HiFi – the latest change to Mainframe’s one-time decentralized app platform to focus on decentralized finance – today announced the launch of its fixed-rate lending platform DeFi.

“Fixed interest rate lending is an important milestone for DeFi,” HiFi CEO Doug Leonard said in a press release. “Investors and traders need less volatile options to be able to pre-plan funds, have predictable spending and reliable investment protection.”

The launch is scheduled for 17:00 UTC.

By offering a loan product, HiFi is entering a very competitive market. Dominated by Aave and Cream, totaling nearly $ 6 billion, SushiSwap’s Top 10 Protocols plan to roll out the BentoBox loan later this year.

HiFi aims for excellence with an emphasis on token debt and collateral interest instruments. Recoverable instruments allow for the fixed interest rates that HiFi advertises, as well as the fact that it is possible to “better portray the economy and trading strategies” through tools such as rebalancing interest rates on short-term loans and interest rate swaps.

The announcement indicates that while the protocol will initially only offer “WBTC (Wrapped Bitcoin)-backed USDC stablecoins”, the platform will quickly transition to other types of collateral.

In a statement to Cointelegraph, the team mentioned Uniswap tokens, which provide trading fees but are difficult to use as a safe, and compound cTokens tokens as primary candidates.

“Perhaps the first cross-integration we see is with Uniswap LP tokens or the cToken Combined Security System. The team is currently developing early versions of these integrations.”
Likewise, there can be loud pressure on users from behind the gate. In an explanatory video, Leonard indicated that corporate clients prefer securing fixed interest rates. For this purpose, the team suggested that a number of development features emerge:

“We are clearly interested in our protocol growth phase to push the boundaries of what can and cannot be effective security. I think you’ll see some of the most interesting DeFi stories coming from our team over the next 12 months. Lots of fun.”
HiFi MFT token fell 0.6% on the day to $ 0.0233, with a market value of $ 217,000,000. The token rose nearly 2,000% in the year following the race that followed the announced renaming.

Source: CoinTelegraph

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