ULTI.ORG

#PureDeFi: No admin/VC/ICO/founder privileges
Scarce, Meritocratic, Longtermist, Everywhere.

[ULTI.ORG @0xULTI]

We're trying out X Communities to kick off the conversation about ULTI v2. Let's start with a small group of people passionate about building, tokenomics and game theory, and deep the conversation on topic. https://t.co/b6ktVfj8aL

[ULTI.ORG @0xULTI]

We're working on 3 separate workstreams for the future of ULTI: recover, repair, rebuild. Whoever believes in #PureDeFi can join the effort.

[ULTI.ORG @0xULTI]

The UI is fully accessible again we had time to collect a lot of data and assess the risk for users. Beyond the using the UI and to level the playing field, we'll probably build and open source a kit: contract + bot similar to the ones used by top extractors. Stay tuned!

[ULTI.ORG @0xULTI]

🚨 The UI is fully functional for anyone wanting to compete for the 1.9k ETH in the contract.

Typical pattern observed by top extractors:
1) sell
2) deposit
3) buy
4) programmatic pump extraction
5) rinse & repeat

If you deposit with top players you may extract with them.

[ULTI.ORG @0xULTI]

Top extractor so far:
https://t.co/K6aY7hruLB

[Stef @0xStef]

https://t.co/5fKzoJCSg0

[ULTI.ORG @0xULTI]

Revealing v2 details in the following articles. https://t.co/2RyhaW1K1R

[Stef @0xStef]

https://t.co/ux5vxlBUR2

[ULTI.ORG @0xULTI]

For the more technical folks who want to dig deeper, here is an example of sophisticated account that has been performing some of techniques mentioned above by deploying dedicated contracts with targeted block inclusion:
https://t.co/K6aY7hs2B9

[ULTI.ORG @0xULTI]

🚨 As outlined in January, the price spiraling down while the ETH deposited slightly increased. ~10 participants/bots are currently trying to farm/arbitrage ULTI. The most sophisticated ones are trying to extract value, explained below. #transparency
https://t.co/yApqg4ag88

[ULTI.ORG @0xULTI]

1/9
Unfortunately, ULTI v1 is a failed experiment. The tokenomics are critically flawed, likely causing the price to decline indefinitely. We strongly advise against depositing or buying ULTI any further!

[ULTI.ORG @0xULTI]

Different techniques have been observed:

A) Sell-the-pump: contract that pumps, sells

B) Sell-the-pump sandwitch: MEV over A)

C) LP sandwitch: contract that adds LP across a few ticks around the price, pumps, removes LP

D) Arbitrages: manual or automated swaps, limit orders or LP plays

E) Price/LP spoofing: psychological plays to get others to part ways with their ULTI or ETH.

Additional notes:
1) The above techniques all require some ULTI.
2) You never know how well capitalized are other participants.
3) ULTI price is likely to keep falling sharply overtime.
4) Contract-based approaches use MEV-optimization services like Flashbot. In our estimation, this will lead to a race to the bottom where different participants with similar techniques may end up in a gas fee bidding war in order to include their transaction before any competitors. If that were the case, most of the value could end up in Ethereum validators' pockets.

🚨 Reminder: all of these play are non-trivial, risky, adversarial, partially efficient, and slow (years). It's still strongly recommended not to engage with the contract if you have little understanding of what it does. As a matter of fact, there is now a bit more ETH in the contract that back in January.

[ULTI.ORG @0xULTI]

@EnoMartinArrey https://t.co/GfdGhYDs0I

[ULTI.ORG @0xULTI]

Even higher standards for V2:
- X community page
- designed/implemented publicly
- latest code public before deployments
- 2+ incentivized testing phases on Sepolia tesnet
- 2+ independent frontends available before mainnet
- 3+ top security audits
- 1+ top economic audits

[ULTI.ORG @0xULTI]

ULTI V2 Airdrop: The current plan is to allocate some portion of the v2 supply to v1 early depositors (if they deposited before/around Jan 4 2025, split into 2 time-limited batches:

1): proportional to v1 deposits, no strings attached
2) depending on the participation in early v2

ULTI V1 Recovery
In parallel, we're still studying recovery options. There are a few interesting ones on the table. There are all non-trivial, risky, adversarial, partial, and slow. It's preferable to set expectation low. It's important to note that focusing on v2 growth could likely to pay off faster.

What about ULTI v1 holders? No specific plan at this stage. It's advised not to speculate either way.

🚨 Reminder, any airdrop information that does not come from this account can be dismissed. Don't trust, verify.

[ULTI.ORG @0xULTI]

@todddacod We'll have to find a fine balance, indeed. The most committed will get the most overtime, that's the philosophy of the protocol: contribution, patience and consistency.

[ULTI.ORG @0xULTI]

@luuk_pls Actually, since we'll have a airdrop that needs to be tested, It would be nice to have early v1 depositor compete relative to their individual starting point and get more of the airdrop accordingly. This makes everything transparent onchain, and directly available at launch.

[ULTI.ORG @0xULTI]

Even higher standards for V2:
- X community page
- designed/implemented publicly
- latest code public before deployments
- 2+ incentivized testing phases on Sepolia tesnet
- 2+ independent frontends available before mainnet
- 3+ top security audits
- 1+ top economic audits

[ULTI.ORG @0xULTI]

@luuk_pls We'll see if can come up with a similar model we had during the competitive testing phase as long as it's relatively sybil resistant.

[ULTI.ORG @0xULTI]

@claushein55 Do you have any suggestions beyond this?
https://t.co/B9ggIptVe5

[Stef @0xStef]

@oxedra @Seba369x As I said, there are multiple legs:

1) Recover by incentivizing users help migrate ETH to v2
2) Repair and show good faith with my personal funds
3) Rebuilt by delivering an even better protocol

In all fairness, #3 is the minimum requirement but #1 & #2 would be a big boost.

[ULTI.ORG @0xULTI]

@thefoxatnight https://t.co/wGQEBw90dF

[ULTI.ORG @0xULTI]

2k ETH of value is in the contract. 99.9% of users did not extract any value. The handful of people in profits are a handful of traders made money off the 40X price on day 1. Those would sold ULTI after the announcement and go a bit of ETH back (between 1-5% of their initial investment) got it from the ETH supplied in LP.

If you have you evidence of value extraction, please provide on-chain data and we'll look into it.

[ULTI.ORG @0xULTI]

The current proposal covers that, no? The basic heuristic is the reward 1) those who contributed the most 2) those who continue to contribute. Airdropping the latter group more is indeed better for increasing the success of V2.

Guardians will get a fair amount of 1) and assuming they didn't go all in on v1, they can get a fair amount of 2) as well.

[ULTI.ORG @0xULTI]

@NatoCrypto1 @royalflushens We donated most of it, initially. After that, a few users also added ETH walls in LP before low the initial price. We'll also look into that but most of the focus will be on deposits value.

[ULTI.ORG @0xULTI]

2k ETH of value is in the contract. 99.9% of users did not extract any value. The handful of people in profits are a handful of traders made money off the 40X price on day 1. Those would sold ULTI after the announcement and go a bit of ETH back (between 1-5% of their initial investment) got it from the ETH supplied in LP.

If you have you evidence of value extraction, please provide on-chain data and we'll look into it.

[ULTI.ORG @0xULTI]

@royalflushens The referral part is a very nice idea, we'll definitely consider it. 👍

We're doing our best to bounce back. We also hope that each participant can take accountability for their actions and the risk they have personally chosen to take. Don't trust, verify. Don't go all-in. DCA.

[ULTI.ORG @0xULTI]

@Daeman38 Feedback noted but no specific plan at this stage. It's advised not to speculate either way.