MFT coin price prediction: Hifi Finance rallies again

MFT is up 40% in a recent seven-day period and some forecasters expect this surge to continue

Hifi written on a purple background                                 
Originally launched as a decentralised chat platform, Hifi rebranded in 2021 to a lending protocol – Photo: Shutterstock
                                

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As Hifi Finance moved away from decentralised apps and focused on its lending protocol in 2021, its MFT cryptocurrency started surging for the first time in almost three years.

But the governance token has not been able to keep this momentum going and has fallen back below its launch price. This has not stopped some ambitious MFT crypto price predictions, with several observers expecting new price records.

What is Hifi Finance?

Hifi Finance, based in Lehi, Utah, is a lending protocol that is giving investors the chance to borrow by using cryptocurrency as collateral. Its CoinMarketCap page explained: “Hifi uses a bond-like instrument, representing an on-chain obligation that settles on a specific future date.”

There are three main activities that investors can complete on the HiFi protocol. Borrowers can take out cryptocurrencies at a fixed rate for a fixed length of time. Lenders can buy tokenised version of this debt at a discount rate and eventually cash it in for the “face value”. Finally, users can earn trading fees by providing liquidity on the protocol.

Recently, Hifi Finance has started expanding and creating an ecosystem of “exciting new projects and partnerships that build upon and integrate into Hifi’s lending protocol”. Among the projects it announced was Pawn bots, an NFT collection that can be used to borrow funds from the Hifi protocol.

Hifi was originally called Mainframe, and was founded by Mick Hagen. Hagen is currently CEO of Hightop, a digital bank powered by blockchain technology, and previously created the blockchain investment group Cluster Capital.

The MFT governance token

The Hifi Finance token (MFT) is primarily used as a governance token to vote on key proposals that are designed to improve the project. Holders will also have the chance to submit their own proposals.

MFT can also be staked to earn a passive income. Investors secure the network by locking in their tokens and are rewarded by the protocol.

MFT’s price history

MFT launched on 5 July 2018 at $0.20 and saw an immediate surge to a peak of $0.024. The DeFi token eventually crashed below its launch price. It was plagued with a long-term bearish trend and fell to its all-time low of $0.0003 on 13 March 2020.

After it was originally launched as a chat application and operating system, the team decided in early 2021 to announce a change in the project to the lending protocol it is known for today. This was accompanied with a rebrand from Mainframe to Hifi Finance.

MFT managed to pass its launch price in February 2021 and reach a peak of $0.026 that month. It continued climbing into the following month and rose to its all-time high of $0.036 on 3 April.

Its next rally came later that year with it reaching a high of  $0.016 on 25 November. This was just before it conducted a “public preview” on the Polygon blockchain, which tested features such as its liquidation bots.

HiFi eventually continued its bearish trend over the following months and into the new year. It saw slight surge in April 2022 as holders voted on opening new markets, including USDC, WBTC and WETH, before falling below $0.01 in May.

At the time of writing, on 11 August, Hifi Finance was trading at $0.006, up 43% on the previous seven-day period. While the cause of this recent surge is unclear, there are some optimistic MFT coin price predictions.

Hifi Finance price prediction

TechNewsLeader said the DeFi cryptocurrency could reach a maximum price of $0.009 in a year and $0.03 in five years’ time. Its Hifi Finance price prediction for 2030 expected a new all-time high of $0.14.

PricePrediction.com estimated that it could take until 2024 for MFT to pass $0.14. The site’s Hifi Finance token price prediction said it could hit $0.037 in 2027. It is then thought to pass $0.10 in 2030, according to the MFT coin price prediction.

A more gradual outlook is provided by DigitalCoinPrice. Its Hifi Finance price prediction for 2025 averaged out at $0.013. The site then expected MFT to reach $0.02 in 2028 and $0.03 in 2030.

On the other hand, WalletInvestor said the token was a “bad” investment. Its Hifi Finance price prediction for 2022 expected the token to fall to $0.0006. By 2025, the coin was thought by the site to be likely to fall below $0.0001 and fluctuate around $0.00008.

FAQs

What is Hifi Finance?

Hifi Finance is a lending protocol giving users a chance to borrow funds by using their cryptocurrencies as collateral. MFT is the protocol’s governance token, which allows holders to manage the protocol’s future direction.

How and where to buy Hifi Finance (MFT) coins?

MFT is available on major centralised exchanges, including Binance, KuCoin and Gate.io.

Further reading

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