Solana_Daily hosts UPFI: #UPFI #Protocol #SolanaDaily #SOL
Solanda_Daily Admin: Hello and welcome, how are you today?
Harry: I am good as main market today.
Solanda_Daily Admin: Happy to hear! Ready to start our AMA?
Harry: Yeah ready!
Q1: Now to start the AMA, team UPFI please have a quick introduction to the community.
Harry: Yes I am Harry – CEO of UPFI Network. It’s an honour to be here and share with you guys about the potential of the UPFI project.
I have experienced in technology projects for more than 7 years and joined this crypto market since 2017. Me and my Co-founder CTO have planned Planning to do a stablecoin project from Vietnam on Solana and fortunately had the opportunity to develop the project until today.
Now, I join to introduce the UPFI Network project as well as its prospects. Hope to receive a lot of support from the community.
Q2: Please share with us the background of the team behind this project. What are your past experiences?
Harry: We now have total 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 founding team, 2 people in founding team at early stage, and 2 people joined 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
Q3: Could you please tell us more about the features of your platform?
Harry: As you know, UPFI is a stablecoin that is partially backed by collateral and algorithmically stabilized. This collateral helps maintain stability of Upfi.
We use TCR (Target Collateral Ratio) and ECR (Effective Collateral Ratio) to control the price for UPFI.
One more thing make UPFI to be great is UPFI built on Solana system. As you can see 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.
A bit explaination on that 2 ratios, which makes us different to many current stablecoins.
TCR stands for Target Collateral Ratio and it is showed in percentage. This ratio expresses what percentage of USDC token is required to mint UPFI token.
ECR stands for Effective Collateral Ratio and it is showed in percentage. This percentage expresses the amount of USDC token stored as collateral for the UPFI token.
Q4: Let’s dive into your token $UPS. What are the use cases? Does it get audited?
Harry: Upfi Network has 2 tokens UPS unstable coin and UPFI stable coin.
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.
Our audit program is in process and will have the good result soon. We will announce when the audit complete
Q5: How has UPFI Network worked on this? Is Platform suitable for Newbies in the crypto field?
Harry: This is very nice question and I believe many people would like to know about.
Regarding to your question, we use 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.
And Yes It is suitable for Newbies, we will have clear guideline for new users.
Q6: What makes upfi stablecoin different from existing competitors on Solana, why would the community use it over the current biggest players?
Harry: Firstly, we take the advantages of existing stablecoins and overcome their disadvantages and limitations by combining the use of fractional algorithmic. Other types of stablecoin such as crypto-collateralized stablecoin like Pai, Fluidity; the value of Pai, Fluidity on Solana depends on the cryptocurrency it is backed on e.g Sol, Ray. About algorithmic stablecoin, the UST (Terra) stable coin is dependent on supply and demand.
About UPFI, a part of it depends on supply and demand, the other part depends on the cryptocurrency it is backed. UPFI is a fractional-algorithmic stablecoin.
Secondly, 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.
Q7: Can you share your Roadmap in the next 6 months?
Harry: Firstly, we will complete the following events by the early November: complete mainet launch, public sale and token generation event. After the TGE, we will present at DEX and CEX. At the same time, we will provide the products so that investors can have attractive profits, such as Farm, Lending, Staking, LP pool. Besides, people could 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 chain with good supporting infrastructure to receive new flow money.
Q8: Where can we find out more about UPFI on social media?
Harry: Here are the links to UPFI’s social media community:
Official Channel: t.me/upfinetworkchannel
Official Group Chat: t.me/UPFInetworkchat
Facebook Fanpage: https://www.facebook.com/UPFInetwork
Solanda_Daily Admin: With this, we are now at the end of our AMA session with UPFI.
Time for wrapping up, any last words you would like to say to our community?
Harry: Follow us to get the opportunity from the earliest project.
Official Channel: t.me/upfinetworkchannel
Have good health and success!
Solanda_Daily Admin: Thank you so much for spending time with our community & all the very best for UPFI.