HiFi Token

HiFi Finance is up 52% to $0.00725 and remains at the second number on the top gainer list. A series of fundamentals influence HiFi Finance, including risk-on sentiment, optimism in the crypto market, weaker US CPI figures, and a tweet from HiFi Finance about its Q2 achievements.

Let’s look deeper into HiFi Finance and what’s causing such massive bullish trend.

What is HiFi Finance?

HiFi Finance, formerly Mainframe, is a lending protocol that enables anyone to borrow against their cryptocurrency. A bond-like instrument represents an on-chain obligation that settles on a specified future date in Hifi.

The ability to buy and sell tokenized debt enables fixed-rate, fixed-term lending and borrowing, which is desperately needed in today’s decentralized finance. Crypto enthusiasts are interested in the MFT cryptocurrency because it successfully addresses censorship and security issues.

It makes the protocol more secure by utilizing blockchain’s unique privacy features. In addition, thanks to an improved encryption service that protects network privacy, users can safely store data, build DApps, and transfer files.

Roadmap Recap: What HiFi Finance Achieved in Q2

HiFi Finance chose to focus on the loan protocol, token swap, liquidation bot development, and preparation for the Hifi protocol’s mainnet release last quarter. MFT also prioritized the release of the new Pawn Bots NFT collection before launching the Liquid NFT prototype.

Roadmap Recap: What’s Coming Up in Q3

This quarter, HiFi Finance’s major priorities are the Hifi token swap, releasing the protocol on mainnet, and continuing to update the liquidation bot to provide a seamless and quick liquidation process.

HiFi Finance Price Review & Tokenomics

On Thursday, the MFT/USD pair opened the day at $ 0.006791. MFT/USD is now trading at $0.00644 after reaching a high of $0.06822 and a low of $ 0.006782.

MFT’s price has increased by 52% in seven and remained on the top performance list that HiFi Finance also shared. It has decreased by 0.69% today, but it is showing signals of a rise.

HiFi Finance Up as US Inflation Slips to 8.5%

The CPI, from the consumer’s perspective, measures changes in the cost of goods and services. It is an essential tool for tracking inflation and changing consumer habits. On August 10, the US Consumer Price Index (CPI) data slipped to 8.5% vs. economists’ forecast of 8.7%.

As a result, investors have reduced their expectations for the upcoming September meeting from a 75 basis point hike to a 50 basis point hike. Following the announcement, Fed policymakers spoke out to temper the enthusiasm.

  • The Minneapolis Federal Reserve Bank president, Neel Kashkari, has warned that the Fed is far from declaring victory on inflation.
  • The San Francisco Federal Reserve Bank president, Mary Daly, added that it was far too soon to declare victory.

Inflation is Driving People to Cryptocurrencies, Says Binance’s CEO

Binance, the world’s largest cryptocurrency exchange, is seeing an increase in clientele due to high inflation and a historically strong dollar, which has deflated developing market currencies.

On August 10, Maximiliano Hinz, the head of Binance in Latin America, stated that as global inflation gains traction, more people are turning to cryptocurrencies as a hedge against it. Concerns about overall inflation have prompted investors to seek refuge in the cryptocurrency market, which is why the cryptocurrency sector is thriving.

As a result, HiFi Finance is generating a lot of investor interest, assisting in raising the price of MFT/USD.

The MFT coin’s 52% increase could also be attributed to the overall crypto market’s recent gains. As of today, market capitalization has increased by more than 7%. The total market capitalization was $1.16 trillion.

However, cryptocurrency markets are frequently volatile. To avoid making poor investment decisions, one must exercise caution when entering the market and conduct the necessary market research.

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