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UPFI Network, the fractional-algorithmic stablecoin protocol on Solana, has completed its funding round, raising more 2 million USD in Seed Round and Private Round, Public sale. This round of fundraising has attracted several prestigious investors, backers and community partners worldwide. UPFI Network currently has more than 110,000 followers on social media channels. UPFI Network has reached an impressive milestone by winning the 1st prize at Solana Season Hackathon - Nation Vietnam. 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.
