HiFi Finance price jumps 70% after its NFT collateral status u | NFTs & DeFi 🗓
HiFi Finance price jumps 70% after its NFT collateral status update
HiFi Finance price has caught a majority of crypto traders by surprise today after jumping 70% at press time and still going. HIFI, the native token of the decentralized finance protocol HiFi Finance, is among today’s top gainers as the global crypto market cap is dropped by 2.97%. The main reason for today’s HIFI price surge is the NFT collateral status update that HiFi Finance made today. For those who it is their first time coming across HiFi Finance, it is a DeFi protocol that allows users to lend and borrow cryptocurrencies at a fixed rate. It was originally known as Mainframe when it launched in 2017. Mainframe began as a decentralized communications layer for Web3 before pivoting to Decentralized Finance and rebranding to HiFi in early 2020. users can also participate in HiFi Governance where users use the HIFI token to vote on proposals by staking the token. The delegates’ voting rights are automatically adjusted depending on the amount of staked HIFI tokens.
