fbpx
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Tuesday, June 6, 2023
Online Crypto College
CREATE FREE ACCOUNT
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • DipSnyper Bot
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • DipSnyper Bot
No Result
View All Result
Online Crypto College
No Result
View All Result

UPFI Integrates Chainlink to Maintain USD Peg on Solana

June 9, 2022
in Crypto News
Reading Time: 2 mins read
A A
UPFI Integrates Chainlink to Maintain USD Peg on Solana
ShareShareShareShareShare

Related articles

Learn why Polygon & Avorak AI are gearing up for a massive move

Learn why Polygon & Avorak AI are gearing up for a massive move

June 6, 2023
SEC Files Charges Against Coinbase for Operating Unregistered Securities, Seeks Major Penalties

SEC Files Charges Against Coinbase for Operating Unregistered Securities, Seeks Major Penalties

June 6, 2023

Chainlink’s recent integration with l Network will assist the stablecoin operations from multiple fronts. Primarily, the stable coin will receive real-time tamper-proof price feeds on the Solana mainnet. Initially, USDC/USD price feeds will be brought and referenced during mints and redemptions.

After the de-pegging incident with Terras’s UST, the stablecoins are looking for ways to optimize the operations and fortify the infrastructures. To that end, UPFI Network will now receive the secure, robust data needed to maintain its peg from the time-tested Chainlink Oracle. The integration is expected to enhance all the monetary operations through UPFI stablecoin.

Built on the  Solana mainnet, UPFI is a stable coin soft-pegged to the USD that is partially collateralized and partially stabilized through algorithms. The token uses only a portion of the capital for the minting and the remainder will be stored as collateral in volatile assets. Through this system, the network is able to create a natural demand for stablecoin while also capturing the value of volatile assets.

The UPFI tokens come with a dual-collateral system that accepts USDC and UPS, the UPFI share token. The USDC deposited during UPFI will be collateralized and the UPS tokens will be sent to a burning portal. When the user redeems the UPFI tokens for the collateral, USDC tokens will be returned and the protocol mints the UPS tokens again.

To help their smart contracts access precise real-time data during the minting and redemptions, the network needs an oracle solution that brings USDC/USD exchange rates securely and accurately. This function on the network is critically important to keep the value of the token stable.

The network has decided to integrate with Chainlink as it has become the industry standard for Oracle solutions in recent times. Moreover, their secure digital infrastructure gives reach to a wider market and higher quality data by comparison. The network is also proven even during times of extreme network conditions. After extensive research, UPFI has listed the benefits of Integrating with Chainlink Oracle.

  • Chainlink collects its high-quality data only from premium data aggregators to help avoid suspicious volumes, outliers, and other discrepancies.
  • On Solana, Chainlink can update price feeds for a significantly lower deviation rate and is consistent with current market conditions.
  • The Chainlink Network is robust even during market downtimes and data packets cannot be tampered with or manipulated by anyone.
  • The reputation framework and on-chain monitoring help users to verify the fairness, accuracy, or performance transparently in real and historical time.

In the official newsletter, Harry Nguyen, Founder of UPFI Network, expressed his interest in integrating the most sought-after oracle network into the entire crypto ecosystem. The newsletter also stated that Chainlink will provide the custom update frequencies for the stablecoin to support its design on Solana.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Crypto Prices Fall as Big Crypto Regulation Bill Proposal Is Revealed for First Time: 7 Things to Know

Next Post

Best Place to Earn Crypto!

Related Posts

Learn why Polygon & Avorak AI are gearing up for a massive move

Learn why Polygon & Avorak AI are gearing up for a massive move

June 6, 2023

Polygon (MATIC) and Avorak AI have increased due to the growing attention around them. The blockchain space has given rise...

SEC Files Charges Against Coinbase for Operating Unregistered Securities, Seeks Major Penalties

SEC Files Charges Against Coinbase for Operating Unregistered Securities, Seeks Major Penalties

June 6, 2023

The post SEC Files Charges Against Coinbase for Operating Unregistered Securities, Seeks Major Penalties appeared first on Coinpedia Fintech News...

Tax concerns around crypto rise; Congress members pen letter

Tax concerns around crypto rise; Congress members pen letter

June 6, 2023

  Two U.S. legislators have raised concerns about tax compliance in the crypto industry. The pair hoped that the bodies...

SEC Gensler is dedicated to bringing crypto down

SEC Gensler is dedicated to bringing crypto down

June 6, 2023

With no thought for the industry or for retail investors Gary Gensler has bombed the crypto market with the suing...

Congress Introduces Game-Changing Bitcoin and Ethereum Bill Following SEC Lawsuit Against Binance

Congress Introduces Game-Changing Bitcoin and Ethereum Bill Following SEC Lawsuit Against Binance

June 6, 2023

Source: Activedia - Pixabay  United States legislators have put forward a new proposal known as a “working framework.” On June...

Load More
Next Post
Best Place to Earn Crypto!

Best Place to Earn Crypto!

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tron’s TRX now live on Ethereum via BitTorrent bridge, boosting DeFi access

Tron’s TRX now live on Ethereum via BitTorrent bridge, boosting DeFi access

June 2, 2023
Injective (INJ) Price All Set For Massive Surge in Coming Days

Injective (INJ) Price All Set For Massive Surge in Coming Days

June 3, 2023
Binance layoffs – CZ refutes bear market struggles

Binance layoffs – CZ refutes bear market struggles

June 1, 2023
Coinbase Sees AI As A Transformative Force In The Crypto Sector

Coinbase Sees AI As A Transformative Force In The Crypto Sector

June 4, 2023
Shibarium Testnet Reaches Another Major Milestone

Shibarium Testnet Reaches Another Major Milestone

June 1, 2023

About Us

We provide the latest crypto news, trading tools, and up-to-date education to students and traders all over the world.

ENROLL FOR FREE

Latest Crypto Headlines

  • Withdrawal Services Restored After Brief Delay
  • New Jersey, Alabama securities regulators take action against Coinbase following SEC lawsuit
  • CFTC Chair Stands Firm Before Congress: ‘Unsustainable’ Crypto Regulation By Enforcement Must Change – Coinpedia Fintech News
  • Coinbase, America’s Largest Cryptocurrency Exchange, Sued By The SEC For Securities Violations
  • Crypto law firm Gresham advises against US presence, cites unfavorable regulatory environment
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • DipSnyper Bot
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • DipSnyper Bot

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$26,722.004.67%
  • ethereumEthereum(ETH)$1,874.683.83%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.26%
  • binancecoinBNB(BNB)$282.502.30%
  • usd-coinUSD Coin(USDC)$1.000.05%
  • rippleXRP(XRP)$0.523.37%
  • staked-etherLido Staked Ether(STETH)$1,874.023.68%
  • cardanoCardano(ADA)$0.3534021.01%
  • dogecoinDogecoin(DOGE)$0.0713317.40%
  • solanaSolana(SOL)$20.231.21%
  • matic-networkPolygon(MATIC)$0.82-1.68%
  • tronTRON(TRX)$0.077694-0.69%
  • litecoinLitecoin(LTC)$89.693.02%
  • polkadotPolkadot(DOT)$5.172.93%
  • binance-usdBinance USD(BUSD)$1.00-0.04%
  • avalanche-2Avalanche(AVAX)$14.454.26%
  • shiba-inuShiba Inu(SHIB)$0.0000083.89%
  • daiDai(DAI)$1.00-0.16%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,745.004.39%
  • uniswapUniswap(UNI)$4.802.12%
  • leo-tokenLEO Token(LEO)$3.530.41%
  • chainlinkChainlink(LINK)$6.253.49%
  • cosmosCosmos Hub(ATOM)$10.182.42%
  • okbOKB(OKB)$45.283.18%
  • moneroMonero(XMR)$145.743.57%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • ethereum-classicEthereum Classic(ETC)$17.423.48%
  • ToncoinToncoin(TON)$1.660.26%
  • stellarStellar(XLM)$0.0886700.66%
  • bitcoin-cashBitcoin Cash(BCH)$111.272.70%
  • lido-daoLido DAO(LDO)$2.4315.73%
  • true-usdTrueUSD(TUSD)$1.000.00%
  • internet-computerInternet Computer(ICP)$4.423.19%
  • filecoinFilecoin(FIL)$4.364.08%
  • quant-networkQuant(QNT)$116.504.69%
  • AptosAptos(APT)$8.191.88%
  • hedera-hashgraphHedera(HBAR)$0.0493422.91%
  • crypto-com-chainCronos(CRO)$0.0595801.58%
  • ArbitrumArbitrum(ARB)$1.185.45%
  • GGTKNGGTKN(GGTKN)$0.1121310.76%
  • nearNEAR Protocol(NEAR)$1.522.39%
  • vechainVeChain(VET)$0.0188911.74%
  • apecoinApeCoin(APE)$3.1712.40%
  • the-graphThe Graph(GRT)$0.1187945.13%
  • paxos-standardPax Dollar(USDP)$1.000.07%
  • fraxFrax(FRAX)$1.000.28%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • algorandAlgorand(ALGO)$0.137337-0.49%
  • the-sandboxThe Sandbox(SAND)$0.532.60%