What is Hifi Finance (HIFI)? How To Buy HIFI Tokens In India?

What is Hifi Finance (HIFI)?

Hifi is a decentralized lending protocol based on the Ethereum blockchain that offers lending and borrowing of crypto assets at a fixed interest. It provides predictability to lenders of what they will be earning ahead of locking their assets in the protocol and borrowers about how much they will pay before taking the debt. Apart from this, Hifi opens up several opportunities for existing financial institutions and DeFi users by allowing them to borrow against tokenized real-world assets such as stocks, real estate, bonds etc. 

HIFI is a native governance token of Hifi Finance based on the ERC-20 token standard. It provides token holders the right to participate in protocol governance, manage, propose and vote on proposals for development and changes in the platform. 

Who are the Founders of Hifi Finance?

Hifi, previously known as Mainframe, underwent rebranding in 2021. It was founded by Mick Hagen, a tech enthusiast and early blockchain adapter, in 2017.  Mainframe was created as an open-source project that provides financial services and freedom to the masses by implementing decentralized protocols.  Doug Leonard, present CEO of Hifi, joined the team in 2020 after the resignation of Hagen. 

How does Hifi Finance work?

Hifi lending protocol implements a set of Ethereum smart contracts to enable the lending and borrowing of assets. The protocol mints hTokens when a user deposits asset collateral to borrow, and lenders sell their assets to provide liquidity in the Hifi pool in exchange for these hTokens.

hTokens are synthetic assets that represent and track the value of underlying on-chain assets. Lenders can redeem their assets through hTokens on the expiration of the contract. Hifi protocol does not control interest rates, unlike most DeFi protocols. Instead, the effective interest rate is calculated through the open market on the basis of the amount of hTokens bought and sold in the pool. 

Hifi Finance also implements an over-collateralization rule on borrowing assets to ensure the security and stability of the platform. That means if a borrower’s collateral value falls below the collateralization ratio, the protocol smart contract liquidates it to cover the loan amount.

What makes HIFI Unique Use Cases?

• HIFI token holders can either participate in the vote on proposals by themselves or delegate voting rights to any other address or theirs.
• Users can also borrow against pooled NFTs and earn passive income by lending their NFTs in the Hifi ecosystem.
• Hifi protocol’s fixed lending rates provide predictability for both borrowing and lending to its users.  

Hifi Finance (HIFI) Price Analysis

Source: TradingView

• HIFI price today is standing at $0.2692, with a 24-hour trading volume of $6 million. The HIFI price has risen up about 0.09% in the last 24 hours. The market cap of HIFI is standing at $26 million as of June 19, 2023.
• HIFI price has been falling down since reaching a YTD high of 0.6945 on April 21. However, It has diverged from the oversold zone in RSI-14, and its current resistance resides at the $0.32 level. 
• Though it indicates a short-term bearish market if HIFI price sentiment continues upward, it might soon touch $0.30.

How to Buy HIFI Coins in India?

To buy HIFI Coin in India, just follow the below mentioned steps:

• Download the CoinDCX App on your Smartphone
• Enter the details required for registration.
• Complete your KYC
• Once your profile is verified, add funds to your wallet and buy HIFI.