we hosted an amazing AMA with UpDeFi on the 5th of March
And here we will put some of the best questions:
Let’s welcome Exortus to have the first AMA in the CryptoTitan community; he is one of UpDeFi’s CM’s in the English community. Nice to meet you Exortus, could you please introduce yourself and UpDeFi to us?
Hello everyone! I’m Exortus from UpDeFi. I have years of experience in DeFi project community management and I’m one of the early participants of UpDeFi. It’s an honor to be a guest to represent UpDeFi to CryptoTiTans community today. You can visit our website at http://app.updefi.finance/.
The UpDeFi team has extensive experience with DeFi projects. And 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 appreciate the support we have received from the Mars Ecosystem team, and we are committed to rewarding the Mars Ecosystem communities and users both in product and tokenomics aspects.
Q2. The great innovation of UpDeFi is the combination of Yield-enhancing Strategy and UP-staking Strategy, could you explain it in more detail?
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.
Q3. In addition to the yields, DeFi users have another important concern which is the security of the principal. Could you tell us about the security of UpDeFi in detail?
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.The CertiK and PeckShield audit reports are about to be released and the UpDeFi team will share the audit reports with the community users first.
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.
Q4. In addition to serving users, UpDeFi has also launched a Yield Enhancement Program towards other protocols and DAO treasury, could you introduce it to us in detail?
The Yield Enhancement Program is designed to help any protocol and DAO treasury to enhance their yields by using UpDeFi’s yield strategies.
Any protocol and DAO treasury that integrates with UpDeFi’s yield strategies can receive up to 50% of the UpDeFi protocol revenues generated by their contribution TVL.
We will determine a yield enhancement program partner’s revenue sharing tier based on the total TVL of all strategies in the UpDeFi protocol, and then determine its revenue sharing level.
If you would like to become a Yield Enhancement Program Partner, please contact us!
White Paper: https://docs.updefi.finance/
BD Email: email@example.com
Q5. I noticed that UpDeFi is a fair launch project by the community. Could you explain it in more detail?
Serving the community is one of UpDeFi project’s core values.
Our project and products are completely community-driven. Our team, users, and collaborating projects all come from the community. We are firmly committed to building an active and united community.
UpDeFi is a fair launch project with no pre-sale, no investor, and no pre-mine. Only participants who contribute to the UpDeFi protocol will receive UP tokens based on their contributions.
And here we will put best questions from our members and UpDeFi fans:
Q1 ) Do you agree that the power of the community will lead your project to grow globally? DeFi world is growing very fast & becoming competitive, what are your tricks to attract more community? do you have a good marketing team? What events do you prepare to attract investors?
Yes, definitely! The UpDeFi team knows that one of the most important things for a project is a strong community and they work hard for it.
The world of DeFi is evolving so fast, as you said, our team is constantly holding events and AMAs with great communities like CryptoTitans to keep up with it.
We have a great marketing team, and also our marketing team works not only on a global scale, but also locally. We are trying to produce and grow local communities in China, Portugal, Italy, Spain and many more! Stay tuned for more.
Q2 ) Partners and marketing are crucial for adoption, it’s also important to have translation programs or local communities to pass information across to non English speakers, Would there be form of marketing and are there plans to partner with other projects?
Yes, as you said, partnerships are very important for many projects.
However, one of the important points I would like to mention here is that partnership is much more important and at the forefront for UpDeFi. Because UpDeFi will partner with different projects to enable them to use their liquidity in the most effective way, thus providing maximum returns to different platforms. In other words, those who use UpDeFi will not only be individual users, but also contracted projects will be able to provide high returns by using UpDeFi.
Also, yes, we care deeply about local communities and ensure they are established. We try our best to make non-English speakers comfortable.
Q3 ) Something that caught my attention about project is that it is secured by smart contracts, trust accounts and oracles so could you explain to me how all these features serve to provide transparency and protect the project? How do these three features relate to security?
Yes… Security… One of the things that scare people the most in the DeFi world is exploits and hacking. The world of DeFi is a rapidly evolving field, but many projects neglect security in this rapidly evolving field.
However! The UpDeFi team puts security first and takes their strides firmly. The UpDeFi team collaborates with some of the most recognizable names in the DeFi world, CertiK, PeckShield, and Immunefi.
CertiK Audit: https://github.com/up-defi/up-resource/blob/main/audit/Certik-Audit-Report-UpDeFi__final-20220303T021017Z-1646278412677.pdf
PeckShield Audit: https://github.com/up-defi/up-resource/blob/main/audit/PeckShield-Audit-Report-UpDeFi-v1.0.pdf
UpDeFi is getting ready to leave its mark on the DeFi world, to join us on this journey, don’t forget to visit our website: https://app.updefi.finance/
and read the whitepaper: https://docs.updefi.finance/.!
Q4 ) At the moment, all tokens go down in price even with great partnerships, hype, marketing, and working products, etc.
So, what the challenges do you have and the plan to make your project strong popular?
Are you see it as an opportunity while the current market decline?
As you know, the Crypto market is quite active and volatile. For this reason, many tokens cannot provide continuity in terms of price. However, our team put a lot of thought into this and came up with the best way to encourage people to hold the UP token.
The UpDeFi platform will collect some fee from users who use the strategies. 90% of these collected fees will be distributed to UP Stakers. Therefore, UP Token holders will be able to earn passive income and as the platform grows, so will the UP Token return.
Q5 ) Currently, there are many Yield Farming projects on the market, most of which are launching high APY packages to attract users. However, there are quite a few projects with poor security background and poor customer care. So what’s outstanding about #UpDeFi?
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. UpDeFi’s contracts have been audited by well-known security companies in the industry, CertiK, and PeckShield.The CertiK and PeckShield audit reports are about to be released and the UpDeFi team will share the audit reports with the community users first.
In addition, our CM Team will be happy to assist you in terms of customer service, both globally and in local languages. You can keep in constant contact with them and ask for any help through our Telegram communities.
Q6 ) Staking programme is very important for any project, I wanna know Can i stake your token? Tell me more you have any plan of starting staking programme?
Hello! The UpDeFi team is developing many new features for the UP token, the native token of the UpDeFi platform. At the forefront of these new features is the sharing of platform revenue with users who stake UP tokens.
Fees collected in small amounts from users using the UpDeFi platform will be distributed to UP stakers. Thus, after users obtain UP tokens, instead of selling them, they can also earn platform revenues by staking in the UP Vault.
Q7) Do you have a white paper? If yes, please share it as a second token project. Do you have a pre-sale plan? Where can we join now?And what are the benefits of this white paper?
Hello! Of course, as the UpDeFi team, we prepared a whitepaper and published it for users to review. You can access this Whitepaper at the link here: https://docs.updefi.finance/ .
Also, I highly recommend reading the Whitepaper! You ask why? Because we will have $500 worth of Learn&Earn events! You can also access this event from this link: https://t.me/UpDeFiUp/5669
Also, an IDO is planned on Mars Ecosystem, details will be shared soon. Don’t forget to join our group to follow the details faster! @UpDeFiUp
Q8) Can you Explain how is your Tokenomics Distribution? How many Tokens will be minted? and How many Tokens will be locked BY the Team??
Hello! Of course, if I had to introduce our token in more detail,
Name: UP Token
Contract Address: TBA
Chain: BNB Smart Chain (BEP-20)
Total Supply: 1 Billion
As you can see, our total supply will be limited to 1 Billion. That is, the supply of the token will never increase after a certain amount. Therefore, being one of the early participants of the project will give you a great advantage.
The percentage shape of the token distribution is also like this. The entire distribution is scheduled to end in February 2024. For more information: https://docs.updefi.finance/protocol/tokenomics
Q9) PARTNERS are the most important that strengthen the ecosystems of all projects. Could you tell us about your project partners and the partnership strategy it has adopted?🧞♀️🧞♀️🧞♀️🧞♀️
Yeah! In fact, if you look at it, partners are very important for UpDeFi! The biggest reason for this is the innovative Yield Enhancement Program and UP Incentive Program developed by the UpDeFi team. Thanks to these innovative programs, UpDeFi’s partners can increase the effectiveness of their own liquidity and use them more efficiently. In addition, the UpDeFi team will not hesitate to share the platform revenues with the partners according to the total liquidity they provide!
Q10) Do Token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project? How many will it be acceptable?🔥🔥⚡️⚡️
Yeah! Another feature of the UP token is the “government” feature. As I mentioned at the beginning, the UpDeFi team and its investors are people who come directly from the community. That’s why we attach great importance to listening to the voice of the community. Therefore, the UP token will be used as a Government token after the necessary breakthroughs. Stay tuned for more!
And this was the end of our AMA with UpDeFi.
Some Useful links :
medium : https://medium.com/@updefi_52681
Twitter : https://twitter.com/UpDeFiUp
Telegram : https://t.me/UpDeFiUp