What is Hifi Protocol? Hifi Protocol is a fixed-rate borrowing and lending protocol inspired by Yield Protocol. Hifi is built using smart contracts on Ethereum and supports many different asset types. So what is Hifi Protocol? How does it work? Let’s find out in this article!
To understand more about Hifi Protocol, you can read the following articles:
- What is Yield Protocol? Yield Protocol Cryptocurrency Overview
- What is Notional Finance (NOTE)? Overview of Cryptocurrencies Notional Finance
What is Hifi Protocol?
Overview of Hifi Protocol
Hifi Protocol is a fixed-rate borrowing and lending protocol inspired by Yield Protocol. Hifi is built using smart contracts on Ethereum and supports many different asset types. Currently to ensure safety, the protocol only accepts ETH as collateral and USDC as loan asset. In the future, more assets such as NFT will be supported.
Hifi provides fixed interest rates through the intermediary asset hTokens, which represent each type of asset in the Pool. And use the AMM mechanism to trade interest and debt in advance for users.
Mechanism of action
There are 3 groups of users of Hifi Protocol:
- Loan: To lend, users simply need to purchase or Mint hTokens assets at a discounted price and the principal will be locked until maturity. Then the user will get the original asset back. In addition, users can also sell hToken assets before maturity on the market.
- Get a loan: To borrow the user only needs deposit collateral in the protocol and withdraw new hTokens based on the collateral. Afterward sell hTokens for underlying tokens, locking in borrowing rate. Hifi has a built-in automated market maker (AMM) to enable efficient hToken sales. And the borrower can also exit the position before maturity by returning the previously borrowed hTokens.
- Add liquidity: To create liquidity for lenders and borrowers to exchange between hTokens and underlying assets, a rich source of liquidity added by users is needed. Usually adding liquidity to the hUSDC/USDC pair in Hifi Protocol’s AMM Pool.
Development Roadmap
First quarter of 2022
- MFT holders can participate in the conversation and vote on protocol parameters, collateral types, target assets, potential token swaps, new economic models, and resource allocation KNIFE.
- The lending protocol update includes several architectural changes in the protocol to improve user experience.
Second quarter of 2022
- launched a marketing campaign in Q1 and continued efforts to launch the first collateralized NFT in Q2.
- Proposed improvements to Hifi 1, including a license update to protect the Hifi DAO from unauthorized tampering for a period of two years.
Third quarter 2022
- Update liquidation bots to manage instances when network providers have downtime.
- Governance will be moved to the chain for future voting proposals to take the next steps towards a decentralized protocol.
4th quarter 2022
- Enable token swapping and create an economy around tokens.
- Launching Hifi on Ethereum Mainnet.
2023
- Development of Liquid NFT, which is an NFT liquidity protocol that provides the necessary liquidity and price source for fixed-rate borrowing against NFTs.
- Supports many NFT Bluechap collections.
- Take the lessons from the prototype and apply them to version 1 of the NFT liquidity protocol.
Core Team
Doug Leonard: CEO
- In 2014, Doug joined the founding of Bettrnet, creating a program for parents to control their children’s phones and monitor the content their children access. But in 2016, Duog left his startup project.
- In 2015, Doug worked as a Senior Software Developer and Product Owner at Weave HQ. Take on a large iOS code base, manage a team of Android consultants from startingtudio.com. Helped grow the team and redirect many of the app’s designs and launch them successfully.
- In 2017, Doug switched jobs Software Engineer at KiLife Tech. Build an interactive distributed system with IOT nodes. The system provides asset owner tracking and analytics insights.
- Also in 2017, Doug joined the founding of Moderance. Building a private space similar to Instagram allows you to capture a lifetime of memories and eventually print them into a souvenir hard copy.
- Currently, Doug is Co-Founder at Married to a Startup, a podcast that shares the realities of raising a family while building a business. And it is Chief Executive Officer at Hifi Finance.
Josue Gomez Calderon: Software Engineer
- In 2005, Josue Gomez successfully obtained a Bachelor’s degree in Computer Science at Universidad del Valle de México.
- Gomez used to work at Aquaclyva, initially working as Regional Sales Operations Manager, then promoted to Chief Operating Office.
- In 2019, Gomez participated in an internship as a Junior Security Analist at LDS Business College.
- Currently, Gomez is working at Hifi Finance as Software Engineer II.
Investors
Updating…
Tokenomics
Overview information about Hifi Finance Token
- Token Name: Hifi Finance
- Ticker: HIFI
- Blockchain: Ethereum
- Standard: ERC-20
- Contract: 0x4b9278b94a1112cad404048903b8d343a810b07e
- Total supply: 118,730,005
Token Allocation
- Airdrop: 1%
- Hifi Labs: 19.8%
- MFT Holder: 79.2%
Exchanges
HIFI tokens are traded on exchanges such as Binance, BingX, Gate,…
Information Channel of Hifi Protocol
- Website: https://hifi.finance/
- Twitter: https://twitter.com/HifiFinance
- Medium: https://blog.hifi.finance/
- Discord:
Summary
Hifi Protocol does not really bring a new model to DeFi, but with a vision of focusing on developing the NFT niche is also one of the potential market shares for the project to develop.
So I have clarified what Hifi Protocol is? Hifi Protocol cryptocurrency overview. Hope this article brings you a lot of useful information!