On April 19th 2021, our community had a chance to welcome Harry Nguyen-CEO of UPFI Network to join in an AMA to give fruitful information about the key features and roadmap of Upfi Network. Let’s recap it again with Azcoinvest
This AMA was held by Azventures Public Group – the top crypto community in Vietnam, where investors and traders can obtain the lastest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA, the Harry Nguyen directly greeted the community and provided detailed information on Upfi Network as well as some key products and future plans.
Time: 8:00 PM (UTC +7) | December 23rd, 2021
Venue: https://t.me/azventurespublic
Airdrop 200 USDT for the best questions in the AMA.
Below are some main points of this AMA:
Question for Part 1- Project overview
Question 1: As we can see, Upfi has been launched for a while so could you please update your project progress up to now for our community?
Harry Nguyen:
Well, it’s been one month since our project is officially launched. Although I need to admit that we have come through many ups and downs, we also reach some memorable milestones that I would like to share with you guys:
1/ We are officially listed on 2 DEX: Raydium and Dexlab, and 1 CEX: LBank
2/ Our mainnet is officially launched successfully, with more 2,500 holders
3/ Currently, users can participate in Farming Pool and Stable Swap. You could also try our stableswap feature at https://app.upfi.network/swap
There are some key points of this feature
The fee for swapping is LOWEST in the Solana Ecosystem, the fee is 0.06%.
Currently this feature supports 3 stablecoins: UPFI, USDT and USDC. More stablecoins will be added in the future.
Besides, Staking Program will be released THIS MONTH, and more partnership
Question 2: We have heard a lot about the Upfi metaverse so can you share with us what users can do in the Metafi universe?
Harry Nguyen:
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,…
NFT will help identify citizens, buildings, tools of production, represent your car, or even your land.
In this digital universe, people will likely perform daily activities such as working, travelling, playing games, shopping, working while experiencing DeFi features such as farming, staking with cryptocurrencies and many more with their digital 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.
Question 3: What are the advantages and disadvantages of Defi 2.0 & MetaFi in the future?
Harry Nguyen:
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.
Questions for Part 2 – Pre-collected questions from Twitter:
Question 1: Can you share some more information about the NFT of Upfi? How can we use it and how will it contribute to the Upfi universe? (@tinytin45)
Harry Nguyen:
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.
In UPFI world we have some example for NFT like 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,…
Also user can participate in community contribution activities in UPFI World to accumulate NFT to redeem rewards, use NFT to upgrade your character or items and many other use cases based on ideas from the community.
Question 2: With your upfi world, what is the key feature that you are focusing on? Can we communicate with each other or are there any other ways to interact in your world? (@unicr13)
Harry Nguyen:
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, UPS/UPFI) 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.
In UPFI word you can communicate with other people in the UPFI world and enjoy your small life in it
Question 3: Partnership is one of the key factors that lead to the success of any project. Which partners do you have now and how did they support your project? Are you planning on finding some new partners? (@ho_minh_quang)
Harry Nguyen:
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!
Question 4: We can see many metaverse projects these days, so what is the difference between Upfi and other projects that follow the trend metaverse? What is your strength compared to them and what is your plan to complete the metaverse? (@lala281299)
Harry Nguyen:
In addition to entertainment value, metaverse also brings benefits to both users and developers. Here, participants are not limited by border, distance, everyone can work together, play games together, build a buildings and company, grow vegetables together, get married… and the pioneers will have many advantage.
Big technology companies such as Facebook, Microsoft, Apple and Google, Tencent, Alibaba, Foxconn, Nvidia are also pouring a lot of resources into this technology.
The world is in the early stages of the metaverse, this technology will become widespread in the next 5-10 years as the internet is now.
UPFI is also not outside to build this new world, but will also seriously research and develop system, as mentioned above we will develop a new world called UPFI world where everyone has can interact with each other, fighting the barrier between the metaverse and the real world with the next modules that integrate Payment, VR/AR module …Engine open source to attract contributions from Develoepr & graphic designer & Startup, Entrepreneur career… will help develop long-term and more ideas
UPFI World will help users who do not know DEFI or crypto to access in an easy way. We focus on user interaction and create worlds where they can be creative. As well as creating an environment where developers and companies or service providers can bring their real products on it, and users can buy and sell with UPFI Stablecoin with fee transactions are almost zero.
In the first quarter, we will launch landing page & NFT characters, as well as use NFT in the initial construction of buildings in Upfi World such as banks, mines, entertainment centers…. Then we will gradually develop other facilities with users together, as well as expand partners with NFT Games.
Question 5: When building up a metaverse project we will have to face with problems about security, what is your plan to overcome this? Do you have any technical partners that can protect your users from data loss? (@phongvu0)
Harry Nguyen:
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.
https://www.rdauditors.com/wp-content/uploads/2021/11/UPFI-Network-Smart-Contract-Security-Report.pdf
PART 3: BEST LIVE QUESTIONS AZVENTURES GROUP
Question 1: Does your project support staking program? if yes. how is your stake system work what is the requirement for user, if they want to stake in your platform?
Harry Nguyen:
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.
Question 2: I read that the UPFI protocol is in advance discussion with the ChainLink & Pyth Network Oracle development team to provide a secure Oracle solution for users on the UPFI Network. What effect will users gain from this Oracle Solution? Does this make using UPFI easy for beginners?
The ultimate objective of the UPFI is to replace fixed-supply digital assets with a highly scalable, decentralized, algorithmic money. There are a lot of stablecoins that are known and popularly used by many users like USDT and USDC. How is your stablecoin different from them?
Harry Nguyen:
Oracle plays a very important role in the UPFI protocol, we are working closely with the Chainlink and Pyth development teams to come up with a secure Oracle solution for the UPFI protocol. They will help us with the mechanism to get the fastest time averaging (TWA) on Solana and they also have the system to ensure the most accurate price on DEX & CEX exchanges, especially Chainlink’s system has been reputable ever since.
With the solution of getting TWA safely from oracle, adding the advantage of transaction fees and fast processing speed on Solana, the system will avoid bank-run and price imbalance when dump/pump is strong, so the UPFI price will be always peg at 1$
The competitors on Solana are now just use the bridge to use on Solana, so when the users use the bridge, there is a big amount of transaction.
For example, 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 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.
Question 3: Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
Harry Nguyen:
We have a Governance model (Staking) that allows long-term investors committed to make decisions that benefit the platform’s long-term development ( vote, create proposal) for distribution mechanism, Fee ecosytem, unique functions, events, investment vault, development and more.
Question 4: What are plans in for global expansion?Are you focusing on market at this time or focus on building and developing or getting customers and users, or partnerships?
Harry Nguyen:
Hi dear, Global Expansion is very important to not only Upfi Network but many projects out there I believe. We focus on building products, developing partnership and marketing campaigns for different communities to maintain curiousity from community to our Upfi World, and also build stronger foundation for Upfi Growth in the future.
Question 5: Why would you not use your stablecoin in your Metafi world versus UPS?
That would incentivize the 3pool more and bolster UPS utility and value would not be volatile
Harry Nguyen:
They use UPFI a lot in Metafi in near futures, it is a stablecoin so it will be widely used in cases of selling e-commerce with real goods, as well as in P2P trading module to exchange currencies between different countries in metafi for example you want to convert EURO/KR/JP… to UPFI and vice versa.
For all of the questions that have not been answered yet, guys feel free to search for more information or ask directly to them on the links provided below:
