HIFI to Fiat Converter

Hifi is a decentralized finance protocol that enables users to lend and borrow cryptocurrency at fixed interest rates.

The protocol operates through decentralized interest rate markets with predefined maturity dates. These markets utilize an Automated Market Maker (AMM) model, where users contribute tokens to liquidity pools, and an algorithm determines interest rates based on supply and demand dynamics.

Participants can supply liquidity, borrow, or lend within active markets. Borrowers pay fixed interest rates to lenders without negotiating terms such as maturity, interest rates, or collateral. By providing tokens to liquidity pools, users earn rewards while facilitating peer-to-peer lending and borrowing.

Hifi Governance is the community-driven process for managing the protocol. The HIFI token, an ERC-20 standard asset, grants holders the ability to delegate voting rights to any address, including their own. Voting power adjusts automatically based on the token holder's balance. Through Hifi Governance, the community can propose, vote on, and implement changes to the protocol, including adjustments to system parameters, the addition of new markets or collateral types, and resource allocation.

Originally launched as Mainframe in 2017, the project initially focused on decentralized communication for Web3 before shifting to decentralized finance and rebranding as Hifi in 2020.