Defi has been one of the fastest growing sectors in this cycle, with the current total TVL 2.4 times that of the same period last year! However, most Defi protocols are the same. The next project, HifiFinance, was created by a serial entrepreneur from Princeton University and combines #Defi,#RWAand#NFT The concept, with its fixed-rate design and various innovative practices, has seen very rapid data growth this year!
Defi has been sought after for its improved efficiency of crypto assets. Its current TVL exceeds 100 billion US dollars, 2.4 times that of the same period last year! However, it has also been criticized as a party of circulation and speculation. The large-scale serial liquidation of DeFi products on "519" is still vivid in our memory. This is when the role of real asset tokenization (RWA) is reflected. It can reduce DeFi's reliance on speculative transactions, improve DeFi's stability, and increase its attractiveness in the mainstream financial market.
HIFI is following BlackRock's steps to build BlackRock in the Web3 field. This year, BlackRock issued $BUIDL stablecoin as a pioneer in the RWA field to achieve $BUIDL full-scenario payment. BlackRock's biggest ambition is real estate. It currently manages nearly 10 trillion assets, of which real estate accounts for 32%. The global real estate market is 280 trillion, and the RWA market is as high as 5-10 trillion on average. #Hifi's layout is far-reaching!
HIFI (@HifiFinance) is an innovative DeFi platform built on ETH that allows users to borrow and lend cryptocurrencies at fixed interest rates and fixed terms, aiming to provide users with a barrier-free, secure and efficient financial management platform, as well as highly predictable costs and benefits. The platform's support for real-world assets and NFT collateral further expands the application scenarios of DeFi, introducing stability and reliability similar to traditional finance to the crypto market.
Hifi provides three product features, namely fixed-rate lending, real-world asset (RWA) mortgage, and NFT pledge.
Let's talk about fixed-rate lending first. Hifi issues synthetic assets (such as hUSDC). Borrowers can pledge assets (such as ETH) to mint hUSDC, and lenders can sell USDC in exchange for hUSDC, which can be exchanged for an equivalent amount of USDC at maturity. The interest rate is determined by the open market. Both borrowers and lenders can enjoy a certain interest rate and return during the lending period.
RWA asset mortgage is an important part of Hifi's development path. The supported collaterals include: collectible antique cars, commercial real estate, racehorses and houses. HIFI token holders are responsible for approving rules, loan limits, authorized representatives and loan partners. Authorized representatives are responsible for minting mortgage tokens that match the value of the mortgaged assets and provide a guarantee in the event of default. Lending partners are responsible for seeking independent third-party assessments to accurately assess the value of the collateral.
In April of this year, Hifi introduced a new set of rules for various RWA assets by introducing a new RWA framework. And using ERC-20 tokens to represent each type of collateral, each collateral token will have a fixed range of credit limits set by the governance body, which will be responsible for setting these limits. The project announced in March that it had successfully provided a commercial real estate with an RWA loan of more than $1 million!
What is refreshing is that Hifi has reached a cooperation with Crown Ribbon in 2022 to enter the high-end horse racing industry worth $300 billion, using blockchain to digitize and chain the assets of the horse racing industry. The Hifi team received the latest response from the SEC in December last year and is currently reviewing it. The project is expected to receive the final decision from the SEC in the first half of this year! This unique innovation in Web3 has opened up great imagination space for the further development of Hifi RWA.
In terms of NFT pledge, Hifi launched @poolednft , where users can deposit NFTs into the pool and receive ERC-20 tokens, and created the NFT series @Sheet_Heads , which also supports Pooled NFTs and fully updated the website a few days ago. Currently, Hifi has fully supported NFTs as collateral for lending to provide a wider range of financial tools and liquidity solutions.
The advantages of Hifi can be summarized as follows:
① Fixed-rate lending model reduces the uncertainty of market fluctuations
②Support RWA and NFT mortgage, expand the diversity of collateral, and attract more traditional asset holders and NFT players to participate
③Governance is the responsibility of HIFI token holders, who participate in project decision-making and are also responsible for approving lending rules, credit limits, etc. This decentralized governance mechanism enhances the transparency of the protocol and community participation.
Hifi's data performance is also very impressive. The current TVL has exceeded 10 million US dollars, an increase of 73% from April and a growth rate of 1016% over the same period last year! The protocol owned liquidity has also reached 9.85 million US dollars.
Hifi's founding team is even more impressive. Founder Mick Hagen has been a serial entrepreneur since he dropped out of Princeton as a freshman. His entrepreneurial ventures cover education, technology development, media music, financial technology and other fields! He once founded Cluster Capital and invested more than $50 million in well-known projects such as Polkadot and AR within 6 months! CEO Doug Leonard also has a rich technical background and served as product manager at Weave.
Hifi's investment institutions include well-known VC institutions such as NGC Ventures, Arrington Capital, BlockTower Capital, Kenetic Capital, and Bitscale Capital.
Among them, NGC Ventures has been actively investing in the blockchain field since 2017, and its early investments include well-known projects such as Solana, Avalanche and Filecoin!
$HIFI tokens are the native tokens of Hifi, and their uses include governance voting, staking, and rewarding ecosystem contributors. $HIFI token holders are also members of the Hifi DAO, and they make decisions by voting with their tokens. The decision-making process is executed on-chain, ensuring full transparency and fairness. Currently, the tokens are available for trading on more than 30 cryptocurrency exchanges, including Binance!
Summary: HifiFinance is integrated with#Defi#RWA#NFT The innovative protocol aims to improve the stability of DeFi through a series of innovations and attract more investors who seek stable returns to join the DeFi ecosystem. The TVL of the protocol has grown very rapidly since this year, and RWA pledge is also expected to make breakthrough progress. The background of the senior team is also very luxurious and worthy of special attention!