Whether you want to start a business, buy real estate, treat yourself to an expensive new car, buy equipment of any kind, or anything else that requires a lot of money, chances are you need a loan. However, getting one from the bank is known to be quite inconvenient. Banks are very picky about who they lend to, and even if they decide you’re “worthy” there’s endless paperwork to deal with, waiting periods, background checks, not to mention. an interest rate that many consider to be unreasonably high.
However, since the emergence of the DeFi sector in the crypto industry, things have changed for borrowers as they can now get a loan almost immediately without background checks or any paperwork. All you need is a smart contract and a warranty.
Of course, when using cryptocurrencies, you might already have the money you need, but you’ve already bought some crypto and want HODL so you can profit from it when prices skyrocket. one day. This is exactly the kind of money you can use as collateral, as it will be safe in the smart contract as long as you continue to repay the loan you took out. Of course, the interest is still there, as lenders have to profit from lending money, but the whole process is much simpler and more rewarding for everyone.
Even so, improvements can be made, to make the process even better for both borrower and lender, which is what Hifi Finance (MFT) is here to offer.
What problems does Hifi Finance (MFT) solve?
Hifi (formerly Mainframe) aims to make lending and borrowing even better than what’s already available in decentralized finance, and it does this by providing its own unique solutions, such as:
Term loans and borrowings
Hifi is a lending protocol that allows anyone to borrow against their crypto, where the buying and selling of tokenized debt enables fixed rate lending and borrowing. While most loan protocols use floating interest rates, this project allows fixed rates, which ensures that the interest you have to pay will remain the same as when the debt was incurred. i.e. when the loan took place. This way, even if prices change, the amount you’ll have to pay won’t, ensuring you’ll always know exactly how much you owe.
Hourglass broadcast protocol
Then the project introduced a streaming protocol called Hourglass. According to the project’s website, this will allow you to get your salary whenever you want and see your earnings in real time. The project’s technology takes the hassle out of managing payroll by allowing its smart contracts to deliver money without the user having to do anything. The whole process is fully automated and can easily work for you as a lender to help you earn money.
Polygon Transition Fund
Finally, the project also allows users to transfer their funds to the Polygon network, which is a very quick process that only takes around 15 minutes. It’s a way to quickly and easily transfer your assets from the Ethereum mainnet to the Polygon mainnet, and retrieve them at any time. This interoperability with the Polygon network is a unique feature that should not be overlooked.
Advantages of Hifi Finance (MFT)
Now let’s talk about some of the more direct benefits you get from engaging with Hifi Finance, as there are a few unique ones worth mentioning.
Lending and Borrowing
Of course, it goes without saying that Hifi Finance allows you to engage in lending and borrowing. If you have extra cash in cryptocurrency that you don’t plan to spend anytime soon, you can simply lock it into the project’s loan protocol and allow others to borrow it. The interest borrowers pay on the loan will be your reward.
On the other hand, if you are a borrower, you can quickly and easily get a loan after providing collateral and use that money to fulfill your dream or do just about anything you wish to do. You still have to pay it back, of course, but if you need cash quickly, a loan protocol like Hifi that can offer funds almost immediately is definitely a good thing to have.
Of course, Hifi’s Mainframe Token (MFT) can also be used as a governance token, meaning that its holders can use it to vote on various proposals the community comes up with to improve the project. Not only that, but you can also submit your own proposals and let others vote if you have an idea of how the project can be improved.
Then you can also use the Hifi Finance project to receive passive income through staking. By staking your MFT, you also contribute to the overall security of the project and secure it for other users.
How does Hifi Finance (MFT) work?
Hifi Finance is a lending protocol that allows users to borrow against their crypto. Almost anyone can do it, as the project is very inclusive and available worldwide. It uses a bond-like instrument, representing a chain bond. This is then settled at a later date. Meanwhile, the project also has a unique feature in DeFi that lets you buy and sell token debt at a fixed rate. These fixed-term lending and borrowing is something that really sets Hifi apart from other protocols, while its token offers its own rewards, including staking rewards, the ability to participate in its governance, and more.
How to Buy HiFi Finance (MFT)
Currently, HiFi Finance (MFT) is available for purchase on the following exchanges.
Binance- Ideal for Australia, Canada, Singapore, UK and most of the world. US residents are prohibited to buy HiFi Finance (MFT). Use the discount code: EE59L0QP for 10% cashback on all trading fees.
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. He is often the first to offer opportunities to buy new tokens. This exchange currently accepting international and US residents.
Gate.io – This exchange was established in 2013 and is one of the most popular and reputable exchanges. Gate.io currently accepts most international jurisdictions, including Australia & the UK. Residents of the United States and Canada are prohibited.
WazirX – This exchange is part of the Binance group, which guarantees a high level of quality. This is the best exchange for people of india.
Hifi Finance (MFT) – A unique lending protocol that offers fixed term lending and borrowing
Hifi Finance is one of the unique and innovative protocols that have brought something to the crypto industry that seems like an extremely simple and obvious addition, but it is still something that it was not present before. This unique feature – fixed rate lending and borrowing – can be a real game-changer for decentralized lending, and it could be part of the standard package in future protocols. For the moment however, it is only available on Hifi, so if you want to use it, this is the project to turn to.