OIG AMA with UPFI
The end goal of the UPFI protocol is to provide a highly scalable, decentralized algorithmic money in place of fixed-supply digital assets
Saigon 💎 | OIG: Greetings OIG community! Welcome back to our AMA Series of the day with the special UPFI! They are here for the second time to answer some questions about the UPFI Network Metaverse and Defi 2.0. We have with us Harry (CEO) of UPFI!
Welcome back to our community @heroharry, before we start can you introduce yourself briefly to the new users in our community? 🙂
Harry: Hello @SaigonXIII and OGI community ❤️
I’m very happy to talk to you about Upfi Network & our UPFI World metaverse that we are building up ^^
Saigon 💎 | OIG: Yes! We are very excited to have you back. UPFI had a great launch and we’ve been following all the developments very closely. There has been some great stuff happening behind the scenes so we are truly grateful for you to come back and share some of your updates with us!
Let’s get into it!
You are currently building up the UPFI MetaFi. What users can do in the 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.
Saigon 💎 | OIG: I think I way prefer this option than walking into a bank. 😁
What are the advantages and disadvantages of Defi 2.0 & MetaFi in the future?
Harry: 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.
Saigon 💎 | OIG: Gotcha, so we have the classic bootstrap problem of bringing users, services and vendors and connecting them all within this ecosystem. This is a huge undertaking but can have huge implications for all crypto users!
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, were the UPFI Dev team able to realize any inherent weaknesses? How do UPFI deal with this?
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.
Saigon 💎 | OIG: Wow! Great development! We can’t wait to hear more about the upgraded Olympus DAO governance staking model!
Harry: We will try to release Staking feature soon on this month 🔥
Saigon 💎 | OIG: A good way to increase commitment from your userbase and currently locked in staking base would be to include an automatic compounding mechanism. Pancakeswap has a similar system to automatically single-stake UPS rewards.
These tools attract a crowd of people that is attracted to the stability and reliability of a coin that generates endless passive income. This will ensure that UPFI becomes the best savings account with continuity in rewards. We have seen that this has the ability to attract high-value investors and thus provide 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.
Saigon 💎 | OIG: Amazing!
About Security & User Interface how do you provide the most secure oracle solution for users on the UPFI Network. What protocol partners are you working with for this purpose? Is your platform suitable for new users 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.
Saigon 💎 | OIG: The product has been performing amazingly well on the SOL network so far. Very little hiccups!
Well @heroharry at this point we’d like to turn it over to the community questions on Twitter where we had a great turnout and great questions for UPFI! We have chosen 5 questions to be answered here!
Community Twitter Questions
Harry: Thank question from you guys
This is answer for Q1 : Besides releasing features by roadmap on Staking & Bonding, governance. We also work hard to launch Upfi world landing page and character in this year. We will bring applications from defi to UPFI world like I mentioned above as Farming, lending, staking, synthetic assets… from which those participating in the activities contributing to UPFI world will receive NFT items and increase rankings in which to enjoy high benefits in the world, especially to attract revenue, we also approach entrepreneurs and users, even startups who do not know Defi who have the need to learn & invest and then can join the UPFI world in the easiest way like selling their phone right on UPFI World.
Saigon 💎 | OIG: Love this ecosystem and what is being developed!
Harry: The long-term vision of the project is to create a stablecoin that is widely used in the Solana network and can be crosschain to other chain. Currently, $UPS has been used for farming on the app.upfi.network/farm with a relatively attractive APY. This month, UPFI will release more desirable new products such as Staking towards Defi2.0. Metafi is also a direction set by the team to achieve in the near future applying metaverse and defi to create a world where everyone participating and crypto can access defi in the simplest way. To achieve the goal of applying metaverse to defi is a relatively difficult problem and requires high concentration of the whole team, so we always work at full capacity day and night to release the product as soon as possible.
Saigon 💎 | OIG: UPFI has one of the hardest working teams in the game!
Harry: Dear, Upfi Network project is for everyone, whoever you are, big or small investors, you can join our project, and specially Upfi World that we are building, UPFI World will open up extremely attractive features for participants, such as customizing attributes for themselves such as hair, occupation, face, ranking, KYC,…
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 3D avatars. The metaverse can also pave the way for a virtual economy to form and operate successfully. So, It’s for everyone.
Saigon 💎 | OIG:An inclusive system built by people for people!
Harry: Our token now available on raydium and Lbank. You can buy $UPS through these link
Jupiter : https://jup.ag/swap/USDC-UPS
$UPS contract address: EwJN2GqUGXXzYmoAciwuABtorHczTA5LqbukKXV1viH7
The $UPS token now can use for farming at https://www.app.upfi.network/farm
$UPS also can staking in our staking feature will release this month and use for UPFI World in near future
Saigon 💎 | OIG: Perfect! We encourage everyone to check this out!
Harry: Yes I totally agree with you. Community is very important to any project’s community. Stronger community, Better Product is our target for long term growth. Everyday, we are working hard on products and building great partnership to many different projects, we also come out with marketing campaigns to benefits our community such as Christmas Campaign for UPS holders, please go to our community to check on further details at https://t.me/upfinetworkchannel.
We are also working on Metafi now as we listen from community to come out with product to make project more attractive and can absorb UPS. So please be patient and believe in Upfi Strong Growth together. 🥰
Saigon 💎 | OIG: Awesome @heroharry!
Well let’s turn to the live questions on OIG Main Chat now! Your team has always loved community engagement and we have such a passionate fan-base!
I will turn on the chat for one minute and let the questions roll in
after that time please select 5 questions of your choosing!
Harry: Yes I’m ready
Question 1) @Mas_Mcash
As road map, i see the holder can stake UPS to get xUP. Which is benefit of xUP and what is the main role of xUP in metafi?
Harry: Exactly, xUP will be minted in the Staking function we will launch shortly. xUP will be used a lot in Upfi World such as lock xUP to mint NFT characters and items, is a token to mint Synthetic assets, lock xUP to participate in some activities for profit, as a main currency buy and sell transactions on Market place, or use xUP to build buildings office in metaFi… and many other applications will be introduced to the community as soon as possible.
Saigon 💎 | OIG:Great!
Question 2) @JustinGalf
One of the most curious elements in “Play to Earn” and “Metaverse” games are the NFT Market. When will your NFT Market be active and how can we buy/sell
Harry: We already have the concept and character, will launch the community landing page to introduce UPFI World soon next month. As well as to own NFT, you should hold UPS to participate in staking in the next 1–2 weeks. Users can also buy and sell on the market place by people who have minted NFT before.
Saigon 💎 | OIG: Perfect!
Question 3) @quieKingVN
Can you tell me one example of NFT will br 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,…
Saigon 💎 | OIG: Great question!
Question 4) @chuckyzzz
I would like to ask the UPFI NETWORK team, what is the most important project that the team has planned for the progress of UPFI NETWORK in the future?
Harry: We are gradually bringing UPS absorption products to market, as well as creating more natural use cases for UPFI & UPS in UPFI World, it will aim to help many new users who are not very knowledgeable about DEFI, and help them understand and use Defi in UPFI world in the easiest way as they would buy an item in the market. Thereby we will not be barrier by any chain Solana, BSC, Polygon or any other chain.
Question 5) @johnkk1998
single asset staking is highly appreciated now a days, Is there any plan where we can staking #UPFI and earn #UPFI? If yes how long it will be?@heroharry
Harry: It would be my honour to share with you guys that Staking Program will be released this month. You guys are able to stake and earn super attractive APR, as well as do not need to feel worried about inflation as there are many use cases in our UPFI World
Thank you guys for your great question.
Saigon 💎 | OIG: Thank you @heroharry ! Any final words you would like to leave for our community?
Harry: Thank you OIG community and your support @SaigonXIII , you guys are great ❤️
We will have many new updates in shortly.
Please follow us for the latest updates :
Telegram group : https://t.me/UPFInetworkchat
Medium : https://upfinetwork.medium.com
Discord : https://discord.gg/nHMDdyAggx
Wishing you all the best of health and success.
Saigon 💎 | OIG: Awesome! Appreciate your time here @heroharry !
Thank you OIG for coming out to support! We will be back with another AMA later today!
Stay Blessed! ✨…