OIG AMA with UPFI Network
Brief overview: UPFI is the first stablecoin protocol which design principles to create a highly scalable, non-custodial, extremely stable, fractional-algorithmic, and pure on-chain finance on Solana. It supports next-generation payment networks on the blockchain.
Saigon 💎 | OIG: Welcome OIG Family! We are excited to have with us today Josephine from UPFI Network! UPFI is the stablecoin partially backed by collateral and partially stabilized algorithmically!
Excited to have you with us today Josephine! We are always excited to hear a new take on an existing concept. And UPFI presents a unique solution to the current stable-coin model.
Can you tell us about the team, particularly the founders, tell us how their background, experience and connections in the industry will help make UPFI a success?
Josephine: Thank you Saigon for a great welcome. How are you guys doing OIG community? It’s my pleasure to be here. Let’s start with an introduction about our team.
Upfi Network has total of 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 the founding team, 2 people in the founding team at an early stage, and 2 people who joined the 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
Saigon 💎 | OIG: Wow amazing team! This team is clearly very well built with strengths in each area. The founder’s experience as well is very impressive! Tons of experience in both the traditional world and in blockchain as well.
So to touch upon the project, UPFI is a stable coin partially backed by collateral and partially stabilised algorithmically, for some this is a little confusing — can you explain in more simple terms what UPFI is and why you feel there is a need for it?
Josephine: Thank you so much. Lovely words. 🥰 We will try our best.
Upfi Network has Stablecoin is Upfi and Unstablecoin is UPS. Many people want to know about how it works between UPFI and UPS. So here it is, you can simply understand that when a user mints 1 UPFI, he needs to deposit USDC and UPS for approximately one USD worth of value.
And UPFI here only requires a portion of the capital to mint, which is denominated in other stable assets. The remainder is denominated in a volatile asset as collateral. This generates both a natural demand and a value capture for the volatile asset.
Saigon 💎 | OIG: Very interesting mechanism, one designed to increase market demand and a stabilization in volatility!
While there are other stable coins on the market, what are the key highlights and unique features of UPFI that make it stand out over your competitors such as Terra or Fluidity?
Josephine: Very interesting question. So as you know, We are the first fractional-algorithmic Stablecoin built on Solana Blocks. The other stablecoin competitors are now just using the bridge to use on Solana, as a result, when the users use the bridge, there is a big amount of transaction fees.
With other types of stablecoin such as crypto-collateralized stablecoin like Pai, the value of Pai, Fluidity on Solana depends on the cryptocurrency it is backed on e.g Sol, Ray and The UST (Terra) stable coin is dependent on supply and demand.
UPFI’s value a part of it depends on supply and demand, the other part depends on 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
Saigon 💎 | OIG: We highly encourage our users to read more about this at: https://upfi.network/
You mentioned a little bit about the difference before. But you have 2 tokens, stablecoin is UPFI and Unstablecoin is UPS, how do these tokens work, what is their function and how can having a stable coin be profitable for investors?
Josephine: Yes. Please read about us at https://docs.upfi.network/ You will know a lot of interesting info.
You are right Saigon. We have 2 tokens UPFI and UPS.
The UPFI token is a partially collateralized and algorithmically stabilized token soft-pegged to the U.S. Dollar. The protocol’s goal is to keep the UPFI token price’s stability
Two tokens are used as collateral: USDC and the UPFI share token (UPS). When a user mints UPFI by depositing USDC and UPS, the USDC is locked in the protocol, and the UPS is burnt. When a user redeems UPFI for the underlying collateral, the user gets their showing USDC back, and the protocol mints UPS. This dual-collateral design along with the redemption mechanism helps to keep the price of UPFI stable.
if the price of the UPFI token is less than one U.S. Dollar, then anyone can purchase it on the open market and redeem it for approximately one USD worth of value.
If the price of the UPFI token is more than one U.S. Dollar, then anyone can mint it with the protocol for approximately one USD worth of value and sell it on the open market.
Saigon 💎 | OIG: Thank you for breaking that down for our users! We know a lot of our community will be excited to have another avenue through which to protect their investments!
You have some big partners and backers, how are you utilising them to advance UPFI?
Josephine: Yes We do. To ensure a sustainable development in the future, UPFI has built strong relationships with investment funds and prominent organizations in the Blockchain field.
UPFI is cooperating with many reputable backers and community partners such as OIG , also Moonwhale, CSPDao, DCI, Exnetwork, TradeCoinVN, Cryptofamily, Solster, etc. They are not only backers, but their communities are also large to support us when launching products for farming, staking in the early stages.
UPFI also announced a close partnership with Chainlink and the Pyth network, two prominent organizations in the Oracle protocol space, to ensure a more accurate real-time price feedback mechanism.
Saigon 💎 | OIG: That is a great list of investors and partners! And yes most importantly OIG! We will support in any way we can to ensure UPFI has a smooth launch! 🙂
You have a really busy Q4 planned in the roadmap. Are you on course to meet all your targets? Is there anything you can tell us about your aims in 2022 and your long term goals?
Josephine: Yes we work like 15 to 20 hours Daily to keep this project runs well and deliver our roadmap to you guys.
We will try to complete the goals set out in this Q4, especially the products we will launch after IDO so that investors can have attractive profits, such as Farm, Lending, Staking, LP pool and participate in project management through Decentralized Governance token.
Currently, we will focus on developing and perfecting strategic products on Solana, then by integrating application expansion with other partners, when reaching a certain popularity on Solana, UPFI will cross-chain through other potential chains with good supporting infrastructure to receive new flow money.
Saigon 💎 | OIG: That is a great roadmap, and one that we are definitely looking forward to! The option of having all of these different revenue earning mechanisms in place after IDO in Q4 makes this a very attractive option for investors!
Josephine at this time I would like to switch it over to our community questions that have been brought to us by our OIG Family on Twitter!
Twitter Community Questions
Twitter Question 1)
Josephine: Thank you AlexMinh for the great question
I believe having a strong community is what all projects want to achieve, we are on the same page. We are focusing on the community’s growth together with developing our main product.
For now, Upfi Community Members can help us by joining the devnet and send feedback to UPFI’s team so that we can correct it in time before the mainnet release. Your help will support UPFI’s products to develop faster and more effective.
We also open Minigame Quiz with a big Reward, so everyone can understand more about Upfi and introduce us to their friends as well.
Saigon 💎 | OIG: An UPFI minigame! That’s great! You should name it UPFI Squid Games 🦑😂 Just kidding of course, but what a great way to engage with the community. And having a feedback system is one of the best ways to hunt for bugs and issues within a network!
Josephine: Haha I love that movie. Big Fan
Twitter Question 2)
Josephine: About community feedback, we always listen to the comments of every member and try our best to bring the most satisfying experience to our community. When we launch testnet, we encourage our community to leave comments and give rewards for feedback and improvements.
One of our special features is decentralised governance. 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.
About ideal customers, firstly, I would like to make clear that UPFI’s vision is to provide a decentralized stablecoin that replaces digital assets with a fixed supply, creating liquidity for Defi ecosystems, especially on Solona. Besides, through products and activities in UPFI Network, investors can have attractive and sustainable profits from Farming, Lending, Staking, LP pool … and participate in project management through Decentralized Governance tokens.
Therefore, my ideal consumer is everyone who is interested in an innovative stablecoin and earn sustainable profits through many features that we offer our customers.
Saigon 💎 | OIG: Great answer Josephine. And I think a lot of users here will resonate with that ideal consumer profile!
Twitter Question 3)
Josephine: Very nice question. Thank you Lukas Duong. We created the Treasury to benefit the community and the token economy. The fees generated from the usage of UPFI network products and Investment profit are distributed to Treasury. They will be shared to xUP holders (xUP is the governance token of UPFI Network, which is generated by locking UPS tokens on the Governance section of the Platform), buyback UPS and burn them, distribute to the development team to cover ongoing expenses and costs.
Saigon 💎 | OIG: Gotcha! This all works synergistically then. Governance and Treasury and the ability for users to participate in these decision-making processes!
Well @UpfiCFO our time is unfortunately up for today! Are there any final words you’d like to leave with our OIG community? 🙂
Josephine: Yes. But No worries guys, you guys can reach us on our social channels.
UPFI Network | The stablecoin partially backed by collateral and partially stabilized…
UPFI is a stablecoin that is partially backed by collateral and algorithmically stabilized. This collateral is utilized…
Thank you so much for a great AMA Today @SaigonXIII and OIG Community. You guys are great. Please keep supporting UPFI and OIG
Saigon 💎 | OIG: Awesome stuff! Thank you again Josephine!!! We look forward to watching UPFI in the coming weeks and months!!