| General information | |
|---|---|
| Global rank: | 452 |
| Name: |
Hifi Finance |
| Symbol: | HIFI |
| Current coin price (IMP): | 0.334 IMP |
| Last hour: | arrow_upward0.540 % |
| Last 24 hours: | arrow_upward1.76 % |
| Last 7 days: | 8.25 %trending_up |
| Capitalisation (IMP): | 44 529 718.41 IMP |
| Volume 24h (IMP): | 5 249 980.66 IMP |
| Available supply: | 133 476 574.00 HIFI |
| Total coin supply: | -1 HIFI |
| Start date: | 2022-12-08 |
Hifi Finance/Manx pound (HIFI/IMP) price chart
Hifi Finance/Manx pound (HIFI/IMP) capitalisation and volume charts
Hifi Finance is a decentralized finance protocol designed to offer users instant liquidity against their digital assets, focusing primarily on serving NFT communities. The protocol's foundation is based on Hifi Tokenomics, which aims to achieve full decentralization and autonomy. This leads to the establishment of the Hifi DAO (Decentralized Autonomous Organization), a key component in the governance and operation of the Hifi Protocol.
Hifi Finance, initially known as Mainframe, was founded by Mick Hagen in 2017. Hagen is recognized as a tech enthusiast and an early adopter of blockchain technology. The project underwent a significant rebranding in 2021, transitioning from Mainframe to Hifi Finance, reflecting its evolved focus and approach within the decentralized finance space.
$HIFI, the governance token of Hifi Finance, plays a central role in the operation and governance of the protocol. It has a total supply of 126.25 million tokens. The introduction of $HIFI involved a swap from the old MFT contract at a rate of 100 MFT to 1 HIFI, pending a governance vote. A significant portion of these tokens, specifically 100 million, were redeemed by MFT token holders, and an additional 25 million $HIFI tokens were allocated to Hifi Labs. This allocation is intended for the ongoing development and support of the Hifi Protocol, vesting over a two-year period. Furthermore, 1.25 million $HIFI tokens were airdropped to MFT holders who participated in governance votes.
The Hifi DAO, a separate legal entity, governs the Hifi Protocol through voting with $HIFI tokens. Token holders have significant influence over the protocol, including the ability to deploy resources for its adoption and growth. Governance within the Hifi ecosystem is conducted through Hifi Improvement Proposals (HIPs), which are used to implement actions and contracts on the blockchain.
In addition to governance, the Hifi DAO plays a crucial role in setting protocol policies and parameters. Decisions about the protocol are made by token holders through proposal voting. The DAO also has the discretion to allocate rewards to applications that integrate with the Hifi ecosystem and may establish an Incentive Program to fund or reward entities supplying liquidity to the protocol.