OIG Partners With UPFI: The Stable Token We All Need!

OIG Partners with UPFI

OIG is proud to announce our new partnership with UPFI protocol! UPFI’s mission is, “to provide a highly scalable, decentralized, algorithmic money inplace of fixed-supply digital assets”. As the front runner of SOLANA’s Hackathon, UPFI is already in an amazing place for its TGE but we want to highlight a few aspects that we find particularly interesting and make sure our wonderful community knows why OIG is thrilled for this partnership!

UPFI Network Roadmap

Scalability is something that OIG considers very important for the longevity and continued appreciation of a project. UPFI’s dedication to scalability is clear! UPFI uses a stable coin — partially collateralized and algorithmically stabilized with only a portion being required to mint/designated as stable assets and the remainder designated as volatile assets/collateral. UPFI’s design principles are highly scalable, non-custodial, stable, fractional-algorithmic and aim to bridge the gap between real world applications and digital currencies with little to no transactional costs. UPFI is providing stability, while also addressing the broader Blockchain issue of making transactions cost effective. This brings us to our next point: UPFI is also very stable!

UPFI Protocol

As mentioned above, the UPFI token is part collateralized and part algorithmically stabilized by its interrelation with the U.S. dollar. This combination is to keep the UPFI’s token price as stable as possible. This works by using two tokens as collateral — USDC and the UPFI share token (UPS). When users mint UPFI, they deposit UPS and USDC. The USDC is locked while the deposited UPS is burnt. Once the UPFI is redeemed for the collateral, the deposited USDC is returned and new UPS is minted. It is this design exactly that keeps the UPFI stable because both dual collateral and redemption mechanisms are being implemented and utilized simultaneously.

https://chain.link/
https://pyth.network/

In addition to the stability and security UPFI provides, we also love their use of pricing oracles! Real-time and real-world market price and liquidity pool information is gathered by the UPFI protocol, and then used to provide consistent and current readings of the USD value of UPFI and UPS. UPFI uses Chainlink and Pyth Oracles to retrieve this information and create these accurate readings and evaluations. Chainlink is one of the oldest and most reliable oracles on the blockchain as it is one of the quickest, while also being manipulation resistant. Pyth connects high fidelity market data to any smart contract anywhere. This powerful trio results in speed, and accuracy, when it is needed most.

There are many more details of UPFI’s protocol worth investigating but we believe their stability, security and pricing oracles alone should be enough to peak your interest. Their TGE is fast approaching — THIS MONDAY the 25th! With that is mind, we encourage you to check their socials and learn more about this incredible brand so that you can get in early!

https://twitter.com/upfi_network

https://upfi.network/

As always, connect with OIG on our socials for more news on UPFI and other amazing projects:

https://oiginvest.com

https://twitter.com/oiggroup

https://oraclesinvestmentgroup.medium.com/

https://t.me/OIGann