Updated: Feb 1
Q. Could you tell us a bit about UnityDAO and what it's actually all about please?
I would love to! UnityDAO was initially founded to be a sandbox type of project. That's how I like to describe it. What I mean by that is, that we're trying to build a self sustaining community that would keep on developing from within the community and provide passive income for us through our expansions and where every single voice would be heard. The main focus was always to grow a strong, engaged and skilled community. In our early days the community growth went parabolic and it developed a dynamic way beyond our expectations, which in hindsight I would say was a huge issue for our long term growth and success.
Q. Why do you see your strong early growth as an issue?
We weren't able to find members with the needed skill sets in time and frankly most were with us to profit off a quick pump. Our community exploded within days and they all demanded updates, updates, updates! This put us into a position where we had to rush the development side, not having any in-house developers. We reached out to different projects to try and hire their developers and of course also had various calls with freelancers but it is a longer process and won’t bring the same results as an in-house developer team.
Q. Who's running UnityDAO as of now? What are their backgrounds?
We started off with 3 founding members. Not long after our launch I was already running it on my own. I come from a CTO background which helped me a lot on this endeavor. Due to Corona I had to start working as a freelancing project manager, but the goal is to be able to focus full time on UnityDAO!
At this moment we are going through a big restructuring process. The DAO is supposed to become way more community driven and welcoming for new members. A few of our long time members are also going to be involved on a deeper level.
Peter G has a marketing degree and is going to bring in his expertise to help us grow and attract a strong base. He entered crypto in 2017 but took a break. He got back in last summer just in time for the new cycle.
Hey, I'm Dextitan, I currently work full-time with a crypto company and manage a small business. I'm reasonably technical, learning programming, I have experience with building and managing communities, running businesses and organizing teams.
My name is Cjsimo, I have a degree in economics and a background in trading. Have been active in the markets for around 10 years, crypto for around 4.
Q. Your first ecosystem addition was Obelix. Could you give us an introduction of Obelix please?
Sure! Obelix is a community controlled cryptocurrency hedge fund. Community members are encouraged to propose possible investment opportunities. A proposed investment has to go through a voting process which decides if and how much we are going to invest, our exit point and other important factors. We saw similar projects rise which were open to everyone about their next investments. We think this leads to many issues. For one there's no strategic value in publicly announcing what you're going to invest before you did so. Due to the volume of such a fund the chances of being front run or sabotaged by competitors is fairly high and being public makes accumulation of a token impossible. Through our closed double layered DAO structure we have an edge over all other community hedge funds in the space.
Another huge issue which projects of that kind face is their ineffectiveness. Giving every single member a vote in the decision making process is not only slow, but also leads to arguably much worse investments and therefore less profits. It's not a secret that the majority of traders aren't profitable. Therefore letting everyone have a saying on what to invest in isn't ideal. We on the other hand have our Council with multiple experienced traders which have the last word on our investments.
As with everything we do, it's all about generating a passive income source for our members. That also applies for Obelix. 100% of the profits generated by our fund are going to be distributed and shared with our community. The following is our profit distribution formula: 50% Staker of the $OBELIX token
30% holder of >=10 $UTY according to their holdings
13% to holders of our exclusive NFTs
3.5% UTY buybacks -> added to liquidity
3.5% OBELIX buybacks -> added to liquidity
Q. Why did you decide to have a second token ($OBELIX) and what is it's usecase?
Great question. Our main token is and will always be $UTY. $UTY is the heart of our ecosystem and everything is going to be built around it just as $OBELIX is an addition. $OBELIX was needed for our fund concept which brings multiple layers of benefits with it. For one the fund conversion of $OBELIX into $ETH gives us the needed capital for our investments. On the other hand you're eligible for a good portion of fund profits by staking your $OBELIX tokens (see profit distribution formula above). You can also provide liquidity for the OBELIX / ETH pair on uniswap and deposit your LP token on our dashboard to farm $OBELIX.
We have put a lot of effort and love into Obelix.fund and implemented a gamification aspect to farming and staking.
Q) What is the exact usecase of $UTY and are there any benefits coming from your expansions such as $OBELIX?
To enter our DAO channels (Senate 10UTY & Council 55UTY) you need a certain amount of tokens. Once you're in those channels you have a chance to take an active role and shape the direction of our community. You can be directly involved in everything we do onwards.
Be part of the decision making behind our fund movements: pump your bags or give projects which you like exposure
Exclusive presale opportunities:
We raised a very tiny amount in our Obelix presale, of which the vast majority went straight to uniswap liquidity. To enter the presale you had to be in the DAO. Although we are taking it slow with further developments from now on, I have no doubt that our ecosystem will grow in the future.
Once the restructure is over, we are going to decide whether or not we are going to incubate smaller projects. The decision making behind which project gets incubated and the DD process would be part of direct DAO members perks.
Q. Now let's get to the delays you had. They were obviously quite extensive and harmed the project and community. What happened?
To satisfy the community short term we came up with a community controlled hedge fund concept which we decided to call Obelix. A huge huge help at that time was CryptoPilot, who took a big leading role in the DAO before he left. Despite all the drama that was going on recently I'm very thankful for the countless hours and the effort he put into bringing Obelix to life. We went through hard times together and had many setbacks.
After having the Obelix framework in place with all it's aspects and tokenomics we've started to look for a capable developer. Within just a few days we managed to hire a lead developer from another project for the job. Our initial development estimation was ~14 days, which was also somewhere around the timeframe we got given by our developer.
We were very happy about that and shared it with our community. Just to slowly realize that our developer didn't start his work after payment. In fact, it was nearly a week after our payment when he even started the work. He said he's only able to do the Solidity part and for the integration he suggested a developer team with which he worked with in the past to do the web part.
We contacted and hired them. The timeframe on their end was another 14 days. Obviously it didn't stay that way for 14 days. They were not able to grasp the concept behind our project and therefore we're not able to do it or are just lazy. At some point I didn't even know if they're doing anything. All we had from them were constant delays, while the costs for the project were increasing.
And it got worse. Our initial developer for the Solidity job went mia. He left some code but no documentation at all. Our dev team for the smart contract integration and web part paused their work. Obviously the community was not amused and I can't blame them. At that point our initial 14 days turned were already 2 months.
We started to look for a new dev to help our pajeets get the job done and move forward. At this point we didn't care about additional costs anymore and we're happy to pay another dev, if that speeds things up. We've found a developer in our community who was experienced with Solidity.
Now we had the next problem at our hands. Our pajeet dev team refused to work with the new dev. They were claiming that he's stealing their work which was obviously bullshit. We paid for the code, it's our code so there was nothing he could've stolen.
We told them that we don't want them to continue working on Obelix and that the new dev is taking over. They refused and demanded more payments which was just mind blowing. They went so far and tried to blackmail.
Now we had our new dev working on finalizing Obelix. Long story short. Right after launch we thought that our contracts were broken, because people were not able to unstake their LP tokens or withdraw rewards. It took us a couple of days to realize that more than 70% of the entire $OBELIX supply was deployed into a wrong contract and was lost forever, which was the reason why people were not able to move out their funds. We did come up with a solution for that but it was a very stressful and painful time nonetheless.
Q. How's the current state of the project after the loss of those $OBELIX tokens and what are your future plans?
The loss of those tokens was devastating to say the least and we had to come up with a solution to cover farming rewards. Redeploying the contract wasn't an option because we had already locked the liquidity.
Thankfully we came up with the idea to take a portion of the fund tokens and deploy them in those farming rewards contracts. I've also donated my personal Obelix tokens to that cause. It was a rough time for all of us but farming for UTY & OBELIX is up and running now.
Our short term plan is to restructure the DAO as mentioned and make it more open and welcoming and appealing to new members. To identify promising and safe investments we've reached out to multiple projects & communities for non-formal collaborations. The sector is breeding scams, and identifying those is of utmost importance for us as and our fund. We will announce those collaborations as soon as possible!
A possible next step is to incubate micro-marketcap projects. We have the manpower to provide a reliable due diligence process in order to identify legit projects & scams. Although eventually it's for the DAO to decide through a democratic voting process, if we incubate projects with our fund or personal capital.
If you want to be part of our renewal we welcome you at t.me/OfficialUNTDAO