Hifi protocol is a decentralized platform that allows users to borrow assets against their crypto. Formerly known as Mainframe, HiFi aims to address the much-needed area of borrowing and lending lacking in the DeFi ecosystem. It incorporates the bond-like structure in traditional finance in its design, settling on-chain agreements on a future date.
Hifi native token is MFT (Mainframe Token). It is an ERC20 token used for powering the Hifi ecosystem, primarily providing token governance, staking, and rewards to network contributors.
Who are the Founders of Hifi Finance (MFT)?
Mick Hagen is the founder of Hifi finance. He started working on scalable messaging systems for browsers and decentralized operating systems in late 2018 through 2019. However, it was not successful as it failed to gain traction.
After spending one year at Princeton, Hagen dropped out from the prestigious university in 2006 and then went to work on an app called Zinch, which helps students find the best higher-education path. After selling the app, Hagen became interested in the crypto space and created Hifi finance.
Hagen is an expert in network communication and blockchain technology. Hagen came up with MFT when he discovered the state of financial services for crypto users.
Doug Leonard is the current CEO at Hifi Finance, a position formerly held by Mick Hagen. He has been with the company since its launch and is a fundamental member of the team. His expertise is in software development and IT security. Doug is at the helm of the company, making vital decisions including the company’s rebranding from Mainframe to Hifi in 2021.
What is Hifi Finance (MFT) used For?
The Hifi lending protocol performs three main functions: Borrow, Lend, and Liquidity.
Borrow: The Hifi protocol allows users to borrow assets against their crypto. Users lock collateral in a vault to create fixed-rate, fixed-term debt tokens that can be swapped for instant liquidity allowing users to leverage long positions. Furthermore, users redeem the debt tokens for face value at the end of the term earning them a predictable return on their investment. They can also keep their token as an investment if they like its performance.
Furthermore, Hifi allows users with spare capital to lend by buying debt tokens at a discount and waiting- until they mature before they are paid back in full.
Lend: Users lend to Hifi through a process similar to that of Borrow. These users buy fixed-rate debt tokens at a discount and wait until they mature before they are paid back in full. Instead of needing to provide collateral, users only need their MFT staking balance.
Liquidity: The last component is Liquidity, which is the core of the Hifi ecosystem. It allows for the open exchange of debt tokens between all parties including borrowers, lenders, and market makers in one venue called Automated Market Marker (AMM).
The MFT token can also be used for governance, staking, and rewarding network contributors.
What is the unique point of Hifi Finance (MFT)?
The Hifi protocol is unique because it does not aim to replace the way current financial services are done. Instead, it aims to improve the security of personal data through the MFT token.
Hifi Decentralized Lending Protocol (MLT) provides users with a way to borrow assets against their cryptos – such as Bitcoin, Ethereum, and ERC20 tokens. Just like decentralized exchanges and dApps work on-chain, Hifi works like traditional finance creating bond-like structures for future settlement on-chain. Borrowers lock collateral in a vault for fixed-rate, fixed-term debt tokens that can be swapped for instant liquidity allowing users to leverage long positions.
Hifi users can borrow from anyone and at any price. Additionally, its users can also keep their debt tokens as an investment if they like its performance.
How many Hifi Finance Coins Are in Circulation
Hifi finance created a total supply of 10 billion tokens, more than half of which are already in circulation for various activities including the airdrop that was organized for its users.
2.5 billion tokens were allocated to the private sale, and the rest in circulation are made available from the airdrop that was held between March and June 2018.
How is the Hifi finance Network Secured?
The Hifi finance protocol is built on the Ethereum blockchain, and its token is an ERC20 token secured by the consensus and security features employed in Ethereum.
Hifi implements the proof-of-stake (POS) consensus mechanism as opposed to proof-of-work formerly implemented on Ethereum at the time of its launch. Proo-of-stake offers more security, scalability, and consumes less energy.
How do I buy Hifi Finance (MLT)?
The MLT token can be used for a wide range of uses, like staking and payments.
MLT tokens can be easily purchased by the following steps.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy MLT through your trading account.
Which Cryptocurrency Wallet Supports Hifi Finance (MLT)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as Hifi finance (MLT). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their MLT wallet because it offers a simple interactive interface, making it easy for people to navigate its system.