UpDefiUp X Decentralized Club Ama Recap From the 5th of March
Hello, Decentralized. clubbers Another AMA took place in Decentralized Club and we would like to introduce to you the AMA session with our guest Taryn from UpDefiUp.The AMA took place on the 5th of March .
Riswan Rasheed
Hi everyone and welcome to another exciting AMA, this time with UpDefi team. Today’s our guest Taryn, thank you sir And thanks to you all for joining
@taryntraverse. Let’s welcome Taryn to have the AMA in the DC TG community; he is one of UpDeFi’s CM’s in the English community. Nice to meet you Taryn,
Introduction questions asked by DC Admin, Riswan Rasheed
1 could you please introduce yourself and UpDeFi to us?
Taryn
Hello everyone! I’m Taryn 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 the Decentralized Club community today. You can visit our website at http://app.updefi.finance/.
Riswan Rasheed
Please type “DONE” after answering every questions & when you feel you’re satisfied with your answers. 🤗
Taryn
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.
Done
Riswan Rasheed
2. I noticed that UpDeFi is a fair launch project by the community. Could you explain it in more detail?
Taryn
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.
Done
Riswan Rasheed
3. As you just said, UpDeFi has absorbed Mars Farms’ successful mechanisms and experience. Can you share with us the details of UpDeFi product?
Taryn
UpDeFi’s goals are as follows
for our users: To build a one-stop, secure, most profitable, easy-to-use, flexible Yield-as-a-service (YaaS) platform that is comprehensive to all blockchains in order for users to meet all their yield needs.
For projects: To enable other projects to improve the capital efficiency they produce through their incentive programs (such as liquidity mining, transaction mining, borrowing mining, etc.). This way, other projects can pay the minimum capital cost to obtain maximum liquidity and user attention.
To be specific, Strategies are UpDeFi’s main product.
A strategy is a fixed investment strategy defined by a smart contract, which takes advantage of the yield opportunities (such as liquidity mining, transaction mining, borrowing mining, etc.) and financial products (such as trading, lending, etc.) in various DeFi protocols or other types of projects to achieve complex automated investment operations, thereby bringing automated and optimal yields to users’ funds.
UpDeFi continues to develop the most secure, most profitable, and easiest-to-use yield strategies across all blockchains.
Done
Riswan Rasheed
4.UpDeFi has a type of strategy called auto-compounding strategy. The logic of this type of strategy is the same as that of traditional yield aggregators. So what are the advantages of UpDeFi auto-compounding strategies compared with traditional yield aggregators?
Taryn
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.
Since the UpDeFi protocol has unique yield-enhancing strategies 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.
Done
Riswan Rasheed
5. The great innovation of UpDeFi is the combination of Yield-enhancing Strategy and UP-staking Strategy, could you explain it in more detail?
Taryn
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.
Done
Riswan Rasheed
Well done, WE will see a good future
Now Let’s move on to the second segment – Selected Twitter Questions ✅
Are you ready? @taryntraverse
Taryn
I’m ready 👍
Questions asked on Twitter for UpDefi team!
Riswan Rasheed
@VINITSH50269612 1) In addition to yields,DeFi users have another important concern: the security of their principal. Could you tell us about the security of UpDeFi in detail?
Taryn
We understand that security is the number one concern for users. 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.
We have an upcoming Certik and Peckshield audit coming to further realize platform security
Done
Riswan Rasheed
@hazelwoodsuzyi 2) How will you manage #UpDeFi to gain a place in the market and become a better token in the blockchain world?
Taryn
UpDeFi will enable other projects to improve the capital efficiency they produce through their incentive programs (such as liquidity mining, transaction mining, borrowing mining, etc.). This way, other projects can pay the minimum capital cost to obtain maximum liquidity and user attention, this idea will help bring traction to the UpDeFi platform and solidify its place in the DeFi space.
Done
Riswan Rasheed
@ImranBDLT 3) Partnerships are one of the important factors for every project. Could you name some of partners/investors?
Taryn
We currently do not have a public roadmap, there is more for the users to see later on when we release it. As of right now, our mission is to build a one-stop, secure, most profitable, easy-to-use, flexible YaaS platform that is comprehensive to all blockchains for users in order to meet all their yield needs. So our biggest priority right now is to have a succesful launch with our IDO and hold true to our priorities. Our roadmap is to be released soon, so stay tuned!
Done
Riswan Rasheed
@EMRAN__Y 4) What are the key/ major milestones on your roadmap – both things you have already achieved and things that we can look forward to?
Taryn
Our project, UpDeFi, is currently being incubated by Mars Ecosystem and we plan to continue to leverage that partnership in order to benefit UpDeFi and its holders. UpDeFi team will continuously work to expand its network and develop new relationships, after all, UpDeFi plans to contribute to other project’s liquidity providing and yield protocols. We will develop exclusive UpDeFi strategies and allocate UP tokens to incentivize projects that cooperate with us. Meanwhile, we will share with the partner the UpDeFi protocol revenues generated by the users’ deposit of funds in the strategies corresponding to your protocol on the UpDeFi platform.
Done
Riswan Rasheed
@flowerama809 5) How do you plan to spread awareness about your project in countries/regions where English is not spoken well like Indonesia, Vietnam, India, Bangladesh and Iran, do you have local communities for them to make them better understand about your project?
Taryn
We have started by creating local communities where our current userbase is most popular and where we believe to gain traction. The following communities we have launched are as follows:
Telegram Communities:
English: https://t.me/UpDeFiUp
Chinese：https://t.me/UpDeFi_CN
Spanish：https://t.me/UpDeFi_ES
Italian：https://t.me/UpDeFi_Italia
Vietnamese：https://t.me/UpDeFi_VN
Indonesian：https://t.me/UpDeFi_IDSA
Portugese：https://t.me/UpDeFi_PT
Please join any that apply to you and join our community discussions :)
Done
Questions Asked by our Decentralized club members during live session to UpDefiUp team!
Q.1 [sala Jukega nehi]
Staking programme is very important for any project? Can i stake your token? Do you have any plan of starting staking programme?🧞♀️🧞♀️🧞♀️🧞♀️
Taryn
For auto-compounding strategies, users will receive UP tokens rewards in addition to the normal auto-compounding rewards given in their principal tokens.
For yield-enhancing strategies, users will receive UP tokens rewards.
After receiving UP tokens, users can stake UP tokens to earn rewards in BNB, CAKE, etc.
The UP tokens rewards are subject to vesting.
Q.2 [mr.soitan]
According to the roadmap, What is your most important next priority?? “
Taryn
Like I mentioned ealier, we currently do not have a public roadmap but that is subject to change soon, as far as right now concerns after our IHO, UpDeFi will launch its main product: strategies. UpDeFi will initially launch strategies integrated with several BSC top protocols, including Mars Ecosystem. More integrations with other protocols will be launched one by one. More innovative strategies will also be launched to give users more profitable yield opportunities. In this way, UpDeFi’s TVL and protocol revenue could enjoy long-term sustainable growth. And UP token could enjoy more long-term growth.
Q.3 [💥B 💥 T 💥 C💥]
🔥🥳🥳🔥
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?🔥🔥⚡⚡
Taryn
UP token holders can participate in UpDeFi protocol’s governance or simply stake UP tokens to earn protocol revenue. UpDeFi allocates 90% of the protocol revenue to UP token holders. As long as the protocol’s TVL and revenue is growing, UP token will appreciate.
Q.4 [Turki]
Which do you think is more Important:
A. Community
B. Investors. and
C. Token Price
If all of The above is important to You, Whiich Should Come First??🧞♀️🧞♀️🧞♀️
Taryn
All 3 are important and many projects run into the problem of the price dumping early on, this is one of the biggest problem for all projects and UpDeFi provides a solution to it.
Yield-enhancing strategies use the native UP token of the UpDeFi protocol as a bridge for yield realization, which prolongs the yield release time of the underlying yield protocol, greatly reduces the selling pressure of earned tokens, and enables users to obtain higher returns that the auto-compounding strategies cannot bring.
Q.5 [ Md Ar Ke Devil]
Can you list 1–3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most Confident ABOUT.?
Taryn
Generally, we have two huge competitive advantages over other traditional yield aggregators:
- UpDeFi’s auto-compounding strategy has low fees so that users can receive a higher yield.
- 2. users of UpDeFi’s auto-compounding strategy can not only earn UP token rewards, but also the economic model 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 the UpDeFi’s auto-compounding strategy can get UP token rewards, and users can get higher yields.
- Since the UpDeFi protocol has unique yield-enhancing strategies in addition to the auto compounding strategies, UpDeFi protocol has a lasting and robust source of revenue.
- UpDeFi distributes 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.
Here are the some important link of UpDefiUp
Twitter : https://twitter.com/UpDeFiUp
Medium : https://t.co/1OFjzk8g37
White Paper: https://updefi.gitbook.io/whitepaper/
BD Email: olivia@updefi.finance
Telegram Communities:
English: https://t.me/UpDeFiUp
Chinese：https://t.me/UpDeFi_CN
Spanish：https://t.me/UpDeFi_ES
Italian：https://t.me/UpDeFi_Italia
Vietnamese：https://t.me/UpDeFi_VN
Indonesian：https://t.me/UpDeFi_IDSA
Portugese：https://t.me/UpDeFi_PT