UPFI Network — IDO Timeline & Contribution Guide
We’re thrilled to announce that UPFI IDO will be available at https://app.solster.finance/ido-launchpad on Tuesday, 9th November at 8:00 AM UTC.
Solster Finance selects only those projects with an active public team and product testnet/devnet. UPFI Network successfully met both requirements.
We worked directly with UPFI’s team, and the team is highly enthusiastic about their products and plans for the launch. We strongly believe in UPFI Network, and they are worthy of your trust!
Please find the UPFI IDO timeline:
- Eligibility for UPFI IDO allocation consideration is to stake STR at https://app.solster.finance/staking-stats before 7th Nov 11.59 PM UTC or Pool cap filled (whichever is first)
- Allocation will be allocated on 8th Nov and contribution will start at 8:00 AM UTC to 3:00 PM UTC (7 Hours) on 9th November.
- Distribution start: 16:00 UTC on 10/11/2021
- Liquidity will be added at 15:30 UTC on 10th November with UPS/USDC pair at raydium.io.
UPFI IDO will be available at https://app.solster.finance/ido-launchpad on Tuesday, 9th November at 8:00 AM UTC. Ensure you use a PC for a smooth purchase.
UPFI IDO Sale — Important Details
- $UPS Public Pool Token Price:
- Pool Cap: $150k
- Acceptable Solana Wallets: Sollet
- Who is Eligible:
All candidates with $STR Staking Tiers on Solster.
- Vesting Period:
40% unlocked at TGE and 60% unlocked linearly in 3 months.
- KYC: Not required.
How to get qualified for the UPFI IDO Investment Pool?
How to Participate in UPFI IDO?
Stake $STR for $UPS allocation 👇
⏳ Staking Period
Stake $STR before 7th November 11.59 PM UTC or Pool cap filled (whichever is first)
📹 Demo video: How to stake $STR at https://app.solster.finance/staking-stats
Tier Pool Information
The tiered system is designed to determine the guaranteed allocation for every IDO participant available in the pool. It’s a fair, decentralized process of determining the pool weight of the allocation for the specific participant.
- Tier 4: Giga — 49% Pool Weight (75,000 Staked STR)
- Tier 3: Mega — 29% Pool Weight (50,000 Staked STR)
- Tier 2: Micro — 14% Pool Weight (26,000 Staked STR)
- Tier 1: Nano — 8% Pool Weight (14,000 Staked STR)
👉 Read, Getting Started with IDO Participation at Solster IDO Launchpad, https://medium.com/solster-finance/getting-started-with-ido-participation-at-solster-ido-launchpad-a3f90998351c
You need to connect your Sollet wallet at https://app.solster.finance to check your allocation for UPFI IDO on 8th November. We will announce it.
The contribution will start at 8:00 AM UTC to 3:00 PM UTC (7 Hours) on 9th November. There is 7 hours window for investment. Take your time. No hurry.
We will release investment guidelines. It will be a straightforward process.
Distribution start: 16:00 UTC on 10th November.
Liquidity will be added at 15:30 UTC on 10th November with UPS/USDC pair at raydium.io.
We take pride in being transparent, and to provide a fair launch, we will reject all the entries that have not been elected as per the defined process.
⚠️ Warning ⚠️
❗️ Please beware of the fraudsters and fake addresses. ❗️
❗️Solster team will never DM you to ask about other details or information.❗️
❗️$UPS will be available after Public IDO at Raydium.❗️
❓️ Do you have any questions?️❓
For more information regarding the UPFI IDO and $STR token, join the official Solster Telegram account, https://t.me/solster_finance_chat
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UPFI Network — Project Overview
Please refer to the Q&A between Solster Finance and UPFI Network.
Q1: What is UPFI all about?
General information UPFI Network is the fractional- algorithmic stablecoin protocol on the Solana ecosystem. UPFI Protocol’s final goal is to provide stable, highly scalable, decentralized, algorithmic money in place of fixed-supply digital assets. UPFI won the 1st prize at Solana Season Hackathon — Nation Vietnam.
How UPFI works:
UPFI system consists of 2 tokens UPFI is a stable coin partially backed by collateral (USDC and UPS share token) and partially stabilized algorithmically. You can simply understand when a user mints 1 UPFI you need to deposit USDC and UPS for approximately one USD worth of value. UPFI price is guaranteed to be pegged at $ 1$.
UPS is the non-stable and utility token, serving as volatility absorbing asset, and gives the protocol greater capacity for scaling since the system requires less external collateral (USDC) to grow. This generates both a natural demand and a value capture for the volatile asset — UPS.
How stablecoin UPFI stabilizes price:
Stablecoin maintains the price constant at $1 is critical to the project’s viability. Mint /Redeem mode of UPFI Network helps ensure that.
- UPFI < $1: Users can buy UPFI on the open market and redeem it for approximately one USD worth of value.
- UPFI > $1: Users can use USDC and UPS worth $1 to mint UPFI and sell UPFI on the market.
UPFI Network Flywheel:
1. To begin, 60% of UPS will be utilized as incentives for users through farming activities, stablecoins minting, promoting collateral growth, lending protocols, and UPS holders (stake, DAO).
2. Since then, the quantity of UPS purchased and burned has increased due to increased demand for UPFI minting. It aids in the reduction of UPS supplies.
3. Finally, UPS prices rise as supply falls and demand increases. The more expensive UPS is, the more appealing it is. UPS is the incentive in the UPFI Protocol for actions like lending, farming, etc., so users may earn more profits. It will continue to attract new users to join the protocol.
Q2: Detail information about the UPFI team
We now have a 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. The founding team consists of 4 people: 2 people who joined early, and 2 people who joined later.
This is a quick introduction to 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 the 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: What are the highlights of your project and products that you believe will help you succeed?
1. Built on Solana system:
Solana is an emerging ecosystem that is being heavily invested. In addition, they do not have any native partially algorithmic stablecoin on it. Solana has a severe and well-organized infrastructure, reviews tokens quite carefully before being on Solana for about 2 weeks.
Furthermore, the pieces of the ecosystem on Solana are also quite complete, with more than 400 projects to help expand the application of stablecoin quickly. Solana has almost the fastest TPS (processes per second) on the current blockchain with 50k transactions/s and a cheap transaction fee of $0.0025.
This helps oracle to get TWAP (Time-Average Price) quickly, avoiding the price difference in the UPFI protocol and outside the trading market.
Sam Bankman Fried (CEO of FTX exchange) once said Solana, “it is 10,000 times faster and 1,000,000 times cheaper than Ethereum.”
2. Anti-pump/dump mechanism:
We would apply the anti-pump/dump mechanism to ensure price stability for UPFI Transactions (sell/buy/mint) that trade more than 0, 1% of the total supply will be rejected. These USDC will be shared with UPS holders.
This feature prevents pump-dump-exist whales because they can destroy the project and protect price movement as well. Also, it limits the selling amount each time, charges High Fee if a big amount is transferred to another wallet, and uses TWAP (time-weighted average price) mechanism to keep the system stable and safe.
3. Partner with Chainlink and Pyth Network:
In addition, through our collaboration, UPFI has access to high-quality data backed by a completely reliable oracle solution, which helps securing the minting and to redeem functions of its algorithmically stabilized, partially collateralized stablecoin.
4. Governance token-xUP:
We created an xUP token as a governance token. It is generated by locking UPS tokens on the Governance section of the Platform. The xUP token serves as our Platform’s governance token about fee distribution mechanism, integration, unique functions, events, investment vault, development, and more. It was created to give the holders the chance to have a voice on the Platform while also being rewarded for holding UPS tokens for an extended period.
Q4: What are the benefits of being a UPFI‘s investor?
Investors participating in early investment in UPFI will receive a lot of attractive incentives from the products on farming, staking, etc. Besides, when holding UPS, investors will have the right to participate in project management.
The project has a governance staking model with operating rights on the fee distribution mechanism, integration product, unique functions, events, investment vault, etc. They also receive profit from the investment vault and fees generated from the project.
Q5: What can we expect in the next 3 months and in 2021 as a whole?
Details about the goals set out in the next 3 months.
- Public Sale (IDO launchpad, DEX & CEX listing)
- Token Generation Event
- Mainnet Launch
We will try to complete the goals set out in the next 3 months, especially the products we will launch after IDO, such as Farm, Lending, Staking, LP pool, and participation in project management through Decentralized Governance token so that investors can have attractive profits, and achieve the expected TVL level to attract more influence to the community and Solana platform.
Official Roadmap: https://docs.upfi.network/roadmap
Project Documentation: https://docs.upfi.network/
Q6: Please share your social media profiles
Telegram Group: https://t.me/UPFInetworkchat
Telegram Channel: https://t.me/upfinetworkchannel
Official Website: https://upfi.network/
Disclaimer: Cryptocurrency investment is subject to high market risk. Solster Finance is not responsible for any of your crypto losses. Please do not construe any of the above statements as to financial advice.