launch of new liquidity. Especially stablecoins, such as USDC, USDT and cUSD.
We will introduce a methodology via a governance proposal to keep farm incentives in a decentralized and fair distribution.
5- Will there be liquid staked UBE and an according pool on Ubeswap?
This is an interesting question. It is not in our agenda to introduce liquid UBE staking. However, if there happens to be a use for it in the future, we can definitely consider it. But again, currently no
6- Why should users prefer Ubeswap instead of Uniswap? Can you tell us about the security measures taken regarding Ubeswap v3? Will it be possible to swap all Celo tokens on Ubeswap?
Ubeswap offer farming incentives in addition to the swap fees provided to liquidity holders. We are working hard to bring all projects to be listed on Ubeswap and thus become the trading hub for Celo network and we believe this is achievable. Ubeswap V3 is based off of Uniswap V3 core contracts and therefore, we do not have any security related concerns. However, we had our V3 audited by Solidityscan and received a ‘Great’ score and received no vital bugs. We prioritize security and will therefore take all precautions in order to avoid any problems.
7- Has the limit order feature been completely removed?
The limit order has not been working for some time now and there has been almost no usage. Once, we are done with the current upgrades, we can re-introduce it if there is demand.
8- Is there any change in tokenomics? Does the team have locked tokens?
The tokenomics remains the same for the next 3 years. It can be accessed through: https://docs.google.com/spreadsheets/d/1-ThYx7cKjhzyNPK7c8yVk3LC-FU2CH6UMQP0GKqqHK0/edit?gid=564366276#gid=564366276
Team tokens are vested for 3 years as well.
9- Is there a plan to decrease UBE supply?
Yes there is a plan. However, let’s not spoil the surprise right now 😊
That’s all from us. Ubeswap has had a successful first half of the year with new leadership, and there’s even more to look forward to. We wish everyone reading this a prosperous journey with Ubeswap. This marks a new beginning, not an end, for Ubeswap — a journey filled with exciting possibilities. Let’s work together to make Ubeswap Great Again, Together!
