Proposal to Enable New ZRC-20 Asset: ULTI

Governance Proposals
1

This is a proposal to enable ULTI as a ZRC-20 Asset. Enabling new ZRC-20 assets is a multiple step procedure that is outlined in https://www.zetachain.com/docs/developers/architecture/whitelisting/#procedure

Token Information

ULTI exists on BSC and Ethereum Mainnet.

BSC ULTI Token information:

Ethereum ULTI Token information:

Ultiverse Overview

Ultiverse is an AI-powered platform for Web3 gaming aiming to catalyze the mass adoption of AI-enhanced Web3 games. Ultiverse is designed to empower creators and users to conceive and inhabit immersive digital realms with the benefits of AI and blockchain technology. This enables the creation of on-chain games, development and utilization of Non-Fungible Tokens (NFTs), and the development of decentralized applications (dApps) to offer users a unified ecosystem of interactive, creative, and economic opportunities.

At the heart of Ultiverse is its AI Gaming Protocol (Ultiverse AI-Driven On-chain Procedural Content Generation). As the foundational technology, AI powered on-chain PCG is able to rapidly produce vast amounts of diverse, verifiable content, effectively solving the content scarcity issue in Web3 games while reducing development time and resources. Meanwhile, the protocol transforms complex on-chain operations into intuitive, engaging game elements, significantly lowering the entry barrier for Web3 gaming and paving the way for mass adoption.

Ultiverse believes that gaming should be accessible, seamless, and enjoyable for all. Here at Ultiverse, both game producers and players will find ease in creating and enjoying Web3 games.

ULTI is a transferable representation of attributed governance and utility functions specified in the protocol/code of Ultiverse. ULTI will be used as the medium of exchange between participants on Ultiverse in a decentralised manner. ULTI provides a convenient and secure mode of payment and settlement between participants who interact within the ecosystem on Ultiverse without any third-party or centralized intermediaries.

The economic model of $ULTI revolves around the dynamic interaction between Ultiverse, DApps, and Players.

  1. Ultiverse: Serves as the foundational platform, providing the infrastructure for the integration of decentralized applications (DApps). Ultiverse also provides AI infused Ulti-Pilots for players to engage with DApps for a more personalized experience.
  2. DApps: Pay $ULTI for the integration of DApps on the Ultiverse platform, enhancing the variety and richness of the digital landscape.
  3. **Players:**Users engage with the Ultiverse platform, through their interactions, players are rewarded with $ULTI for providing valuable data that not only enhances their experience but also contributes to the training of Ulti-Pilots, ensuring continuous improvement in the system. Players can also play DApps directly to obtain returns including game assets and other incentives from DApps themselves.

ULTI is not, and not intended to be, a medium of exchange accepted by the public (or a section of the public) as payment for goods or services or for the discharge of a debt; nor is it designed or intended to be used by any person as payment for any goods or services whatsoever that are not exclusively provided by the issuer. $ULTI does not in any way represent any shareholding, ownership, participation, right, title, or interest in the Company, the Distributor, their respective affiliates, or any other company, enterprise or undertaking, nor will $ULTI entitle token holders to any promise of fees, dividends, revenue, profits or investment returns, and are not intended to constitute securities in the British Virgin Islands, Singapore or any relevant jurisdiction.

Utility and Value Proposition

Ultiverse is proposing to whitelist its multichain ULTI token to add utility and ease of use to the token and to bring more users through novel games and integration of Universal Smart Contract features on ZetaChain.

ZetaChain will act as a canonical hub for natively sending, swapping, and withdrawing ULTI between the two chains in a decentralized manner, a solution that does not currently exist for ULTI token.

Ultiverse proposes to bring the following value to the ecosystem:

  • Commit up to 5% of the total supply to be migrated to ZetaChain, to be utilized for multichain ULTI pools, beginning with an initial 0.5% of total supply. This will serve as liquidity for fluid cross-chain transactions of the ULTI token using ZetaChain as a canonical bridge, against other multichain assets, and for use in games that support the token.
  • Build new games such as Gangster Land that amplify ZetaChain’s reach to new users with the goal of integrating more Universal Smart Contract features.

Next steps

A new governance proposal will be created to determine whether or not the network should move ahead with enabling this new asset. Please use this forum for discussion.

Criteria / Compatibility

ULTI exists as a standard ERC20/BEP20 token on the respective chains and meets all requirements including a source of initial liquidity.

As a reminder, technical requirements (also in Docs):

  • Must be ERC20 compliant and be regular ERC20.
  • Must not rebase.
  • Must not have transfer fees.
  • Must not be involved in any scams.
  • Must be verified on Etherscan or equivalent explorers on other chain(s).
  • Must have a working product, utility, and an active community/userbase.
  • Must be audited.
  • Should be economically valuable/viable.
  • Should not be ERC777 or equivalent that can execute arbitrary code upon receiving funds.
  • Should have a proven track record without recent security, operational, or implementation issues.
  • Should have a source of initial liquidity.
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