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Upside Finance

Lending platforms allow users to earn passive income on their savings by providing a fixed rate of return. This may be attractive for traditional finance users. However, crypto users expect high returns on their savings. Thus they engage in high risk activities like day-trading, purchasing tokens of early stage projects with undoxxed founders, etc. This exposes them to market risks, impermanent loss, rugpulls and other undesired outcomes. UpsideFinance is built upon the belief that no user should have to take risks in order to get a large return on their savings.

UpsideFinance is a gamified savings platform on Algorand that incentivizes users to save and potentially grow their crypto assets without being exposed to risks. The initial product is DeFi-linked lossless lotteries.

Replicating the lossless nature of prize linked savings accounts in traditional finance, all users who deposit crypto assets into lotteries on UpsideFinance have a chance to win huge rewards at the end. Even if they do not win, they can reclaim their initial deposit.

The reward of the lotteries are generated from DeFi protocols. As users deposit their crypto into the lotteries, UpsideFinance supplies them into a yield-generating protocol, such as Algofi and Folks Finance. At the end of each lottery, the collective interest generated from the funds is awarded to one or multiple lucky winners, and the initial deposits are reclaimed from the DeFi protocol and given back to users who did not win.

Compared to DeFi staking and yield farming, UpsideFinance offers the potential of returns that are several orders of magnitude greater without exposing users to downside risks.

Our aim is to offer an increasing number of ways for our users to have an exponential growth in their savings; lossless lotteries are just the beginning. We also want to ensure the growth in the amount of the prize that we offer by bringing in more money from outside Algorand via the use of bridges. This will grow not just UpsideFinance but the Algorand ecosystem as a whole. We hope to establish ourselves as one of the largest DeFi projects on Algorand within the next couple of years and lead the growth of Algorand blockchain.

Upside Finance