Unique.vc AMA Recap
We conducted an AMA on August 23rd to talk about our partnership with Unique.vc. ICYMI, please read through the transcripts to learn more.
Host: Kai - Growth Manager at Waggle
Guest: Alex Migitko - CEO/COO of Unique.vc
Waggle Questions
Kai: Ok so we have four lead in questions to start with, to give us a better idea of your project. Are you ready to begin Alex?
Could you introduce us to unique.vc, what it is and what it’s all about?
Alex Migitko: Unique VC is a platform that allows people to create Venture Clubs — as the name suggests. Those are on-chain organizations with flexible governance focused on the financial aspect of collaboration — owning and managing assets as a group.
In many cases, it’s not just about the money, but the knowledge and time you need to efficiently operate those assets. Simple example — NFTs. It’s hard to follow the market on your own, with all the mints, trends, and innovations happening in the space, so you see a lot of “alpha” groups arising that share the information.
With Unique, you can do much more than that — put funds in the common treasury, assign different roles to people, diversify the assets, distribute revenue, and so on.
Kai: Perfect, thanks.
Can you give us a brief overview of the different functions within unique.vc and who they are aimed at?
Alex Migitko: So, what you can do right now
- create a club with a specific governance model, choosing between deposit-based (so your votes = your deposit in SOL), role based (create roles with some amount of vote and assign them to particular people) and NFT-based (specify a collection and then each NFT = 1 vote)
- create a fundraise for you club and specify how much you want to raise
- invite people to join your club
- buy NFTs as a club from other people
- sell NFTs
- re-distribute the funds from the treasury, both what was invested and what you have as a result of trades
what we are adding now and will make available this year
- purchase and sell NFTs via marketplaces
- purchase and sell fungible tokens
- allow to create a club that’s also a legal entity
- change governance configuration for the existing club
…and more
Kai: Ok, that’s a great overview.
And interested in some of the functions you are going to make available later in the year too.
Okay moving on.
Can you tell us a bit about the team behind unique.vc?
Alex Migitko: Overall we have a very diverse team with various backgrounds — from university professor to a crypto-native, from ex telecom executive to serial startup founder, and a lot of tech obsessed people. I think that is something that allows us to be better at building something as complex as unique.vc
Kai: Ok last lead in question then and you’ve already touched on this subject in question 2. but..
Can you share any items coming up on your roadmap?
Alex Migitko: We are mostly excited about the legal entity formation feature that would allow people to have both on-chain organization for governance and asset management but also a legal entity that would allow them to collectively own real world assets. For example you can come together, raise some money in crypto between 10–20 people and purchase and own something like real estate for example, manage that property, and sell it if you want at some point. That comes along with powerful on-chain KYC that allows you to restrict, if you want, access to your club (for example, no US citizens allowed). We see that as one of the most requested and anticipated features as well.
Kai: That sounds really cool, I like the idea of the kaiwalk venture club haha
Pre-Selected Questions from Twitter
Question 1:
Kai: @AndyToshi_cryp asks:
Can we put as much funds into the common treasury as we want in Unique VC? How will income be generated from the treasury’s earnings when the fund is put? What types of funds will be in Unique VC?
Alex Migitko:
Generally there will be a limitation of 25 million USD on the treasury, right now we have capped it at 200 SOL until our second security audit is finished and published, we take those things very seriously. 25 million cap comes from cetain SEC regulations, over that you need to have an entity registered as an investment vehicle with the SEC. Income is generated for now from active investments of the club, so basically when you buy and sell some asset the difference is your profit. Now, we don’t want to stop there, of course, and will be integrating various defi protocols for yield generation on unused treasury funds. And then, if you are a registered investment fund and watn to benefit from the flexible on-chain governance — we can help you do that as well without any cap.
Question 2:
Kai: @Alex5555223 asks:
In a medium article I read that Unique VC intends to create an Academy for the education of its users, something really useful. What content do you plan to include? What requirements must users meet to access it?
Alex Migitko:
We have actually released the academy last week
it’s open and available for everyone, and we will continue filling it up with content from general information about DAOs and investments, to specific information related to our platform, and some case studies from our clubs that will help new clubs
Question 3:
Kai: @PangeranDul01 asks:
I noticed that Unique Venture Clubs currently supports SOL and USDC tokens, but will they only support SOL and USDC as long as the platform is alive or do you have plans to allow different tokens? How do you plan to facilitate your users and club members in terms of fees?
Alex Migitko:
One of the things we will introduce this year is the support for all Solana-based tokens, so you’d be able to define yourself which currency do you want to fundraise in, convert it into any other token and spend that for purchases as well. When it comes to fees, we don’t have those in the near-term plan, but overall we are thinking to introduce fees on withdrawals from the club — generally speaking, whenever you want to take out profits, we will take a small cut of that.
Live Questions
@Kenny_keaton
I understand that all the treasury wallets of ventures clubs on Unique.vc should be multi-sig wallets. In this case, what’s the minimum number of people that constitute the quorum for managing the treasury’s assets? Can a club founder choose any number of people to make up to quorum or is there a default number of people that are allowed to make up any quorum on Unique.vc?
Alex Migitko:
That’s a good question. We don’t have quorum requirements per se, since that’s what a lot of DAOs struggle with in the end of the day — constantly adjusting quorum. So instead we just focus on the percentage of votes. You can define the consensus for various proposals (although we have a hard lower limit on those in some cases), and in future you’d also be able to change them for an existing club. What’s important tho that for trading proposals you can set up a different set of rules and even allow club managers to perform trades on their own or with minimal voting requirement (f.e. 10% votes), while having a significant requirement for big transactions (even a 100%).
@Leonardo_Doughty_13
Can you tell me.. can the two clubs contact each other to raise funds? Is it easy?
Alex Migitko:
that’s a good question too. So, right now that’s impossible, but we definitely have that in plan — allowing one club to invest in another one, and that’s definitely and exciting feature, the biggest thing we need to resolve here is the governance process, i.e. — how does a club participates in another club’s voting. Should that be a manager, should there be some proposal in that other club as well, and how should those things trigger each other. That’s a really complex piece, so we are still working on it, but for sure once it’s out there it can boost the whole platform a lot.
Kai: Okay, Alex I have an additional question if you don’t mind
I am disqualifying the first winner for copying a question
Instead, @Dinc3 asks this:
Hi! @migitko
Do Unique vc have enough funds to keep this project alive even in the Bear Market? Please tell us the Revenue Models of Unique vc that secures the future of this project
Alex Migitko:
We have successfully closed a seed funding round last year, so we are really secure from that perspective. But of course introducing fees and expanding feature set would allow us to create additional revenue streams, however we are really careful with that. Maybe we’d be also looking in the direction of enterprise-level services for bigger clients.
Kai: Okay, thank you Alex
I really appreciate you joining us today, I must apologise for the issues with Shieldy at the beginning
We’re looking forward to seeing the fruits of our partnership with unique.vc
Alex Migitko:
Haha no worries. and thank you once again for having me! it’s been a pleasure, and looking forward to accommodating the Waggle club!
Kai:
Us too!
Let’s remind ourselves of unique.vc’s socials once again
🌐 Website: https://unique.vc
🐦 Twitter: https://twitter.com/uniquevcs
↗️ Telegram: https://t.me/uniquevcs
📙 Medium: https://uniquevcs.medium.com/
👾 Discord: https://discord.com/invite/uniquevcs
📖 Gitbook: https://uniquevc.gitbook.io/unique-venture-clubs-docs/
📖 Litepaper: https://drive.google.com/file/d/1ZJWk2J87gC1uNzwvQT3KlSjUwyrw-nSn/view
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