2022 has been a fantastic year for Ubiquity, and we have no doubt that 2023 will be even better!
Ubiquity DAO Monthly Newsletter — December
As we rapidly approach the end of 2022, we wanted to take some time to pause and reflect on what’s happened over the course of the past year. Despite the markets not being kind to any of us, 2022 has been a fantastic year for Ubiquity. Throughout a tough bear market we’ve seen remarkable growth, and in this recap we’ll go over all of the big milestones, statistics, and achievements to give you the full picture of how we’ve progressed to this point. We will run through the highlights in chronological order.
“Take it back, shake it back.”
2022 Highlights
To kick things off, let’s take a look at the numbers!
“Ready, set, go!”
Current Status
- We have about $1.7M of the $2M USD raised on May 1, 2022
- We have had no exposure to LUNA, 3AC, FTX, or any of the other recent scandals
- Our funds are held primarily in a 4/4 Gnosis Multisig Safe on Ethereum Mainnet
- We currently have a runway of approximately 3.5 years (May 2026)
- We have deployed half of our treasury into non-incentivized Uniswap V3 ETH-USDC liquidity provisioning
- Our average daily burn rate is ~$1,330 USD
- Token 2049 meetup
- Bounty program — Brand new
- Telegram groups
- Recruitment — Devrels
Read on to take a look through our lens and experience the top highlights of our year!
Management Strategy
We are developing a custom TradingView indicator in collaboration with a fund to facilitate research on yield strategy development for our upcoming Vaults program.
We always maintain at least half a year of idle cash runway in the treasury to cover operating expenses. This does not include the utilization of yield generation strategies.
- Set a new LP range ($1,250-$750) which should double our yield (to ~90% APR) and pull out in order to spot hold ETH when our breakeven price is ~$1,000 (projected to be three months of LP), or when ETH remains below $750.
- If all of the unallocated treasury funds are spent, then we would open up a Liquidity trove with the spot held ETH and borrow LUSD with the expectation that the ~$1M credit line would not come close to liquidation, as we are betting that ETH will rise in value within the 3.5 years that it would take for us to use all of that credit (at the current burn rate).
- If ETH is trending up in 2023 and beyond, we may consider using the unallocated treasury funds (aside from the six month runway) to either LP ETH-USDC and/or opportunistically bid ETH.
For more details, kindly see the full investor report here: https://dao.ubq.fi/q4-2022
Decentralization
We believe that the future of corporations is decentralized. We are excited to be on the front lines of innovating processes and tooling to realize this future
We are currently experimenting with Telegram “topics” which is similar to Discord Channels.
We have turned our GitHub into our virtual office space, with most of the detailed discussions (example link) and work (another example) under each repository publicly viewable.
We are actively recruiting developers from all over the globe. We are excited to share exactly how below.
Global Recruitment
We’ve spent this past quarter developing a program that will help to streamline our recruitment process. We are currently looking for:
Marketing Specialists
Solidity Developer Relations Manager
Recruitment Manager
Bounty Board Manager
Business Development Manager
Growth/Security Audit Hackers
Investor Relations Manager
Community Moderators/Managers
Investigative Journalists
And many more! Keep an eye on our Twitter and Github pages in the coming months.
Bounty Program
Every detail of the Ubiquity Bounty System has been carefully designed to minimize management overhead and maximize both scalability and capital efficiency.
We have an automated pricing system based on the estimated time for the task, as well as the predicted “business impact” or profitability of the feature. We are also actively working on decentralizing the “time estimation” of the bounties to our community (through betting market-like schemes) to establish and appraise bounties more accurately and efficiently.
“UbiquiBot” (or the Ubiquity Bounty Bot) is designed to automate all of these processes based on the activities within our GitHub. A discussion on these planned automations and features is available here.
We also regularly post bounties on our Twitter page. Keep a lookout for those juicy bounties as more and more become available!
Product Updates
The “Updates” sections below are designed to be compared with the Q2 update.
- UbiquiStick NFT
- We are looking to launch this after we have utility ready for it (through our other products.)
2. Bonds
- This is our primary means to develop liquidity paired with our dollar. This liquidity is a prerequisite for almost anything in our ecosystem of financial products to work.
3. Bonds Specifications
We inked an agreement with ApeSwap for them to implement our Bonds Specification before the new year.
- We agreed that it is strategic to finish development and then launch upon more bullish market conditions.
- We met at the “Animoca Portfolio & Partners” event at Token2049 in Singapore, and we believe that co-marketing as part of the Animoca family together could be very useful.
- Our capital partners at Concave recently produced a bonds template based on our specification. One of our researchers recently completed an audit which highlights the need for some small adjustments before we can use this as a hedge.
- A brand new bond architecture caught significant interest of our research team, Liquidity’s Chicken Bonds system.
- We signed up for their waitlist to work directly with them, or if we have extra bandwidth, we plan to deploy a rogue instance of their open source contracts.
- We think that their design is the most clever in regards to bonds but as of date is unproven.
- If none of these strategies work for bootstrapping our liquidity, we would more seriously consider obtaining another strategic investment (or loan).
4. Lootbox v1 — NFT Cashback Rewards
- This depends on liquidity primarily with uAD-ETH, which will be accommodated by our Bonds strategy.
- We have decided to focus on the development of the Yield Aggregator (Vaults) program before our cash back rewards program. However, the expectation is that this should be quick to implement after we have the required liquidity.
5. Proxy Yield Aggregator v1 — ERC4626 Compatible Deposit Contract
- We have two modules of this which are required to implement:
6. The generalized deposit contract is almost finished, we are currently thinking through some extra adjustable parameters that we may need, as well as some of the architectural details relevant to managing the parameters on a limitless amount of vaults (with consideration to gas fees and being able to easily update potentially hundreds of contracts’ settings).
7. The Ubiquity Dollar global protocol manager contract, which we are working on upgrading to the Diamond Standard in order to be able to add on management capabilities (parameter adjustment) of any new products, including this vault program.
Concluding Thoughts
As we close out what has been an eventful year (to say the least), we first and foremost want to thank you all! We’re nothing without our community, users and partners. The Ubiquity team wishes everyone happy holidays and a stable new year. Come January 1st, we’re pushing full speed ahead!
Thank you for 2022!
For more details, kindly take a look at the full investor report here: https://dao.ubq.fi/q4-2022
You may also find our previous report from earlier this year here: https://dao.ubq.fi/q2-2022
All Web3 inhabitants are welcome to share their ideas to help grow the Ubiquiverse on any of the official Ubiquity social media pages. Join us on Discord, Twitter, and Telegram for more news updates.
