How to buy Hifi Finance (MFT)
A beginner's guide to buying and selling MFT in Australia.
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How to buy Hifi Finance
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Hifi Finance.
- Open an account on an exchange that supports MFT.
Most exchanges require an email address, phone number and proof of ID to register.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Hifi Finance.
- Buy Hifi Finance.
Complete your Hifi Finance purchase and then find the best wallet to store MFT.
What is Hifi Finance?
Mainframe, now rebranded as Hifi Finance, is primarily a lending protocol that is designed to help users borrow various assets in exchange for their personal crypto holdings. To be a bit more specific, the platform allows individuals to create fungible debt obligations on the Ethereum blockchain while providing them with fixed-rate lending options. As a result, investors can map out their finances and trading strategies in a much more efficient manner. The Mainframe Token (MFT) is the native cryptocurrency of the Hifi ecosystem and is used for a variety of different purposes, such as on-chain governance, staking and rewards. The more MFT a user possesses, the more say they have in terms of how the platform should be administered.
Hifi Finance (MFT) is the 288th largest cryptocurrency in the world by market cap, valued at $195,103,667. The current price of Hifi Finance is $0.021, which is -13.512% lower than yesterday. Prices have ranged between $0.024 and $0.021 over the past 24 hours. All prices are listed in AUD and accurate as of 22 April, 2021 09:04 UTC.
Where to buy Hifi FinanceFind an exchange to buy, sell and trade MFT by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Hifi Finance at a glance
|Total MFT supply||10,000,000,000|
|All time high||AUD$0.045|
|All time high date||03 April, 2021|
Hifi Finance price performance over time
How to sell Hifi Finance
You can cash out your MFT with the same exchange you bought it through:
- Sign in to the exchange you have MFT on.
If you store your Hifi Finance in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of MFT you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Hifi Finance.
What to consider when buying Hifi Finance
- Low entry requirements: The Hifi ecosystem requires collateral when borrowing or lending. For example, the platform allows users to borrow the USDC stablecoin using WBTC (wrapped Bitcoin) as collateral, with more unique pairs likely to be added in the coming few months. Borrowers will need to manage the volatility to avoid falling below the required collateral threshold.
Hifi also uses a system of Guarantor Pools that helps reduce collateral requirements while spreading out volatility risks that the system may be faced with during periods of market turmoil.
- Borrow, lend and supply liquidity: The platform allows users to facilitate seamless loan acquisitions by locking in collateral in order to mint fixed-rate, fixed-term debt tokens. Similarly, users also have the option of buying these debt tokens for a discount, allowing them to earn a set amount of money on their investment when the lock-in period expires. Lastly, users can earn trading fees by simply providing liquidity to Hifi.
- Fixed-rate options: Hifi makes use of the concept of “tokenised debt” through which it allows for fixed-rate, fixed-term lending and borrowing — a concept that is still not a mainstay of the DeFi market since most protocols offer varying annual percentage yields that depend largely on day-to-day market fluctuations.
- Unique operational proposition: Users have the option of acting as guarantors by pooling together their assets in order to protect the system from becoming undercollateralised. In the process, they can earn fees and acquire collateral at a much lower rate when borrowers fail to repay their loans.
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