Unstoppable Q2 2023 Report
Highlights and Insights from Q2 2023.
We’re excited to share with you the first edition of our quarterly transparency report. The first quarter concluded with our successful fair launch token sale, and since then, our team has been in full build mode, focusing on delivering the Margin DEX. Furthermore, we were able to frontrun the build and launch of the first Spot DEX elements, which have been live since April, outperforming our initial roadmap. We’ve been working tirelessly behind the scenes to deliver on our promises and exceed expectations.
Team
We have begun to expand our team to increase our resources. Although finding high-quality employees has proven to be challenging and remains an ongoing task, we are thrilled with the new additions to the Unstoppable team. These talented individuals have joined us to bolster our development efforts and enhance our community, communications, and marketing strategies.
Product Developments
In Q2, we exceeded our schedule by launching Spot Limit & DCA orders in April. These features have been running smoothly since their release. This early release required us to set up a keeper infrastructure, which provided an opportunity to battle test and harden it in a low-risk production environment. This foundation will be invaluable for the upcoming liquidation engine on the Margin DEX.
Our hard work has also led us to maintain the Margin DEX’s audit deadline in Q2. Despite wishing for more internal testing time, we prioritized keeping our audit deadline to deliver our promises to the community.
Roadmap Review
Staying true to our commitment to deliver results as per schedule, we’ve been successful in meeting all the key deadlines set out at the beginning of the year:
- February: Launch of Margin DEX Beta on Arbitrum testnet.
- March: Conducted our token sale (despite the need to build our own launchpad to achieve a Fair Launch).
- April: Brought the Spot DEX Alpha live on Arbitrum mainnet.
- June: Prepared the Margin DEX for audit and mainnet launch.
Meeting these ambitious timelines was a challenging task, requiring considerable sacrifices and effort from the entire team, especially our developers. Despite these challenges, we made it a point not to delay or reschedule our roadmap, setting us apart from many other projects.
Our team takes immense pride in these achievements and in demonstrating to our community our seriousness about commitments.
Marketing & Community
Throughout Q2, we concentrated on building relationships and establishing a firm foundation for Unstoppable’s future growth. During the quarter, we achieved notable mentions and engagements in various publications such as Revelo Intel’s Project Breakdown, Blocmates Updates, and Cointelegraph. We also organized AMAs with interested communities like Kyudo & frens and regular community calls on our Discord and Twitter every two weeks to keep our community informed and address any questions directly.
TradFi Partners & Legal Aspects
During this quarter, we have made substantial progress on our on- and off-ramp systems. Having defined the ideal setup to ensure regulatory compliance and an optimal user experience, we’re actively seeking a strategic partner to assist with incorporation and licensing. Once this step is completed, we’ll be in a strong position to roll out our services in this area.
Meanwhile, our Q2 discussions with legal consultants on the tokenization of real-world assets have yet to reach a clear conclusion. The numerous global regulatory uncertainties leave several questions about setup and compliance unanswered. Regardless of these challenges, we’re committed to navigating this complex frontier with continued diligence and careful consideration in the coming months.
Treasury Transparency Report
Our treasury multisig was funded with 2,068 ETH after the Fair Launch token sale in early April. As of the end of Q2, it holds 1,668 ETH. We allocated 400 ETH to the operations multisig, using it for various expenses as outlined below.
- 40% Liquidity: 150 ETH was utilized for bootstrapping the UND/WETH pair on Uniswap v3.
- 17.3% Marketing: We allocated 65 ETH towards strategic marketing partnerships with Blocmates, Cointelegraph, Revelo Intel, and others.
- 17.3% Salaries: 65 ETH was distributed amongst our 12 contributors, including six core team members, four extended team members, and two freelancers.
- 16% Token Sale Referral Kickbacks: 60 ETH was allocated as rewards for those who referred active participants to our token sale.
- 8% Margin DEX Audit: Allocted $40k USD funded through a crvUSD loan with ~30 ETH collateral
- 1.3% Legal Fees: Approximately 5 ETH was spent on legal consultations and requirements.
Various minor operational expenses, including gas, testing, domains, and software, have been personally funded by the team and are not listed above.
In the weeks ahead, we intend to swap a portion of the treasury ETH into various other assets to prepare for bootstrapping the initial liquidity on the Margin DEX and to hedge some of our USD-denominated expenses for the coming months.
Reflections on Q2
What Went Well
The team’s performance has been exceptional, with everyone focusing on delivering results without getting caught up in egos or politics. Instead, everyone is focused on contributing both ideas and execution to achieve the best outcome. We have been successful in maintaining an 80/20 mindset, focusing on the bigger picture rather than getting stuck in the details too early in the process.
It’s with this sense of gratification and accomplishment that we look back at what we achieved in Q2. We have proven that our commitment to our users is not just words on paper but actions that bring about real progress and growth.
Areas for Improvement
While we anticipated lower engagement and growth during this building phase and bear market, we acknowledge there’s room for improvement. Even though we formed partnerships with reputable entities in the space, we hoped these collaborations would have created a bigger impact.
Going forward, we’ll be refining our approach to partnerships to maximize their effectiveness in enhancing our visibility and reputation. On another note, while foundational work has been laid, our primary focus in the coming months will be to significantly grow our community and user base with the launch of our first main product. With the Odyssey 2.0 and several other community development initiatives, we anticipate significant growth over the next couple of months.
Outlook for Q3 and beyond
The upcoming months promise to be filled with activity and excitement as we continue to pursue our goals. Here’s a glimpse of what’s on our to-do list:
- Launch of the Margin DEX: At the forefront of our priorities is the launch of the Margin DEX. Our team is putting in tireless efforts to ensure a smooth ready-to-use launch of the Margin DEX, enabling our users to instantly utilize the platform.
- Odyssey 2.0 Community Edition: We are excited about the Odyssey 2.0, which is a result of our collaboration with some of the biggest projects on Arbitrum. This initiative emphasizes our commitment to cultivating the DeFi community as a whole and encouraging wider participation across various communities.
- Unstoppable Brand and Design Revamp: Although our long-term vision involves challenging the dominance of centralized exchanges, it’s not the essence of our mission. Therefore, we’re planning a brand and design overhaul. The forthcoming visuals and branding will better encapsulate our philosophy and fundamental mission, making our presence in the market more fitting and impactful.
- Additional Spot DEX Features: We will be introducing additional features to the Spot DEX to further enhance its usability and functionality. These new features are designed with the needs of our users in mind, aiming to provide them with a better trading experience.
- Community Development Initiative and Ambassador Program: Recognizing the importance of a strong and engaged community, we will be launching a community development initiative and an ambassador program. The aim is to encourage deeper engagement, build a network of committed Unstoppable advocates, and broaden our influence within the expansive crypto and DeFi communities.
Conclusion
As we forge ahead into an exciting new quarter, we extend an open invitation to all of you to become an integral part of the Unstoppable community. Your support, feedback, and active engagement are vital components of our success story.
Once the Margin DEX is deployed, we encourage you to try it out and share your experiences and thoughts with us. Our team will be readily available to assist you and make the necessary improvements based on your feedback. Connect with us on Discord and Twitter for updates, and join our community calls for a direct conversation with our team. Let’s shape the future of DeFi together and make it truly Unstoppable!
