ROAD TOWN, British Virgin Islands, Oct. 13, 2021 (GLOBE NEWSWIRE) -- UPFI Network, the fractional-algorithmic stablecoin protocol on Solana, has completed its funding round, raising approximately 2 million USD in Seed Round and Private Round. This round of fundraising has attracted several prestigious investors, backers and community partners worldwide.
Recently, UPFI Network has reached an impressive milestone by winning the 1st prize at Solana Season Hackathon - Nation Vietnam. About Solana Hackathon, it is one of the largest online hackathons ever, organized by The Solana Foundation teamed up with leading crypto projects, aiming at accelerating the already rapid growth of the Solana ecosystem. With the participation of over 13,000 builders registered for the hackathon and 350 teams submitted projects spanning DeFi, NFTs, Web3 and beyond, UPFI has proved its high competitiveness and uniqueness in terms of functionality, potential impact, novelty, design UI/UX and composability.
UPFI Network is the unique fractional-algorithmic stablecoin protocol. UPFI Protocol's final goal is to provide stable, highly scalable, decentralized, algorithmic money in place of fixed-supply digital assets. This stablecoin protocol should help to overcome the risks and restrictions that previous stablecoins have, by providing the 2 tokens - system: UPFI and UPS. Whereas, UPFI is a stable coin partially backed by collateral (USDC and UPS share token), and partially stabilized algorithmically. UPFI price is guaranteed to be pegged at 1$. Besides, UPS is the non-stable and utility token, serving as a volatility-absorbing asset, and gives the protocol greater capacity for scaling since the system requires less external collateral (USDC) to grow.
Now, the testnet has been made available to users at the following link: https://devnet.upfi.network/. This testnet has attracted thousands of participants and UPFI Network currently has more than 20,000 followers on social media channels.
With the support from experienced investors in the industry, combined with the rapid development of the community, UPFI is ambitious to assert its name in the extremely promising stablecoin field today.
The Open-Beta Mainnet and the Public Sale may come by November.
Readers could visit their community to receive opportunities for special rewards and airdrops.
Official Channel: https://t.me/upfinetworkchannel
Official Group Chat: https://t.me/UPFInetworkchat
Facebook Fanpage: https://www.facebook.com/UPFInetwork
Harry Nguyen, UPFI Network Media Office
SOURCE: UPFI Network