December 2022

Prepared by アレクサンダー.eth

Ubiquity Research Ltd.

We successfully completed our fundraising in May and in the past half year continued to further utilize the financing to grow Ubiquity. Here’s what we’ve been up to since the last update.

House Cleaning

We are taking advantage of current market conditions to further streamline operations and increase efficiencies. For example, instead of racing to ship and launch a rushed product, to a bear market audience, we invested time in augmenting our security infrastructure (including Echidna, Slither, Foundry fuzz testing, Synk, MythX and more soon, all in our continuous integration)

For non-developers reading this, those are automated security auditing tools that check for vulnerabilities every time changes to the code are introduced. Once fully deployed, this puts us on par with the security practices of famously secure projects like Uniswap and MetaMask. We purposefully took additional time and effort to deeply study these top projects’ security practices and included what we thought made the most sense.

We also ported the project over from Hardhat to 100% Foundry, Paradigm’s Solidity development framework, widely regarded as the best-in-class tooling.

With regards to reducing our cash burn rate, we switched primarily towards performance-based compensation and refined our team by letting go of the bottom half of performers on the team.

Treasury

Current Status

• We have about $1.7M of the $2M USD raised on 1 May 2022.
• We have no exposure to LUNA, 3AC, FTX etc.
• Funds are held primarily in a 4/4 Gnosis Multisig Safe on Ethereum Mainnet.
• We have a runway of approximately 3.5 years (May 2026).
  • Note that this conservative projection does not include any gains from treasury management strategies (e.g. LP yields) or profits from our upcoming products.
• We deployed half of our treasury in non-incentivized Uniswap V3 ETH-USDC liquidity provisioning.
  • For the last few months we generated about $1,130 USD daily on ETH-USDC LP.
  • The other half is sitting idle as USDC and DAI in the multisig.
• Our average daily burn rate is about $1,330 USD.
  • The daily burn rate is skewed higher due to some post-raise inefficiencies which we have since addressed.

Management Strategy

https://lh6.googleusercontent.com/RETUEKdk3W7-iDeOYDN7YX1f243CzrqhCcdgi3nBv9h-OkRpfOjOGgYpKtID8W-z3_VQD37cleq2cLzJge_x9qQcMwqpjm8B4AruO0F4st0y8mONTuxR-Tb15tOW82GvVFUyWW0NXzG5oYW-jSWn49WPmGMZ-udTqC9rSrVFwlcs8sFZAJGNsGBw8bNvlA