Hifi Finance is a decentralised finance (DeFi) protocol that provides fixed-rate, fixed-term lending and borrowing services. It operates on Ethereum-based blockchains and allows users to engage with cryptocurrencies, NFTs, and tokenized real-world assets.
Hifi Finance operates using Ethereum smart contracts to offer fixed-rate, fixed-term lending and borrowing services. It makes use of an Automated Market Maker (AMM) model to set interest rates based on supply and demand. The platform also features hTokens, which are synthetic assets used within its ecosystem, and requires over-collateralization to secure loans.
Hifi Finance can be utilized for various DeFi applications such as:
Hifi Finance began as Mainframe in 2013, initially producing a decentralised chat application and operating system. In 2019, the project shifted focus to DeFi, rebranding to Hifi Finance in 2021. It underwent a significant token swap from MFT to HIFI in 2022. Recent milestones include establishing the Hifi DAO and deploying governance contracts in 2023.