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Highlights
- Hifi Finance (MFT) is primarily an Ethereum-powered protocol that allows the crypto holders to lend and borrow against the cryptos.
- Operating like a bond, it offers settlement on a future date, which allows the users the freedom to buy or sell tokenised assets at a fixed rate.
- As per market cap, the 377th ranked token was trading at US$0.008978 with a trading volume of US$336,378,967 as per CoinMarketCap.
Hifi Finance (MFT) is primarily an Ethereum-powered protocol that allows the crypto holders to lend and borrow against the cryptos. Operating like a bond, it offers settlement on a future date, which allows the users the freedom to buy or sell tokenised assets at a fixed rate.
By locking the collateral in a vault, the users can borrow using the debt tokens. These debt tokens can be swapped instantly for liquidity, thereby allowing users to maximise its trading capabilities. Besides, the users can also get impressive rewards for providing liquidity between the debt tokens and stablecoins in the Automated Market Maker (AMM).
Also read: Why is UK FCA looking to hire digital asset talent?
On Tuesday, the MFT crypto saw a positive rally as it was up by over 15% and volume was up by over 200%.
Why is MFT crypto rallying?
MFT is rallying after it announced that the protocol will be integrating governance capabilities that would benefit MFT holders. This will allow the users to create and vote on the protocol’s future developments.
Also read: What does EU’s crypto vote mean for digital currencies?
The Hifi ecosystem views that with the governance capabilities, it will be able to attract more users to its platform at the same time give MFT holders the voting rights on the future of the protocol. Founded by Mick Hagen, formerly known as Mainframe, the MFT crypto was rebranded as Hifi Finance in February 2022.
How is MFT price faring?
As per market cap, the 377th ranked token was trading at US$0.008978 with a trading volume of US$336,378,967 as per CoinMarketCap. The MFT crypto was up by 19.55% and enjoying a live market cap of US $89,784,459 with 10,000,000,000 MFT coins in circulation.
Although the token has witnessed a bull run of late, it’s essential to realise that cryptos have been pretty volatile amidst the Russia-Ukraine crisis. Therefore, one needs to take a measured approach while venturing into the crypto space and weigh the pros and cons before making any investment decisions.
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