[Recap AMA] UPFI Network X Dutch Crypto Investors
Thierry | DCI Capital
Hi everyone! Thank you for joining the UPFI Network AMA hosted by DCI 😁I’m excited about this one!UPfi Network team! How are you doing!Are you ready for this AMA 🔥🔥
Josephine
Hi Thierry. Thank you for AMA today
Thierry | DCI Capital
My pleasure! 😁
Josephine
We are happy to be here and we are ready
Thierry | DCI Capital
Perfect! Let’s jump right into it then! 🙌
Josephine
Yes. Perfect. Let’s rock it
Thierry | DCI Capital
Q1. Could you give us a short introduction about your team and project?
Josephine
Hi guys, my name is Josephine, the CFO of UPFI NETWORK. We have 4 founding team members, Harry the CEO, Max the CTO, Me the CFO, and Catherine the CHRO.
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.
Thierry | DCI Capital
Q2. I always get excited when I see a mention of Solana. What is the vision that drives UPFI Network?
Josephine
That’s nice question. Well, our vision is to drive UPFI is to replace fixed-supply digital assets with a highly scalable, decentralized, algorithmic money. Sound exciting right?
Thierry | DCI Capital
Q3. Sound like a more than welcome addition to the crypto space! It is already known that you guys built Solana, you were even crowned the #1 regional winner in the Solana Hackathon. Why did you decide on building on Solana instead of a different chain?
Josephine
Well, a lot of people asked us this question. Firstly, Im a huge fan of Sam 😄. But the main reason is because 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.
Thierry | DCI Capital
I love Solana aswel! It’s also the perfect time for a Solana based project right now, the sentiment around it is pretty good!
Josephine
Yup! Sammmmmmm
Thierry | DCI Capital
Q4. 🙌🙌On the website one of the key pointers of your stable coin states “Permanent Stability”.
How is this achieved?
Josephine
Nice question. Thanks Thierry. Im sure a lot of people might want to know how. So, let’s me explain a bit.
UPFI is a stablecoin that is partially backed by collateral and algorithmically stabilized. This collateral is utilized to make redemptions, which helps to maintain price stability. The collateralized to algorithmic ratio is determined by the market price of UPFI stablecoin. When UPFI trades for more than $1, the protocol reduces the collateral ratio. When UPFI trades for less than $1, the protocol raises the collateral ratio. This gonna keep it’s stability.
Thierry | DCI Capital
That’s a nice mechanic! Seems like a good solution to the stability concerns that surrounds most stablecoins.
Q5. Sadly we reach the last question of this segment before we move on to the Community questions sent in via Twitter. What is the utility of the $UPS token? How do the 2 tokens co-exist?
Josephine
Yes it is. 😁Sure. This question is great 🥰
As you know, 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.
Thierry | DCI Capital
I like the way it works! 🙌
Now on to the 5 Community questions from Twitter 🔥🔥
Q6. Do you think users are important elements of your platform? Does UPFI Network have any plans to attract more users in the future? — @Haphieu2
Josephine
Sure Let’s go to next part of our UPFI fans😄
Of course, users are really important to our platform. We are trying everyday and work harder for users. UPFI will launch many products to bring a lot of sustainable benefits to users such as governance staking, lending, farming…
Thierry | DCI Capital
Q7. Looking forward to those products! 🙌 Nowadays trendy controversy such as China’s blockade CEX and attempts to regulate the crypto world with SEC investigations. What’s your position on this, are you in favour of regulating? Could your protocol be a boost for governments in their dev of a digital currency? — @Cryptoievski
Josephine
That’s very interesting question, thanks Cryptoievski
Yes, we aware that many countries and governments will increasingly control the use of digital currency for their citizens to avoid losing control of cash flows. We respect all people views and authorities. UPFI is a stablecoin issuance platform, we plan to develop a module called stable minter to support strategy partners to issue their own stablecoins and aim to support government institutions so control their digital currencies.
Thierry | DCI Capital
Q8. Security & User Interface are the Most Important Aspect that Users see on a platform. How has UPFI Network worked on this? Is Platform suitable for Newbies in the crypto field? — @MaruHikogo
Josephine
Yes you are right Maruhikogo. Regarding security, by using 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.
Yes It is suitable for Newbies, we will have clear guideline for new users.
Thierry | DCI Capital
Q9. Can you talk about the future plan of UPFI Network? and How can I contribute to the development of UPFI Network? -@StarlitAstrolo2
Josephine
Sure, we have a serious long-term vision for the UPFI network, the important thing is UPFI wants to bring a stablecoin that is safe, efficient, completely onchain and highly applicable in both blockchain transactions and real life. Imagine your daily expense transaction fees are almost zero, and you will receive an incentives on using Upfi and use them anywhere as well.
You and the community can contribute to UPFI network development by using our products like Farm, Mint, Stake, lenidng… in addition we have a Governance model that allows long-term investors committed to make decisions that benefit the platform’s long-term development ( vote, create proposal).
Thierry | DCI Capital
Last but not least
Q10. What makes UPFI stablecoin different from existing competitors on Solana, why would I use it over the current biggest players? — @KaiRypto
Josephine
What? The last one already. Time flies fast. I still want to be an admin Theirry for many more hours 😄. DCI community is great
Thierry | DCI Capital
Time flies when having fun unfortunately!
Josephine
Well, come back to the question.
Well yeah, you know in business, there is always competition, we dont try to avoid it, we face it and learn from other projects. Blockchain Knowledge is free and we need to keep learning.
For now, We take advantages of other projects and overcome their disadvantages by combining the use of fractional-algorithmic, over-collateralized assets.
Thierry | DCI Capital
Thanks so much for the great answers! I learned a lot about the project today😁
Josephine
Thank you Thierry and everyone here. It was our pleasure and many great questions. I hope my answers brought you many info about Upfi Network
Thierry | DCI Capital
I’m eagerly awaiting the launch now! Would feel comfortable converting my assets into the UPFI stablecoin! Yes it sure did!
Josephine
Yum 🥰
Thierry | DCI Capital
I am sold on the project for sure!
Josephine
For more info, join us at
https://t.me/UPFInetworkchat
Thierry | DCI Capital
If the people who joined us are interested in learning more about the project, please join and follow their social channels! They will gladly help with any further questions 🙌🙌
Josephine
👌
Thierry | DCI Capital
Thank you very much for your time Josephine! Had a great time doing this AMA with you 😁
Josephine
Thanks Thierry.
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