Q4 2023

December 2023
Prepared by アレクサンダー.eth
Ubiquity Research Ltd.

As we continue our journey in 2024, I'm excited to share the latest developments and our vision for the future at Ubiquity.

Strategic Focus on Ubiquity Dollar

Our Ubiquity Dollar remains a central pillar of our operations and strategic vision. It's vital to emphasize that all our efforts, including the development and promotion of the DevPool system (and the UbiquiBot) are fundamentally geared towards enhancing the utility and adoption of our Dollar. The GitHub bot is more than just an operational tool; it's a gateway to popularizing our Dollar, and making it an integral part of the open source ecosystem.

Financial Health and Runway

  • Current Treasury Status: Excluding the recent deposit for the Sherlock audit, our treasury remains robust at $1.65M USD. We're prudent in our financial management, ensuring sustainability and growth.
  • Sherlock Audit Investment: The cost for the Sherlock security audit is $60K USD. This investment in security is a cornerstone of our commitment to product excellence and trust.
  • Runway Projection: Our current financial trajectory indicates a runway extending to September 18, 2030, based on linear regression analysis. This long-term sustainability is a crucial aspect of our strategic planning.

Series A Fundraising: March - September 2024

  • Strategic Timing and Goals: Aligned with the Bitcoin halving cycle, we anticipate favorable market conditions for our Series A from March to September 2024. Our valuation strategy starts at $100M USD, aiming to peak at $200M USD, offering a compelling incentive for rapid investor commitment.
  • Raising $10M to $20M: Selling another 10%, we aim to raise between $10M to $20M USD. By promoting our GitHub bot among distributed technology teams, we're creating a compelling use case for our Dollar, positioning it as the preferred medium for DAO task management and task incentivization in the industry.
  • Card Issuance and Non-Crypto Adaptation: Alongside, we're making strides in card issuance and exploring opportunities for non-crypto companies to integrate our system by leveraging account abstraction technologies, thereby broadening the scope and usability of our Dollar.

Engineering and Product Development

  • Ubiquity Dollar v2: Our focus has been on the redevelopment of the Ubiquity Dollar, scheduled for redeployment by April 1, 2024. This overhaul addresses tech debt and integrates the Diamond Proxy Standard for enhanced upgradability.
  • Sherlock Security Assessment: A security audit and bug-finding competition with Sherlock is set between January 2 and January 21, 2024, with subsequent months dedicated to implementing bug fixes.
  • Economic Model Shift: Our new economic model is similar to Frax, with price stability primarily relying on opportunistic minting and redeeming. Initially, we're using LUSD as collateral, with plans to integrate other stablecoins if needed.

Talent Acquisition and the DevPool Program

  • Zero Traditional Recruiting: The DevPool program has revolutionized our recruiting process, completely eliminating traditional methods like CV reviews and phone calls.
  • Developer Assessment: Our focus remains on three key traits: detail orientation, clear communication, and technical prowess. Our bounty system on GitHub effectively evaluates these.
  • Optimal Matching System: Soon, we'll introduce an "XP" leveling system and embeddings of issue specifications to optimally match developers with new projects, enhancing our ability to assess talent quality and task compatibility.

B2B Partnerships and Business Development

  • Taiko Collaboration: Our partnership with Taiko, boasting a significant community and GitHub presence, will co-market our system once we integrate their NFT POAPs, offering substantial exposure.
  • MakerDAO Alliance: Active communications with MakerDAO decision-makers are underway, promising a fruitful collaboration post-Taiko onboarding.
  • Prioritizing Prestigious Partnerships: Our strategy focuses on prestigious, impactful organizations, setting a high bar for our collaborative efforts.

Operational Efficiencies

  • DevPool System Impact: Our DevPool DAO operating system has effectively eliminated the need for meetings with our R&D team, ensuring clear, transparent communication directly on GitHub. We're expanding this system to include Telegram conversation monitoring, further streamlining organizational communication.

Closing Remarks

Our journey with the Ubiquity Dollar is just beginning. Every step we take, whether in product development, partnerships, or operational innovations, is a stride towards enhancing its value and utility. Your support and belief in our vision are crucial as we continue to build and grow.
Should you have any suggestions, feedback, or ideas, particularly concerning our upcoming Series A, product integrations, or operational strategies, we warmly welcome your insights.
Together, we're not just creating a stablecoin; we're forging a new path in the decentralized technology space.
Warm regards,