Decentralized autonomous organization Ubiquity has launched its flagship product, the Ubiquity Algorithmic Dollar (uAD). In addition, the DAO revealed on June 4 that its algorithmic dollar would serve as the stablecoin for the Ubiquity ecosystem.
First polymorphic dollar
The uAD is the first polymorphic stablecoin in decentralized finance. Ubiquity stated that the design of the uAD was in response to the current problems among algorithmic stablecoins.
Most algorithmic stablecoins are built on rigid economic strategies that make it difficult for changes to new trends. Scenarios such as the ever-changing dynamic of the DeFi economy and security breaches can threaten the stability of the algorithmic dollar.
Ubiquity designed the uAD stablecoin with a polymorphic architecture that enables the flexibility of upgrading stabilization mechanisms. This ensures that uAD is able to maintain stability and its peg to the United States dollar.
Ubiquity will also issue a governance token Ubiquity, or UBQ, as an incentive to stabilize the uAD stablecoin. Ubiquity has made significant efforts to ensure a fair launch for products launched within its ecosystem. UBQ has a zero initial supply and will be generated as users interact with the uAD protocol.
This is part of Ubiquity DAO’s ideology, which states that influence over the future of the DAO should be earned, not bought. According to the team, this approach is closer to the true essence of DAOs in DeFi.
UBQ and uAD are the first two primary offerings of Ubiquity. The DAO plans to launch complementary and interoperable financial technology products with their respective tokens in the future.
Ubiquity to transform the DeFi sector
The Ubiquity dollar is the first sovereign, scalable and secure digital dollar designed to become the reserve currency of DeFi. Ubiquity is committed to obtaining open-source proprietary developer tooling for the DAO to change the status quo of developers in this industry. It also plans to develop new open-source processes and tools to maximize operating efficiencies within the DAO.
The Ubiquity dollar will also be integrated as a payments settlement system with traditional software-as-a-service products. In addition, Ubiquity will expose non-crypto users to DeFi by focusing on building products with an intuitive user interface.
About Ubiquity DAO
Ubiquity is a DAO that was founded by a globally distributed group of DeFi natives in December 2020. The DAO plans to launch products initially on the Ethereum blockchain by leveraging its unique stablecoin, the uAD.