Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from UpDeFi and our guest was . The AMA took place on the 14th of March
The AMA session was divided into 3 parts with a total crypto reward pool of $500
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&WebSite
Robocop | Satoshi Club
Hello Satoshi Club community ! We are pleased to announce today AMA with UpDefi
Jonah 🏅🎹 | Satoshi Club
Our guest today is @uporup
Hello welcome to Satoshi club
Exortus
Hey everyone! It is an honor to be here!
Robocop | Satoshi Club
Welcome to Satoshi Club! @Uporup
Jonah 🏅🎹 | Satoshi Club
How are you doing today?
Exortus
Really fine and over-excited! It’s a great feeling to be doing AMA with Satoshi Club.
How are you also?
Robocop | Satoshi Club
We are also really excited to do AMA with UpDefi
Jonah 🏅🎹 | Satoshi Club
Let’s start our AMA
Exortus
Let’s go!
Jonah 🏅🎹 | Satoshi Club
Can you please introduce yourself to us how you got into crypto and how the project started?
Exortus
Yes of course!
Exortus
I am Exortus, global CM of UpDeFi community.
I have long been involved in managing communities and my primary goal is to best help, develop, and grow the UpDeFi community.
I felt fascinated when I first met crypto, and when I stepped into the world of DeFi, I realized that I would never want to leave it again.
Now I’m with the UpDeFi team, which strives to make life easier for users in the DeFi world!
Jonah 🏅🎹 | Satoshi Club
How many people are currently working on this project?
Robocop | Satoshi Club
Yes, i also fall in love in first sight when first met with crypto
Exortus
We currently have over 15 people in our marketing + CM team, and that number continues to grow as we add new communities!
On the developer team and management side, there are 20 people and they are working hard to bring the project to the best places.
Exortus
It is impossible to not fall
Robocop | Satoshi Club
Great team ! by the way what is UpDefi ? can you please introduce to us?
Exortus
Of course! First of all, I must state that I can say that it is the most innovative project among the projects I have been to so far.
Most of the standard Yield Aggregators available today only have a few simple strategies and are limited to the normal user only.
However, on the contrary, UpDeFi will debut with three innovative strategies and will continue to add new ones in the future! Also, high liquidity platforms will be able to use these strategies!
Minimum cost & Maximum profit.
Jonah 🏅🎹 | Satoshi Club
Truly innovative
Exortus
A one-stop Yield-as-a-service (YaaS) platform
Jonah 🏅🎹 | Satoshi Club
Thank you for the introduction
Exortus
I thank you for your warm welcome!
Robocop | Satoshi Club
Thank you for the great intro !
Jonah 🏅🎹 | Satoshi Club
We will now like to proceed to our community questions are you ready?
Exortus
I’m born ready!
Robocop | Satoshi Club
are you ready to proceed to part 1 with 6 question from our community ?
Exortus
Yes!
Robocop | Satoshi Club
Q1 from Telegram user @einsteinyl
I read from your site that UpDefi have strategy name with auto compounding, but this strategy already exist and other similar project/ traditional yield aggregators already use this kind of strategy. So what are the different between UpDefi’s auto compounding with other similar project? Also can you explain the different with Yield Enchancing strategy and Up staking Strategy?
Exortus
One of the aspects that make the auto-compound strategy special is that it has a lower fee compared to other projects, thus maximizing the profit more.
This point directly separates us from other platforms.
And, I’d like to explain the other 2 strategy,
Yield-enhancing Strategies: 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.
For projects, because the yield-enhancing strategies do not continuously sell earned tokens like the auto-compounding strategies, it greatly reduces the selling pressure of earned tokens and alleviates the common difficulties in liquidity mining programs. At the same time, because the yield-enhancing strategies can help users to obtain higher yields while the capital cost of the underlying yield protocol remains unchanged, it can help projects to significantly improve capital efficiency and pay minimum capital cost to obtain maximum liquidity and user attention.
UP-staking Strategies: Users will receive UP token rewards when participating in the auto-compounding and yield-enhancing strategies.
At the same time, the user will hand over some of the yields obtained in the two types of strategies to the UpDeFi protocol, and the UpDeFi protocol will distribute these revenues to UP tokens stakers.
This economic model design ensures the value of UP tokens, which can better motivate users to participate in the auto-compounding and yield-enhancing strategies on the UpDeFi platform.
Jonah 🏅🎹 | Satoshi Club
Is there a maximum percentage that can be earned from these strategies?
Exortus
We have revenue sharing model and it is 90%!
Jonah 🏅🎹 | Satoshi Club
Great
Robocop | Satoshi Club
You also mention there will be new strategy in the future, can you share a little what kind of strategy ?
Exortus
In fact, it directly depends on people’s imagination! Because users can also create strategies and share it. Also, our team is striving to develop more complex strategies such as liquidity mining, transaction mining, borrowing mining, etc.
Jonah 🏅🎹 | Satoshi Club
Thank you for your Answers
Ready to proceed to the next question?
Robocop | Satoshi Club
Cool! Thank you for the detail answer
Robocop | Satoshi Club
Do you want to add something or we can go to next question?
Exortus
Yes!
Exortus
We can go
Robocop | Satoshi Club
Q2 from Telegram user @chinyere2020
While going through your website, I found out that ‘Mars Ecosystem’, which is said to be a is a new decentralized stablecoin paradigm that integrates the creation and use of stablecoin into the same system, is one of the main partners of the UpDeFi platform. Can you give more details about your partnership with Mars Ecosystem. What are the main contributions of Mars Ecosystem to the UpDeFi platform and how will this partnership benefit UpDeFi and its users?
Exortus
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.
Announcement about IDO will be released very soon, so stay tuned!
Exortus
Users need XMS to purchase the UP token, and the details will be announced soon.
After the IDO, UpDeFi’s strategies will be 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 will be the first ones to pass IDO, receive UP tokens by mining on the UpDeFi platform, and also receive 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!
Robocop | Satoshi Club
I’m really excited and curious when will the IDO launch , can you please share the roadmap from UpDefi ?
Exortus
Hello
Sorry, my connection had gone
Jonah 🏅🎹 | Satoshi Club
No problem
Exortus
I am on again!
Jonah 🏅🎹 | Satoshi Club
Great
Exortus
Currently, our team is preparing a roadmap, but in the meantime I would like to share our long-term mission with you.
Exortus
UpDeFi’s mission:
1️⃣To 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.
2️⃣To 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.
Jonah 🏅🎹 | Satoshi Club
Your missions are very commendable and impressive
Robocop | Satoshi Club
I like your ambitious goals.
And also a very clear implementation! It’s really professional!
Jonah 🏅🎹 | Satoshi Club
Thank you for your Answers
Exortus
To make the DeFi world better!
Robocop | Satoshi Club
Thank you for the great answer !
Jonah 🏅🎹 | Satoshi Club
Ready for the next question now?
Exortus
Yes!
Robocop | Satoshi Club
Q3 from Telegram user @Asela1112
You have introduced UpHolder program which UpDefi community can complete tasks & Earn $UP tokens & have a chance to stake them. Can you explain more details about the UpHolder program? What kind of tasks do UpDefi community have to complete in order to grab some $UP tokens? How about the APR of the $UP staking pool? However, do you impose the rules & regulations for this UpHolder program & Staking pool?
Exortus
UpHolders who complete certain tasks to develop our community will be rewarded with UP tokens.
I can give some of these tasks as an example,
👉Promoting UpDeFi on social media,
👉Finding influencers that can make a deal with UpDeFi and making deals with them,
👉Preparing content related to UpDeFi that can be of interest to people, etc.
The first mission will be with us very soon, but unfortunately I don’t have the exact date at the moment. Very soon…
APR of the staking pool isn’t announced yet but you can be sure that our team will be generous.
More information: https://medium.com/@updefi_52681/introducing-the-upholder-program-52a3f3e6dff
Robocop | Satoshi Club
Let’s go Join this program Satoshi Clubber ! and get the $UP token
Jonah 🏅🎹 | Satoshi Club
Is the amount of Up Tokens they will earn for these tasks already spelt out?
Exortus
There will be different amounts of rewards for different missions.
(More for the hard ones, as you can imagine )
But exact amounts will be announced after.
Robocop | Satoshi Club
Thank you for the answer !
Jonah 🏅🎹 | Satoshi Club
Awesome this will be a great opportunity for your community to earn more
Thank you for your Answers
Robocop | Satoshi Club
Yes ! Don’t miss this opportunity !
Jonah 🏅🎹 | Satoshi Club
Ready for the next question now?
Robocop | Satoshi Club
Let’s go to the 4th Question ?
Robocop | Satoshi Club
Q4 From Telegram User @Ask4unik
About your Bug Bounty Program,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.So how about including your community members to be part of this program especially community members that are highly skilled and specialize in vulnerability identification?Have you also consider that? Or are you letting just the top developers that are being Incentivized by Immunefi to carry out such program?Do you know and trust these bounty hunters selected by Immunefi since they will have the same level of knowledge about your ecosystem and also gain access to your systems in other that this hunters do not likely be the ones the exploit first?What is the % of $UP you have allocated for such program? Thanks
Exortus
Yes!
First of all, I would like to state that the issue of security is the most important thing for our team. In addition to the audits with Peckshield and CertiK, as you said, our team has started a Bug Bounty with Immunefi.
Not only top developers but anyone who feels competent can join this bug bounty. After examining the codes of the UpDeFi platform, in case of finding a possible bug, it can report it to the Immunefi team and apply for a bounty.
Also, 15% of the total amount of tokens has been reserved in the UpDeFi DAO. Bounty is included in this DAO budget.
Jonah 🏅🎹 | Satoshi Club
How much in total was reserved for the bounty?
Exortus
In fact, the percentage rate of this may vary depending on the size of the bug. However, at the moment, I do not have the exact percentage figures available. However, don’t worry that our team will be generous when it comes to safety.
Robocop | Satoshi Club
Glad to know that UpDefi main priority is safety
Thank you for the detail answer !
Jonah 🏅🎹 | Satoshi Club
Thank you for you Answers
Let’s move to the next question now
Robocop | Satoshi Club
Are you ready for the next question?
Exortus
Yes! I am ready
Robocop | Satoshi Club
Q5 From Telegram User @jameslekan664
After carefully going through your token economics, I observed that the $UP token holders have the benefit of participating in UpDeFi governance and revenue sharing. Can you tell us about how the governance will operate? What minimum amount of $UP tokens must a user hold and Lock up to make them eligible for participation in the DAO…In what various ways can a user gain protocol revenue on the UpDeFi platform? The Token distribution will commence 22nd March, What benefits and bonuses will the early comers get, what will be the sale price of the token…I would like to know the mechanisms you have in place to control the token’s circulating supply and ensure consistent token appreciation. Will there be burn and buy back features? If yes, Give details
Exortus
Governance will work like this:
Holders of a certain amount(TBD) of UP tokens will be able to create proposals and all UP token holders will be able to vote on these created proposals as they wish.
In other words, we can say that UP token holders will direct the future of the UpDeFi platform.
Just stake your UP tokens in the UP Vault to earn revenue from protocol revenue!
Jonah 🏅🎹 | Satoshi Club
This means details about this are not fully ready?
Exortus
There is one good part for early users,
1) In the first months, the distribution of the UP token will be more than ever and will continue to decrease every month. That is, those who arrive early will receive more UP tokens.
2) As the platform will host relatively fewer users when it debuts, APRs will be higher than ever before!
Yes, DAO-Governance- still in the installation phase. We will provide more information to users as soon as possible.
Robocop | Satoshi Club
Can you please share in here, link or where we can stake UP tokens ?
Jonah 🏅🎹 | Satoshi Club
Great we will be on the lookout
Exortus
Link of our platform: https://app.updefi.finance/
However, it hasn’t debuted yet. (BUT towards the end, I might have a little surprise for you!)
Robocop | Satoshi Club
Oh ! Satoshi Clubber love Surprise !
Jonah 🏅🎹 | Satoshi Club
Thank you for your Answers
Robocop | Satoshi Club
Thank you for sharing this !
Jonah 🏅🎹 | Satoshi Club
Ready for the last question of this part?
Robocop | Satoshi Club
Are you ready to continue for last question from part 1 ?
Exortus
Yes!
Robocop | Satoshi Club
Q6 From Telegram User @iceVermithraxx
I understand the need of admin privileges in contract for contract maintenance but according to your audit by CERTIK, I noted that there are centralization risk/admins roles still on an important part of the project which was denoted as Major Risk as Centralization Related Risks in Farming and reward distribution. Can you explain more on these Admins roles related on Staking rewards, UPfarm and TimelockController? With Project owners still having full control of Farming and reward distributions, how can investors have a proof-of-trust in your project? are there plans to denounce these Admin privileges on Farming and reward distribution and give full power to UpDeFi DAO governance?
Exortus
Wow!
First of all, I would like to say that I am very glad that you have read and reviewed the CertiK Audit so well!
I would like to point out that the CertiK team and the UpDeFi team stayed in touch for a long time to prepare this audit review and went through all the issues one by one.
Jonah 🏅🎹 | Satoshi Club
A great way to approach this
Exortus
The points highlighted in Audit seem to decentralize UpDeFi in a few ways, but there are a few reasons why it looks like this:
Firstly,
Timelock will be applied once the smart contracts are deployed to mainnet.
Multi-sig will be applied once the smart contracts are deployed to mainnet.
DAO Governance will be applied once the governance tokens are sufficiently distributed to thepublic.
In other words, thanks to multi-sig, the centralized structure disappears and a structure directly connected to the whole team is formed.
Also, the reason why the reward system can be affected is because of small amount changes that can be made to quickly adapt to future conditions.
Jonah 🏅🎹 | Satoshi Club
And no specific dates for all of these I suppose ?
Exortus
Yes, this is directly dependent on when exactly the dev team will deploy it to the mainnet, and I can’t give a clear date for that.
However, it will not affect users because they will already be using it updated way.
Jonah 🏅🎹 | Satoshi Club
Alright I get it
Do you want to add anything before we proceed?
Robocop | Satoshi Club
Thank you for the answer! it has been an amazing time in this first part of the AMA
Exortus
Nope, I will give some things at end of the AMA
Jonah 🏅🎹 | Satoshi Club
Great
Robocop | Satoshi Club
Now is time to proceed with the second part, the live segment part 2, are you ready?
Robocop | Satoshi Club
We will open chat for 2 minutes and then chat will be closed – you can start select 10 best questions !
Exortus
Yes! Most excited part!
Jonah 🏅🎹 | Satoshi Club
Ready for the action
Opening Chat now
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Fabentuug
DO YOU OWN A RESPONSIBILITY BLOCK CHAIN?
ARE YOU GOING TO NEED TO ADD OR INCREASE CHAINS IN THE FUTURE?
Exortus
Yes, definitely!
One of the sole aims of the UpDeFi team is to make DeFi the best for all users. That’s why once we debut on BNB Chain, our team will work to collaborate with platforms on other chains as well, providing expansions to other chains as well!
Q2 from Telegram user @AiChan
Hello sir @uporup, how are you today!
Ask me!What is your team doing to ensure that users support UpDeFi Dao in the long term, and not just for temporary gain? How can your team increase user engagement with your product and project capabilities?!!
Exortus
First of all, I would like to say that our team definitely has long-term goals.
Strategies in the UpDeFi project will have very low fees to ensure the continuity of the project. Thus, as the number of users using UpDeFi increases, the developability of the project will accelerate and it will come to a much better place.
In addition, our project is not only aimed at users, we will also cooperate with different platforms! Thus, we will be able to use their liquidity effectively by providing maximum profit to these platforms.
Q3 from Telegram user @Sakshamalhotra
Security is the first Concern for every investor, So Will You please tell How UPDEFI Give Faith to their investor That their assets are safe and secure? Have you got audited from official firm?
Exortus
Security is our core value
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.
Specifically:
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.
PeckShield Audit Report: https://github.com/up-defi/up-resource/blob/main/audit/PeckShield-Audit-Report-UpDeFi-v1.0.pdf
CertiK Audit Report: https://github.com/up-defi/up-resource/blob/main/audit/Certik-Audit-Report-UpDeFi__final-20220303T021017Z-1646278412677.pdf
Q4 from Telegram user @highpee
For AUTO-COMPOUNDING, there are 3 different FEES: gas fee (0.5%), strategist incentive fees (0.5%) and Platform revenue fees (3.5%). Why are there so many fees and what is the essence? And since the Auto-Compounding action reoccur many times after every optimal doubling time interval, does it means that these fees will continuously be deducted from staked assets or is it a one time payment?
Exortus
In fact, if we compare it to other platforms, these fees are nothing compared to the profit given. The aim of our team is to ensure the continuity of the project while providing maximum income to the users.The main purpose of these fees is to reward UP token holders and generate income that can ensure the continuity of the platform.
Fees will be automatically allocated from revenue.
Q5 from Telegram user @mamamelos2
Through which platform can we obtain your token? Also, can you share how your Tokenomis will be distributed?
Exortus
The IDO of the UP token will be completed on the Mars Ecosystem. To be one of the first holders of the UP Token, do not forget to participate in the IDO that will take place in the Mars Ecosystem! Afterwards, our liquidity will be added to Mars Ecosystem.
The token distribution will be as follows.
Q6 from Telegram user @slla1112
How is the UpDeFi platform different from traditional yield aggregator platforms like Autofarm? Will I be able to earn high returns as an investor in UpDeFi?
Exortus
UpDeFi also has auto-compounding strategies. 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 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.
Q7 from Telegram user @hoangthimyle
Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the community project?thanks your project.
Exortus
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!
@UpDeFiUp
Q8 from Telegram user @Ritshimwa
holders have the benefit of participating in UpDeFi governance and revenue sharing. Can you tell us about how the governance will operate? What minimum amount of $UP tokens must a user hold and Lock up details
Exortus
To take advantage of the Revenue Sharing model, all you have to do is stake your UP tokens in UP Vaults! Also, the Governance model is currently still in the installation phase. The UpDeFi protocol will be governed by the UpDeFi DAO. Users need to hold and lock UP Tokens to participate in the UpDeFi DAO.
Q9 from Telegram user @Mercury654
Is Your Whitepaper Is available ok Multiple Languages So that Users From all over the 🌎 World Can Read It , Or It is Only availability in English language ?
Exortus
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/ . In addition, the whitepaper is constantly being translated into different languages, not just English!
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
Q10 from Telegram user @Luis Pagulayan | AMA Participant
I read that UpDeFi allocates 90% of the protocol revenue to UP token holders in a condition that token holders will stake UP tokens on the UpDeFi platform to join in the UP-staking strategies and obtain protocol revenues. May ask how this staking will go? And the rest 10% of the protocol revenue, what allocation will it be? Is there a program for beginners in the UP platform?
Exortus
10% will be deposited directly by UpDeFi DAO. UpDeFi DAO, on the other hand, uses this revenue for Security audits, Marketing, Partnerships, Market Making, etc. will use for. These uses will be determined by the DAO and determined by their votes.Also, our team has recently launched the UPHolder program!For more detailed information: https://medium.com/@updefi_52681/introducing-the-upholder-program-52a3f3e6dff
Part 3 – Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club/
Russian Telegram group: https://t.me/satoshi_club_ru/
Spanish Telegram group: https://t.me/satoshi_club_spanish/
Telegram Channel: https://t.me/satoshi_club_channel/
Twitter: https://twitter.com/realsatoshiclub/
Website: https://esatoshi.club/
Our partners:
UpDeFi Website – app.updefi.finance
Telegram-https://t.me/UpDeFiUp
Twitter-https://twitter.com/UpDeFiUp
Medium-https://medium.com/@updefi_52681