FAQ
Where do I buy UPS?
You can purchase IN on Raydium, Orca, or on an aggregator such as Jupiter Aggregator. We recommend Jupiter, as it will always route you the best price for UPS.
What is $xUP ?
When launching staking UPS, which will mint a new token called xUP, the amount of xUP is minted based on the commitment time to lock UPS in the staking and the amount of UPS will lock. Then users use xUP to mint NFT character, as well as use to mint synthetic assets, use as common currency in UPFI World... this will greatly reduce the supply of external UPS.
xUP will also be able to redeem to UPS any time, xUP does not limit the total supply because it is only minted based on the locked amount of UPS tokens, it is pegged to UPS price and will be used in UPFI world and some other products.
The xUP token also is the governance token of UPFI Network in the Solana blockchain. It is generated by locking UPS tokens on the Staking. Locking UPS is to empower long-term committed xUP staker to take decisions that benefit the long-term future of the platform. This is also why we reward xUP staker committed to longer lock with more voting power (more xUP).
What wallet should I use?
You're recommended to use Phantom. A good alternative is Sollet, but it is not fully tested with our platform and may lead to more bugs while trying to interact.
Is this a fork of OHM?
No, GOV is functionally like OHM, but completely reworked in Rust to be purpose built for Solana. With Block Rebasing and lower fees, we provide many benefits over a traditional decentralized reserve currency.
What is claim xUP reward ?
You can claim rewards in the Staking at any time. Please be noted, the reward will include 2 parts: the reward in the Staking does not include the initial xUP, and the balance in the UPFI World account (will be released soon).
For example: Biden Lock 100UPS for 1 year and get the initial 50xUP respectively After 3 months of getting 60 xUP, Biden claims a reward of 10xUP (60xUP - 50xUP) converted into 10UPS to the wallet.
Why can't I stake?
2 reasons :
You do not have enough SOL for gas fee
You increase the lock time less than the previous lock time
You try to refresh the page and connect wallet again
Why can't I unstake?
3 reasons :
You do not have enough SOL for gas fee
You have removed your UPS token account. To restore your UPS token account, simply make a swap on Raydium or add UPS manually on your wallet and try unstaking again.
You need to make sure that when unstaking the total amount of xUP (included in the staking pool and UPFI world wallet) needs to be at least equal to the original minted xUP.
Why need to transfer xUP to UPFI WORLD ?
UPFI World will use xUP as common currency, you need to transfer xUP from staking pool to be able to use in UPFI World, for example users use xUP to mint NFT character, join game, use banking , use farming, buying NFT items...
Of course you can also take profit in UPFI World and convert xUP into UPS.
What is Early unlock Penalty ?
Unstaking xUP before the lock-in period ends incurs an early exit penalty of 50%. The early exit penalty lock UPS immediately to Treasury.
Why is a high penalty important? The xUP token is the governance token of UPFI Network in the Solana blockchain. It is generated by locking UPS tokens on the Staking. If governance allows unlocking easily, anyone can temporarily lock UPS to influence a decision and then divest from the platform. It's not good for whole ecosystem we are building. other DAO mechanism doesn't allow to unlock governance's token early. However, Upfi team offers flexible option to investors, early unlocking is allowed with a penalty of 50% on the staked + reward amount.
Why do you need to stake for long period of time?
The longer you stake UPS tokens , the more xUP you will get.
Example:
- As written above, the maximum duration to lock is 2 years (720 days)
- If you lock 100 UPS for the max duration (720days), then you will get 100 xUP
- If you lock 100 UPS for a shorter duration, say 100 days, then you will get: 100 UPS* (100 / 720) = 13.8 xUP
You can see a very intuitive dashboard from an active user. https://docs.google.com/spreadsheets/d/1Z6O2q-vWWrAJQlzq76_qM6dqrRiOx54YTUC_wBv5wK0/edit?usp=sharing
Why does APY increase when UPS price falls?
The protocol will fix the value of yearly emission, so when the price goes down APY will increase.
The value of yearly emission is $X TVD (total value deposited xUP) = Amount staked xUP * UPS price We have the formula:
The price of UPS decreases => TVD decreases => APY must increase
Is there any different about APY in the time locking?
No. The APY is the same for different options of locking time which mean 7 days lock and 2 years lock will have the same APY.
How can I increase locking time and balance in Staking?
You can choose the “Increase lock balance” or “Increase unlock time” to increase lock balance or unlock time.
Does this pool have auto restake?
Yes. Auto compound by blocking. Kindly read our Block Rebasing for details https://docs.upfi.network/producs/gov/block-rebase
After I claim xUP, what should I do to optimize profits?
We suggest to not claim to optimize profits because the UPFI ecosystem will compound the balance of xUP that you have
How can I bring the xUP to UPFI World?
We have the “Transfer” button in testnet to transfer your xUP balance to UPFI World, but the UPFI World has not been released yet, so when the mini game of UPFI World is released, you can transfer xUP to UPFI World
So if I want to have xUP in UPFI World, I can only deposit UPS in stake to receive xUP and then transfer it, right? Or is there any other way to earn xUP?
There is only one way to generate xUP by staking UPS, and xUP reward in UPFI World is also generated from this source. So the more products that use xUP, the rarer the UPS will be, which will help increase UPS's value.
Will this method help UPS scarce?
The answer is based on the Bonding feature. Bonding helps to increase the treasury, the treasury will control the amount of UPS minted on the market and determine the floor value of UPS.
The Early Unlock Penalty will take on reward or stake balance, right?
With the Early unlock Penalty, unlocking is allowed with a penalty of 50% on the staked + reward amount.
Why is high Early Unlock Penalty important?
The xUP token is the governance token of UPFI Network in the Solana blockchain. It is generated by locking UPS tokens on the Staking. If governance allows unlocking easily, anyone can temporarily lock UPS to influence a decision and then divest from the platform. It's not good for whole ecosystem we are building. other DAO mechanism doesn't allow to unlock governance's token early.
However, Upfi team offers flexible option to investors, early unlocking is allowed with a penalty of 50% on the staked + reward amount.
What is the unstake penalty fee used for?
All fee will put into the treasury built by smart contract and managed by DAO
What is UPFI DAO?
The xUP holder will be the DAO members. In future, all project's decision, system fees, UPS floor price… will be decided by DAO
For example, DAO decides the floor price of ups is 0.03, so UPS price below 0.03 then the treasury will buy it back, right ?
Yes
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