UPFI Network – a Start-up that Won the Regional Prize of Solana Hackathon Has Raised Approximately 2 Million USD. With the support from experienced investors in the industry, combined with the rapid development of the community, UPFI is ambitious to assert its name in the extremely promising stable coin. Read the article completely to understand more about it.
UPFI Network is the unique fractional-algorithmic stable coin protocol. UPFI Protocol’s final goal is to provide stable, highly scalable, decentralized, algorithmic money in place of fixed-supply digital assets. This stable coin protocol should help to overcome the risks and restrictions that previous stable coins have, by providing the 2 tokens – system: UPFI and UPS.
Whereas, UPFI is a stable coin partially backed by collateral (USDC and UPS share token), and partially stabilized algorithmically. UPFI price is guaranteed to be pegged at 1$. Besides, UPS is the non-stable and utility token, serving as a volatility-absorbing asset, and gives the protocol greater capacity for scaling since the system requires less external collateral (USDC) to grow.
UPFI Network aims to replace fixed-supply digital assets by bridging the gap between digital currencies and real-world applications with transaction costs of almost zero.
Top feature on UPFI Network:
It can be seen that the IDO and game release time in the UPFI token Roadmap is set for Q4.
The UPFI token is a partially collateralized and partially algorithmically stabilized token soft-pegged to the U.S. Dollar. The protocol’s goal is to keep the UPFI token price stable.
UPS tokens are used to mint UPFI, to use in our governance for lending, farming, and staking. 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 coin 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.
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 deposited UPS is burnt. When a user redeems UPFI for the underlying collateral, the user gets their deposited USDC back, and the protocol mints UPS. This dual-collateral design along with the redemption mechanism helps to keep the price of UPFI stable.
Updating…
Users can farm UPS by providing liquidity and depositing their LP tokens on the UPFI network’s own website. These farms are not auto-compounding, however, the next pool may offer auto-compounding farming options as well. All of the following liquidity farming pools are 50%-50% ratio UPS farming pools. There are no locked rewards with any of the pools.
That UPFI Network is integrating the industry-leading Chainlink Price Feeds on Solana as its oracle solution to help maintain the peg of its partially collateralized and partially algorithmically stabilized stable coin called UPFI. The initial integration involves the use of the Chainlink USDC/USD Price Feed, which is referenced during all mints and redemptions.
Recently, UPFI Network has reached an impressive milestone by winning the 1st prize at Solana Season Hackathon – Nation Vietnam. About Solana Hackathon, it is one of the largest online hackathons ever, organized by The Solana Foundation teamed up with leading crypto projects, aiming at accelerating the already rapid growth of the Solana ecosystem. With the participation of over 13,000 builders registered for the hackathon and 350 teams submitted projects spanning DeFi, NFTs, Web3 and beyond, UPFI has proved its high competitiveness and uniqueness in terms of functionality, potential impact, novelty, design UI/UX and composability.
UPFI Network has crossed the mark of 29,000 Followers on Twitter.
UPFI Network partner with Pyth Network
UPFI is designed with a smart anchoring mechanism that provides users with an additional quality solution to “work” in the Defi ecosystem in general and Solana Defi in particular. Stable coins are an integral part of any Defi ecosystem. The fact that there are many new Stable coin protocols on Solana shows that Defi Solana still has a lot of growth potential.
Find more information about UPFI Network:
Website: https://upfi.network/
Telegram: https://t.me/upfinetworkchannel
Twitter: https://twitter.com/upfi_network
If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.
Elise
Coincu research
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