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