HiFi — the DeFi-focused recent-rebrand of onetime dApp platform Mainframe — is asserting immediately the launch of a fixed-rate DeFi lending platfo
HiFi — the DeFi-focused recent-rebrand of onetime dApp platform Mainframe — is asserting immediately the launch of a fixed-rate DeFi lending platform.
“Fastened-rate lending is a crucial milestone for DeFi,” stated HiFi CEO Doug Leonard in a press launch. “Traders and merchants want less-volatile choices in order that they’ll plan funds upfront, have predictability in bills and hedge investments with certainty.”
The launch is scheduled for 12:00 PM EST.
With a lending product, HiFi is coming into right into a market that includes some stiff competitors. Aave and Cream dominate with almost $6 billion in complete worth locked between them, and top-10 protocol SushiSwap is planning a lending providing, BentoBox, for later within the 12 months.
HiFi goals to face out with a deal with tokenized debt and yield-bearing devices as collateral. Yield-bearing devices permit for the mounted charges HiFi advertizes, in addition to enabling “the chance to higher map out funds and buying and selling methods” with instruments like flash mortgage fee rebalancing and yield swaps.
The announcement notes that whereas the protocol will initially solely supply “USDC stablecoin borrowing with WBTC (wrapped Bitcoin) collateral,” the platform will rapidly onboard different collateral varieties.
In a press release to Cointelegraph, the group talked about Uniswap pool tokens — which yield buying and selling charges however are a notoriously difficult asset to make use of as collateral — and Compound cTokens as chief candidates.
“Possible the primary composability integration we’ll see is with Uniswap LP tokens or Compound cToken collateral. The group has early variations of those integrations constructed at this cut-off date.”
Likewise, there could also be a push for big-name customers out of the gate. In an explainer video, HiFi CEO Doug Leonard made word that enterprise purchasers want the knowledge of mounted charges. To this finish, the group hinted that there could also be a spread of developments forthcoming:
“We’re explicitly , in the course of the progress section of our protocol, to push the boundries of what can and can’t be an efficient collateral. I feel you will notice a few of the most attention-grabbing tales in DeFi come from our group over the following 12 months. It’s going to be alot of enjoyable.”
HiFi’s MFT token is down .6% on the day to $.0233, with a market cap of $217,000,000. The token is up almost 2000% on the 12 months, following a run after the introduced rebrand.