On April 11th 2022, our community had a chance to welcome Mr. Phuoc – CMO of UpDeFi to join an AMA to deliver fruitful information about the key features and roadmap of the project.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the latest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
Updefi (https://app.updefi.finance/) is a one-stop Yield-as-a-service (YaaS) platform with the best asset security and highest optimized yields.
At this AMA, Mr. Phuoc – CMO of UpDeFi directly greeted the community and provided detailed information on the project as well as some exciting events that will be held in the near future.
Time: 20:00 PM (UTC+7) | Monday, April 11th, 2022
Reward Pool: $200 for members with the best questions.
PART I: OVERVIEW QUESTIONS
- First, please make a brief introduction of UpDeFi and some great achievements you have made so far.
UpDeFi: I’m Phuoc from UpDefi. I have years of experience in DeFi project community management and I’m one of the early participants of UpDeFi.
The UpDeFi team has extensive experience with DeFi projects. And we all come from the Mars Ecosystem community!
As some of you may have already known, we had a resounding success with the IDO launch on Mars Ecosystem on March 21st. Better yet, the $UP price has risen 10 times from $0.045 to $0.48 at its peak! Our strategies and farms were live on the same day as well. One thing we’d like to share with you guys is that our TVL has also reached over 100 Million in 48 hours!
If you missed the IDO, don’t worry. We got you! You still have a chance to enjoy 1000% + APR for $XMS, $USDm and $CAKE staking on UpDeFi! BTW, our UP-CAKE Pancake LP vault was live on March 25 with 1000%+ APR, don’t miss this chance to earn more CAKE!
For UP holders, our NEW Stake $UP Earn $CAKE Auto-Compounding Strategy is tailored to you! This strategy is based on Stake $UP earn $CAKE UP-Staking Strategy. The $CAKE you earned will be automatically reinvested as UP into the vaults. The APR is insanely high to 1,000%+ now. Early bird participants will be able to enjoy our long-term investment incentive as we will distribute the deposit fee to existing users. In short, the earlier you deposit into the strategy and the longer the duration you stay, the higher the yields you can get.
- Please share the occasion that lead you to the industry and the story behind the project idea.
UpDeFi: As I mentioned earlier, we all come from the Mars Ecosystem community!
We were very impressed with the achievements made from Mars Farms’ innovative yield mechanism: Mars Ecosystem maintained a long-term TVL of $500 million and over 500% of APR. So we began to think about further expanding Mars Farms’ successful yield mechanism to serve more users and DeFi protocols.
We contacted the Mars Ecosystem team, and they were very supportive of our idea and have provided us with great advice during our product development process.
We realized that most other DeFi and DAO projects are facing the same problem of keeping long term users while using minimal capital. By applying the vesting mechanism of Mars Farms into other projects we could help these projects extend the selling pressure while maintaining an attractive APR to keep new users coming.
The combination of the Yield-enhancing Strategy and the UP-staking Strategy helps projects achieve the purpose of motivating long-term users more effectively without altering projects’ ongoing liquidity mining programs. Using these two strategies enables users to obtain higher yields that the auto-compounding strategies cannot bring.
This is actualized by using the native UP token of the UpDeFi protocol as a bridge for yield realization: the rewards directly obtained by users who deposit assets in the UpDeFi platform’s yield-enhancing strategies are UP tokens. These UP tokens will not be released to users immediately, but through a vesting period. By staking UP tokens, users can participate in UP staking strategies and share the yields obtained by all the assets deposited by users in the mining pool of the underlying yield protocols through yield-enhancing strategies and auto-compounding strategies.
- Could you please update some latest news or hot events of UpDeFi that users should pay more attention to?
UpDeFi: This will be a driving force for users to keep holding and staking $UP instead of just selling off the rewards from other strategies.
We have continuously released many new strategies, and only 2 weeks after IDO there are more than 100 already released
Besides the frequently updated strategies, our marketing team is constantly pushing airdrop and giveaway to the community. Please follow us at:
PART II: PRE-COLLECTED QUESTIONS IN CRYPTO FAMILY GROUP
- From @PakhiHiramon
The DeFi space is growing extremely rapidly, and it is increasingly difficult for ordinary investors to keep up. To be able to develop long-term, the project needs to have its own strengths. So, what are the distinct highlights of UpDeFi? What problem does UpDeFi solve?
UpDeFi: First of all, UpDeFi’s auto-compounding strategy has low fees so that users can receive a higher yield.
What’s more, users of UpDeFi’s auto-compounding strategy can not only earn UP token rewards, but also, the economic model design of UP tokens determines the high value of UP tokens.
At present, the traditional yield aggregators (Autofarm, etc.) on BSC have no protocol tokens to reward users. In this case, users who participate in UpDeFi’s auto-compounding strategy can receive UP token rewards, and users can receive higher yields.
Most importantly, the APY of UP’s Auto-Compounding strategy has been maintained several times that of other yield aggregators, for example, the APY of CAKE staking on Autofarm is 60% , where as that rate on UpDefi is 94%. In addition to the ordinary compounding earnings, users from other yield aggregators who come to UpDeFi can earn UP for free, without losing the ordinary compounding earnings
Since the UpDeFi protocol has a unique yield-enhancing strategy in addition to the auto compounding strategy, therefore, UpDeFi protocol has a lasting and robust source of revenue.
UpDeFi allocates 90% of the protocol revenue to UP token holders. UP token holders only need to stake UP tokens on the UpDeFi platform to participate in the UP-staking strategies and obtain protocol revenues. This economic model design ensures the high value of UP tokens.
- From @MasanariToyko
As far as I know, great backing and partnerships in the crypto market might bring huge benefits to new projects. During this point, can you tell us about the investors and partners of Updefi ? What are the benefits to the Updefi ecosystem that you expect from them?
UpDeFi: The fact that there is no backing investors means that there is no risk of sudden dumping from the backer. Team allocation is also time-locked for 24 months, with the contracts having been audited by Certik and Peckshield, which means this is an entirely rug-pull free project.
The fact that there is no backing investors means that there is no risk of sudden dumping from the backer. Team allocation is also time-locked for 24 months, with the contracts having been audited by Certik and Peckshield, which means this is an entirely rug-pull free project.
UpDeFi has partnered with Mars Ecosystem during its IHO and is continuing to cooperate in terms of both marketing and communities.
Users of XMS and USDm will continue to benefit from the partnership with UpDeFi with very high APR strategies designed for them
- From @yahhabibii88
It’s wonderful to hear that $UP will be used for decentralized governance. Although we all know DEFI is a fantastic addition, its previous security incident has caused some concern. Given your integration with DEFI, how do you plan to improve security and transparency?
UpDeFi: Yes, in fact security is one of our core values. We continue to invest in ensuring the security of the UpDeFi platform and the security of the underlying yield protocols and their mining pools.
UpDeFi is a non-custodial platform for user assets, which means that users can withdraw their assets on the UpDeFi platform at any time. At the same time, UpDeFi cannot use the assets deposited by users in any way outside the defined yield strategy.
We conduct detailed risk assessment and testing of the underlying yield protocols and mining pools that plan to be integrated by the UpDeFi platform strategies, and only launch strategies to users after confirming that there are no foreseeable risks. After the strategy is launched, we will continue to track all changes to the corresponding protocols and mining pools to ensure the security of users’ deposited assets.
UpDeFi’s contracts have been audited by well-known security companies in the industry, CertiK, and PeckShield. Moreover, UpDeFi cooperates with Immunefi, the most well-known bug bounty organization in the industry, to incentivize top developers with real money to further ensure the security of the UpDeFi protocol.
- From @Mohammad96io
I think many people are interested in the $UP token, both in terms of characteristics and functionality. So can you tell us what are the advantages of holding $UP long term? What steps would you take to attract more users and educate them?
With a total cap of 1 billion $UP, the design of UpDeFi model will ensure the scarcity of $UP token in the long term while maintaining an attractive APR at the beginning. It means that the earlier the user joins, the more they can get in the long term.
Moreover, besides users, other projects are the UpDeFi project’s essential service and cooperation partner. That is why we launched the UP Incentive Program, which is designed to help incentive programs (such as liquidity mining programs, transaction mining programs, borrowing mining programs, etc.) of high-quality projects to improve its capital efficiency and pay the smallest capital cost to obtain the greatest liquidity and user attention.
We will develop exclusive strategies and provide UP tokens to incentivize projects that cooperate with us. At the same time, we will share with the program partner the UpDeFi protocol revenues generated by the users’ deposit of funds in the strategies corresponding to your protocol on the UpDeFi platform.
If you would like to become a UP incentive program partner, please contact us!
- From @chungnhan1007
Could you articulate the core values that Updefi is focusing on? To build a platform with the best asset security and highest optimized yields, what do you reckon as the biggest challenges need to be overcome to achieve mass adoption?
UpDeFi: Right now we are focusing on integrating more strategies to attract more TVL, and thus generating more revenue for our platform and users.
As Yield-as-a-Service is a relatively new business model, the challenge is to partner with as many DeFi projects and DAO treasury as possible. This poses the most difficult challenge for us at the moment.
However, as current stage, the TVL number and the price of $UP token is stabilized, which proves our project has a solid foundation to keep going on further.
PART III: BEST LIVE QUESTIONS IN @Updefi_VN GROUP:
1.What kind of intensive collaboration will UpDeFi and the Mars Ecosystem establish? And how can this partnership benefit XMS and USDm holders?
UpDeFi: UpDeFi is a fair launch project with no pre-sale, no investor, and no pre-mine. We will release the UP token through the first launch of IDO in the Mars Ecosystem. After the IDO, UpDeFi’s strategies were officially launched. UpDeFi’s first released strategies include three types of strategies towards both the Mars Ecosystem and PancakeSwap platforms.
This means that XMS and USDm users were first ones to pass IDO, received UP tokens by mining on the UpDeFi platform, and also received yields by staking the UP tokens from the UpDeFi platform.
Coming up next, UpDeFi will offer more exclusive benefits to Mars Ecosystem community users, stay tuned!
- I see UpDefi has built a comprehensive, complete, secure, most profitable, easy-to-use, flexible Yield-as-a-service (YaaS) platform for all blockchains. So can you explain more about this YaaS? How does it work and what are the benefits of using UpDefi YaaS? Thank you
UpDeFi: YaaS is a business model where we aim to provide yield service to other DeFi and DAO projects to help improve their capital efficiency.
In the meantime, user of YaaS will enjoy better APR from traditional yield aggregators by using our Up-Staking and Yield-Enhancing strategies.
- May I ask if the team will have any events to attract the community in the near future?
UpDeFi: We are pushing a lot of community events such as meme competition, airdrop, giveaway. All of the information of the events are published on our Twitter and Telegram channel
Please follow us at https://twitter.com/UpDeFiUp
- What mechanism reduces the devaluation of your tokens in the long run?
UpDeFi: Currently we does not have buyback or burn mechanism, but the APR will shortly decrease as you can see the emission ratio on our tokenomic.
That alone will help stablizing the price of $UP. But moreover, the autocompounding strategies will convert rewards from other underlying yields (such as CAKE earn CAKE, BSW earn BSW) to buy $UP in the existing LP to help increasing the price of $UP.
by attracting more TVL to our platform, we will be able to convert more tokens using the existing liquidity pairs on the market into $UP, in other words, a form of buyback
- Revenue is an important aspect for all projects to survive and maintain the project/company. What is your plan and way to generate profit/revenue from tokens? In this regard, please explain your income model?
UpDeFi: as I partly mentioned in the previous answer, the revenue of UpDeFi platfrom comes from the funds that users deposited into our strategies, which we use to find better yield opportunities such as liquidity mining, transaction mining, borrowing mining, etc.) and financial products (such as trading, lending, etc.)
this revenue will be distributed $UP holder.
also, the revenue generated by partnered projects and liquidity pools will also be put into the general revenue pool to be distributed
that is where we generated our revenue
and that’s all I can share for the last question
CF: 📌 Seems like there’re many things to exchange, but I’m afraid the time is up now. For all of the questions that have not been answered yet, guys feel free to search for more information on the links provided below:
📞Telegram VN: https://t.me/UpDeFi_VN 🇻🇳