[AMA Recap] UPFI Network x The AMA Room
Josephine
Hi everyone, thank you for joining AMA with Upfi, It’s my pleasure to be here today.
PatSu
It’s our pleasure! Welcome to The AMA Room
To start, please introduce yourself, a brief background and share an interesting story of how you got into crypto 🙂
Josephine
Yes sure, My name is Josephine, CFO of Upfi Network. I have been in Finance Industry around 10 years, and have been in Crypto since 2016. One of my colleaugue talked to me about Bitcoin in 2015 2016 as I remembered, then I did a bit research and had a look, I found it quite interesting, and I bought a bit, in 2018 I supported few ICO projects, from that to know, I have been a trader and now CFO of Upfi Network. That was how I joined into this industry
PatSu
Nice! Can you tell us what UPFI Network is all about?
Josephine
I bet a lot of you here may read about us, but few didnt, so allow me to quick introduce who we are.
UPFI is the first fraction algorithm stable coin on Solana.
Inspired by FRAX’s design of a unique, we use a stablecoin fractional- algorithmic stablecoin partially backed by collateral and partially stabilized algorithmically. UPFI’s vision is to drive UPFI to replace fixed-supply digital assets with a highly scalable, decentralized, algorithmic money.
PatSu
Wow! what features do you have that users can benefit once UPFI is live?
Josephine
As you know, UPFI is a stablecoin that is partially backed by collateral and algorithmically stabilized. This collateral helps maintain stability of Upfi.
We use TCR (Target Collateral Ratio) and ECR (Effective Collateral Ratio) to control the price for UPFI.
One more thing make UPFI to be great is UPFI built on Solana system. As you can see Solana is one of the fastest cryptos on the block right now. It can process at least 65,000 transactions per second (TPS) of less than $0.00025 of cost per transaction. It gonna bring our Project a lot of benefits for long term growth.
A bit explaination on that 2 ratios, which makes us different to many current stablecoins
TCR stands for Target Collateral Ratio and it is showed in percentage. This ratio expresses what percentage of USDC token is required to mint UPFI token.
ECR stands for Effective Collateral Ratio and it is showed in percentage. This percentage expresses the amount of USDC token stored as collateral for the UPFI token.
PatSu
nice!
when is mainnet?
Josephine
As planned, our beta mainnet will be around 20th October.
PatSu
this month! 😱
cool! it’s close
What are the utilities of your token $UPS?
Josephine
Thank you.
Upfi Network has 2 tokens UPS unstable coin and UPFI stable coin.
UPS tokens are used to mint UPFI, to use in our governance, for lending, farming, and staking.
As only part of the UPFI’s volatility is absorbed by UPS, the rest is collateralized with the highly stable stablecoin USDC.
In addition, as UPFI demand increases, decrease the ratio of USDC collateral to mint UPFI and increase the rate of systems supported by UPS.
PatSu
Can you tell us a little bit about the team?
Josephine
We are now have total 15 people in our project, 6 in tech, 6 in marketing, 2 in legal and admin, and the last but not least is CEO.
In 15 people, we have 4 people in founding team, 2 people in founding team at early stage, and 2 people joined team a bit later.
This is a quick introduction about our first 2 founders.
1/ Harry Nguyen
*Co-Founder & CEO UPFI Network
* Founder & CEO — UPIT Group
* Co-founder & CTO — AsioPay
* Former Software Engineer and PM at Samsung R&D * 7+ years in product manager, blockchain development & crypto investment
2/ Max Nguyen
* Co-Founder & CTO UPFI Network
* CTO — Raremall NFT
* Blockchain developer at Zcoin.io, Midas network, Vinex network
* 8+ years in software development, blockchain development & crypto investment
PatSu
awesome!! 🔥
Let’s now proceed to the community questions. are you ready?
Josephine
Yes I am
Ben Ezra
About Security & User Interface how do you provide most secure oracle solution for users on the UPFI Network. What protocols/patners are you working with for this purpose? Is your platform suitable newbies in the crypto field?
Josephine
This is very nice question and I believe many people would like to know about.
Regarding to your question, we use high speed and low transaction fees on Solana, which makes the price balancing process more efficient than other blockchains.
In addition, the UPFI protocol is working closely with the ChainLink & Pyth Network Oracle development team to provide the most secure oracle solution for users on the UPFI Network.
And Yes It is suitable for Newbies, we will have clear guideline for new users.
Josephine
This will be the second one
Karry
In Website I Found that CHAINLINK and PYTH are the two Oracle’s used by the UPFI Platform , Can you tell us what roles they play in platform and why you have chosen these two Oracle?
Josephine
UPFI has announced partnership with Chainlink and Pyth network, 2 outstanding organizations in the Oracle protocol field, to ensure a more accurate real-time price feedback mechanism.
Besides, our collaboration also provides UPFI with high quality data backed by a provably reliable oracle solution, helping secure the minting/redeeming functions of its partially collateralized, algorithmically stabilized stablecoin UPFI.
Josephine
My 3rd one. Very interesting. Thank you
Jonathan tross
Is there is a Decentralised governance in the UPFI Platform where users Can vote and take part in decisions making for the platform long term development ? How Can a user become eligible for the Community Voting ?
Josephine
Decentralised governance is one of our project’s key feature.
The xUP token is the governance token of UPFI Network. It is generated by locking UPS tokens on the Governance section of the Platform. The xUP token serves as our platform’s governance about fee distribution mechanism, integrate, unique functions, events, investment vault, development and more.
It was created to give holders the chance to have a voice on the platform while also being rewarded for holding UPS tokens for a long period of time.
Nnadi Emmanuel
How does UPFI maintain Chainlink Price Feeds ? Again, what can be used as a partial collerateral and algorithm for the stable coin? Finally does the project have plans for burning of coin for investors?
Josephine
UPFI uses the Chainlink Price Feeds to get the price data from all cex and dex and update it into UPFI’s protocol to control the price of $UPFI. We are deal with Chainlink to provide us the price data below 1 second. With the fast transaction of Solana, UPFI protocol will always under control the price of stablecoin, this is the most important for the Fraction Algorithm Stablecoin to avoid a bank run.
User can use $USDC and $UPS for partial collerateral to mint $UPFI. We also have a TCR and ECR to control the price stable, First we will use $USDC and $UPS to mint UPFI to grow the collateral vault, after that when the UPS ecosystem grow we will use more UPS to mint UPFI.
For the burning coin plan we have a UPFI Network FlyWheel
To begin, 60% of UPS will be utilized as incentives for users through farming activities, stablecoins minting, promoting collateral growth, lending protocols and for UPS holders (stake, DAO).
Since then, the quantity of UPS purchased and burned has increased due to increased demand for UPFI minting. It aids in the reduction of UPS supplies.
Finally, UPS prices rise as supply falls and demand rises. The more expensive UPS is, the more appealing it is. UPS is the incentive in the UPFI Protocol for actions like lending, farming, etc., so users may earn more profits. It will continue to attract new users to join the protocol.
Josephine
Nice. My pleasure to answer this 5th one.
aythan
What makes Upfi stablecoin different from existing competitors on Solana?
Josephine
We are the first First Fraction Algorithm Stablecoin built on Solana Blocks.
The competitors on Solana are now just use the bridge to use on Solana, so when the users use the bridge, there is a big amount of transaction.
For example, the value of Pai on Solana depends on the cryptocurrency it is backed on e.g Sol, Ray
And The UST stable coin is dependent on supply and demand.
UPFI’s value a part of it depends on supply and demand, the other part depends the cryptocurrency it is backed.. We take the advantages of existing stablecoins and overcome their disadvantages by combining the use of fractional-algorithmic, over collateralized assets.
Ok, the last but not least. 6th question will be.
Here it is
DeViL EyE
What are the future plans of #UPFINetwork ? what are you going to introduce us in near future?
Josephine
Our future plan will be mainnet around 20th this month. IDO early of Nov 2021.
After IDO, we will open farming section for 3 different pairs such as USDC/UPFI ; UPFI/UPS ; Sol/UPS.
Later than that will be lending, staking, synthetic asset, stable pool, etc.
And for long time growth, we will focus to bring Upfi Network through P2P Trading Plugin Plan.
PatSu
awesome! thanks for all the detailed answers
please invite the community to your groups and socials 🙂
Josephine
That’s it. Phew. 😄 Thank you guys
PatSu
👏
Josephine
Yes, for updated news, questions and airdrops. Please join our socials at
Announcements Channels
Telegram https://t.me/upfinetworkchannel
Twitter
https://twitter.com/upfi_network
Medium
https://upfinetwork.medium.com/
Website
https://upfi.network/
PatSu
Thank you so much for being here today @UpfiCFO
Josephine
Come join now and test our testnet to have a chance winning whitelist slots.
PatSu
Good luck to the whole UPFI Network team 💪🏼
pls share link
Josephine
Thank you so much for your great host. Highly appreciate.
https://devnet.upfi.network/faucet
PatSu
awesome!!
Josephine
Thank you guys. It was great time and very nice questions. Looking forward seeing you guys at our socials.
PatSu
we’ll see you there 🚀
