[Recap] UPFI AMA — MetaFi & Defi 2.0
Host
Today Mr. Harry, CEO will be here with us and answers questions Upfi Network recieved from community about Metafi.
Harry
Hi guys, thank you for joining our AMA today. My name is Harry, CEO of Upfi Network. Today Im very happy to talk to you about our Metafi World for Upfi Network that we are building up.
Host
Nice boss. Metafi World sounds very interesting. May you tell our community more about it ?
Harry
Yes. My pleasure. As you know,
MetaFi — a perfect combination of Metaverse and DeFi 2.0 is on the way NOW!
DeFi is a fertile ground to earn more passive income for participants, especially the interesting features of DeFi 2.0 that were revealed by UPFI Network in the previous section. However, the DeFi world is also lacking diverse colors and a lively virtual space to help participants both entertain and earn attractive profits. Besides, DeFi is quite complicated for beginers.
Therefore, UPFI Network is proud to offer an experience like no other: THE WORLD OF METAFI — inspired by both Metaverse and DeFi worlds.
The internet has become an indispensable part of our lives, so why not the MetaFi? As UPFI World’s citizen, you guys have powers to create and build this world
Host
Nice, such a great ideas. Im very happy to work with you and the team on this journey. Now, we are not going tolet our community wait longer. We will start to answer great questions that we have recieved, ok Sir?
Harry
Yeah I’m ready ✌️
Host
What do users can do in MetaFi
universe?
Harry
In this digital universe, people will likely perform daily activities such as working, travelling, playing games, shopping, while experiencing DeFi features such as farming, staking with cryptocurrencies and many more with their avatars. The metaverse can also pave the way for a virtual economy to form and operate successfully.
This virtual world is integrated with the real world through attractive features such as Web3, P2P Trading and integrating features of Web2 to Web3. There are many more applications of $UPS and $UPFI tokens that will be applied in that MetaFi world, such as using Farming, Bonding, Lending, Lottery features and interacting directly with other users in UPFI World. You could also earn profit from transaction fees and governance vault, and grasp a chance to become the mayor of a city to propose new ideas, features, and maintain a stable ecosystem.
Host
So I also can go dating in restaurant with my BF, then payment by rewards from farming in Upfi World right?
Harry
yeah sure 😄 and you also and everyone can find lovers on it 🙂
Host
Wow nice. I think I might change another Boyfriend in Upfi World. 🤭
What are the advantages and disadvantages of Defi 0.2 & MetaFi in the future?
Harry
yes I think good question
Advantages of DeFi 2.0
+ Better capital efficiency
+ Ensuring scalability.
+ Guarantee the amount of collateral when minting UPS
Advantages of MetaFi
+ Suitable for beginners
+ Expand audience
+ Bring DeFI 2.0 closer to everyone, help people interact with each other on the blockchain world better and still generate profits
+ Addressing the barrier between the real world and blockchain.
Disadvantages for both
+ It will take time for everyone to build up their city and world
+ Need to give a lot of ideas and contribute to the good development of the city’s revenue while still attracting many people to join to upgrade the city.
Host
Currently, market is becoming very bullish on NFT trend. Can you share your opinion on NFT as a player in the NFT market? And does UPFI have any plan with NFT?
Harry
NFT is trending and we are aware of it, and also choose to integrate NFT into our UPFI World. The detailed plan will be released soon, and the product is expected to publish on January .As above answer, we will use NFT as bridge between our world and UPFI world.
Host
Can you tell one example of NFT will be there in Upfi World?
Harry
Identify citizens, buildings, tools of production, represent your car, or even your land 🙂
with your character, you can have a customized NFT, such as they can choose between different hair, occupation, face, and have different ranking, KYC,…
Host
Oh nice, can you do diamond NFT for me in Upfi World as well? I want to be proposed by my love by using NFT.
Harry
haha…if you want…it’s possible
Host
With MetaFi& Defi 2.0, what are ‘real values’ that UPFI commits to offer long-term investors rather than benefiting from the trend Metaverse and FOMO? During the research of Metafi & Defi 2.0, do UPFI dev team realize its inherent weaknesses? and how do UPFI deal with this by way of sharing your roadmap with viewers in AMA session
Harry
MetaFi = Metaverse + DeFi
It is suitable for beginners — who haven’t had a lot of knowledge about DeFI. As usual, DeFi is quite complicated for new users, which includes Farming, Staking, Bridge,Orcales,.. By compounding Metaverse, beginners have a different way to approaches, such as through activities such as go to the bank corresponding to Staking, mining minerals corresponding to Farming. Besides, users can transform into characters and immerse themselves in the UPFI World.
Therefore, we can expand audiences and bring DeFI 2.0 closer to everyone, to better understand people can research Olympus Dao, the pioneer product in capital efficiency in Defi 2.0 with the current OHM price of more than $500/OHM and ATH is $1400. And inspired from that, we also upgraded the model so that the application on our governance staking will be released this month.
Try to guess the UPS price at that time ? 🤔
Host
if you want commitment from your solid stakers and farmers it would be nice to have some sort of automatic compounding in place, or like Pancake swap a mechanism to automatically single-stake UPS rewards. These kinds of mechanisms will attract a crowd of people that is attracted to the stability of a stable coin, but who are satisfied with a reasonable APY. Basically have an UPFI savings account with nice rewards. This will attract large wallets and thus more liquidity to the UPFI platform. How do you see the future, with regard to auto-compounding on the Metafi universe ?
Harry
We have an automatic compounding mechanism with reasonable APY when launching staking UPS, which will mint a new token called xUP, the amount of xUP is minted based on the commitment time to lock UPS in the staking and the amount of UPS will lock. Then users use xUP to mint identifiers in NFT, as well as use to mint synthetic assets, use as common currency in UPFI World… this will greatly reduce the supply of external UPS. In addition, with the bonding mechanism in defi 2.0, it will bring liquidity and collateral so that the UPS is sustainable and long-term as I mentioned above.
Host
When will the staking release? Will MetaFi use the UPS as money in there world?
Can we talk with each other when we join in the UPFI world?
Harry
Staking will be a strategic product that we expect to absorb a large UPS this month, we have not decided on the currency to use in MetaFi but it will be tied to the UPS by locking the UPS. We will have a lot of interactive activities on UPFI world based on community creativity such as chat, video call, play games together, build a buildings and company, grow vegetables together, get married , work together, find jobs, hire staff, sell real furniture…
everything you want you can make it happen !
Host
What value would matafi and defi 2.0 bring to the ecosystem seeing that its a new innovation?
Harry
We are building our MetaFi universe — the perfect combination of Metaverse and Defi World.
The metaverse will likely expand the online fields significantly and interactions can be more multi-dimensional.
The world of MetaFi will open up extremely attractive features for participants, such as customizing attributes for themselves such as hair, occupation, face, ranking, KYC,…
With UPFI Network DeFi 2.0, we will let Users provide both LP tokens (UPS/USDC, UPFI/USDC) and asset tokens (USDC, USDT, SOL, RAY…) for the purpose of better capital efficiency and ensuring scalability.
The UPFI Governance protocol also benefits investors with attractive interest rates.
There are 2 ways for participants to benefit from UPFI Network Governance inspired from Olympus Dao ($OHM), including:
- Staking: You can stake and through that new UPS will be minted, the profit will be automatically accumulated to maintain the productivity for the stakers.
- Bonding is a form of buying UPS at a certain discount, from 5% — 10% with a 5-day vesting period.
Host
Great boss, will our staking product be on live in this month?
Harry
yes this month, we will ann soon
Host
Partners are very important for every project today, may I know which partners you have now? and which partners in the future you will be heading to?
Harry
Currently, we have partnership with organizations, investors as well as media partners. All of them contribute to the development of UPFI Network.
About organizations, UPFI has partnerships with Chainlink, Serum, Solster, Oxbull,… Whereas, Chainlink provides us Oracle protocol, to ensure a more accurate real-time price feedback mechanism. Soslter and Oxbull are our IDO launchpad, Serum provides market address.
We also have prestigious investors such as Moonwhale Ventures, Kyros Ventures, CSPDao, Exnetwork, Mercurial Finance, OIG, Master Ventures, exNetwork,..and other large funds. They have been very supportive for UPFI Network and will continue to do so in the future.
Media partners also support us to spead our influence and introduce UPFI Network to their communities. Some names such as TradecoinVN, Crypto Banter are prominent partners.
Besides, I can leak a little bit that we’re forming partnerships with more partners according to our Products, let’s wait for the announcement in the near future!
Host
About Security & User Interface how do you provide the most secure oracle solution for users on the UPFI Network. What protocols.partners are you working with for this purpose? Is your platform suitable for newbies in the crypto field?
Harry
Regarding security, we take advantage of the processing 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. In addition, we have successfully completed a careful audit with RD Auditors.
Host
I see, users will be able to check audit details at our website upfi.network
Harry
yes It is shown on website or check at this link https://www.rdauditors.com/wp-content/uploads/2021/11/UPFI-Network-Smart-Contract-Security-Report.pdf
Host
Can you tell us in detail how the perfect combination of MetaFi-Metaverse and DeFi 2.0 is displayed, how it will be applied to UPS, and what role will UPS play?
Harry
Metafi is combination of Metaverse and Defi 2.0, Upfi Network is building up Upfi World to bring our products coming to users in more attractive way through human’s daily activities. UPS is utility token and will be applied fully in all activities that we build in Metafi World including staking, bonding, lending, lottery etc. All will be displayed be graphics, more attractive and fun.
Host
Im sure our members are excited to be in Upfi World boss
Time flies fast, now is ending for our AMA today. Thanks Sir Harry.
Harry
Thank you guys follow up with AMA. Please support us in the next product launches soon and wait for the big news surprises from UPFI world 💝
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