Last Updated: 4/28/22
Hello everyone. As Ubiquity is nearing its official launch, we want to go over the the specific details of the launch, provide more info on bonding, and walk you through each step of the process. This article will give you all the information you need to participate in the Ubiquity launch.
At launch, we will be offering Ubiquity Dollar (uAD) bonds paired with most major stablecoins, such as DAI, FRAX, USDC, and more. In order to participate in this bonding event, you will need to first acquire LP positions of uAD-STABLE through Gelato. Here is a simple step by step guide on how to do this.
- Purchase your desired amount of uAD stablecoin. For a detailed guide on how to purchase uAD, please refer to this guide here.
- Make sure that you have equal amounts of uAD and the stablecoin that you are looking to bond with.
- Head on over to the uAD/STABLE pool in Sorbet Finance and connect your wallet. You can access the pool directly here. Once you connect and make sure that your wallet has equal amounts uAD and USDC, click “Add Liquidity” and confirm the transaction through your wallet. We have deposits through gelato to ONLY incentivize liquidity at around the $1.00 mark (e.g. $0.9999 - $1.0001)
- If the transaction succeeds, your tokens should be swapped for uAD/USDC LP tokens. After this, you can head over to the Ubiquity website and sell your LP tokens for our fungible credit token (uAD) at a discount. Bond discounts will fluctuate based on demand. It may be wise to take a look at the discount rates before deciding when to swap your LP tokens for bonds.
- You will receive Ubiquity Credits (uCR) in exchange for the bonds that you have deposited. These are Credits that can be utilized in a few ways during the launch party.
Note: Ubiquistick NFT holders will receive early access to bonds. After a week, bonding will open up to the public.
There are two ways to use uCR in the context of this launch
- We are offering abundant incentives in a pool2 with uCR-ETH to quickly bootstrap the launch. Sell your liquidity and get bonus rewards for a temporary period of time (e.g. one month)
- The main way is with our core dollar protocol. When uAD goes above peg, you can convert your uAD debt token to the uAD stablecoin to sell and regulate the peg back to $1.
Through this process, we believe that Ubiquity’s growth can be effectively bootstrapped and offers value to both users and the protocol. Purchasing uAD to participate in bonding will increase demand and help move the peg above $1. When uAD is above peg, uAD holders will be able to redeem their debt for uAD which will stabilize the peg back to $1. This design starts a flywheel that can rapidly grow uAD (Ubiquity Dollar) supply.
If you're interested in learning more, take a look at our documentation pages here.
If you have any questions, or if you are a gaming organization who would like to partner with us, feel free to drop by our Discord server!