> For the complete documentation index, see [llms.txt](https://docs.upfinance.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.upfinance.io/up-as-a-service-uaas/upemp.md).
# upEMP
Don't forget to visit our friends at [https://emp.money/](https://emp.money) and join their [Discord ](https://discord.com/invite/9wDDa26Z6e)or [Telegram](https://t.me/empmoney).
$upEMP is exactly like our very own $UP only backed by $EMP. $upEMP will only and always go up in relation to the amount of $EMP each $upEMP is worth. The following page describes the mint and redeem mechanics and fees attached and provides a summary of our always up mechanics.
$upEMP Contract: [0x69ffe1CEA85a766EdD97C3908Ba0AC60c986a9DB](https://bscscan.com/address/0x69ffe1cea85a766edd97c3908ba0ac60c986a9db)
## Token Mechanics - Mint & Redeem
Minting $upEMP can only be done through the dApp with EMP.
All mints charge an 8% mint fee.
Redemption can be considered selling $upEMP in an OTC (Over the Counter) direct exchange between the user and the protocol with no price impact beyond the Redemption Fee. All redemptions charge an 8% redemption fee.
Mint and Redeem upEMP
## Price Action Explanation
The price of $upEMP is simply $EMP value of the backing treasury divided by circulating supply. An easy way to understand how the price can go up both on sells and buys (redemptions and mints) we can simply think of the treasury always having a net positive gain on each transaction. For a sell, more tokens are burnt than paid out for a net gain on treasury vs supply. For a buy, more $EMP is allocated to the treasury than tokens minted to circulation for a net gain as well. The net gain comes from the fees adding more to the backing treasury compared to the amount minted/paid out.
### upEMP Token - Additional Details
The upEMP token is 100% Backed and will always have a backing. There are no algorithmic or inflationary mechanisms, as every token in circulation must be bought (minted). $upEMP tokens will always be redeemable for the price listed, minus the redemption fee.
Both **Minting** (i.e.Buying) and **Redeeming** (i.e. Selling) through the Mint and Redeem contracts will cause price appreciation.
There will be no capped supply.
* Supply is determined by mint and redemption volume.
* Minting increases supply.
* Redemption reduces supply.
* Redeemed $upEMP tokens are burnt/destroyed and removed from circulation.
### Fee Breakdowns
**All mints charge an 8% mint fee**.
8% Broken down:
-5.2% Collateralized backing of the token
-2.1% Burn
-0.7% Development Fee to UP Finance
**All redemptions charge an** **8% redemption fee**.
8% Broken down:
-5.2% Collateralized backing of the token
-2.1% Burn
-0.7% Development Fee to UP Finance
**Transfer Fee:** There is an additional 0.25% transfer fee for all wallets.
### Presale & Launch Details
Whitelist Allocations - December 23rd 8am EST-12pm EST (1pm-5pm UTC)
Presale Start - December 23rd 1-2pm EST (6-7pm UTC)
Presale End - December 24th 11pm EST (4am UTC)
Public Launch December 25th 12:00am midnight EST (5am UTC)
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