Mainframe ($MFT) has rebranded as HiFi Finance. I bought into this project last year, originally on the strength of their domain name but also due to the fact that they were one of the earliest to enter into the DeFi space. Rather then rush something into market, they have taken their time in fine tuning their lending protocol product.
The rebrand was a wise move in my opinion. The old name made sense for the company’s earlier product, (an operating system called Mainframe OS). The term “mainframe” isn’t intrinsically associated with finance and—for people above a certain age—is more likely to conjure up images of giant rooms filled with computer hardware. (I actually worked as a mainframe computer operator for nearly 8 years, from 1996-2004.) “HiFi Finance” on the other hand sends the right signals for a company that is positioning itself to be the “high end audio” equivalent in decentralized finance.
This is a real company, and the prominent people involved are veterans of the crypto community. CEO Doug Leonard is often refreshingly candid in his responses to questions about the lending protocol, timetables and the strategic rationale behind various corporate decisions. Perhaps this is due to his background being primarily in software engineering rather than that of a sales/marketing/PR guy. I have no doubt HiFi Finance has what it takes to be competitive and grab a substantial share of the market they’re aiming for with the launch of their new product.
There will be a token swap at some point in the near future, as MFT tokens will need to be converted to HiFi. Supposedly, this will also involve a reverse token split at a ratio of either 100:1 or 1000:1. I’m not a huge fan of dramatic reverse token splits, mostly for psychological reasons related to perception and just based on how I’ve seen reverse stock splits play out in the penny stock world. However, it does make some sense in this case, and I’m willing to wait and see what happens. I like to take chances, and I believe HiFi Finance will be successful regardless.
The price of $MFT has risen quite a bit in the last few months, but I still think there is a ton of upside, because the lending protocol is just now being released, and the company hasn’t even really begun marketing yet. It’s still early in the game. In a recent video, Dallas Mavericks owner and billionaire businessman Mark Cuban revealed that he holds some $MFT tokens. It’s also worth noting that this coin isn’t one that constantly gets shilled on /biz/ and hasn’t really been discovered by most of those types yet. I’m not qualified to give financial advice though, so just do your own research. Months from now though, people will be talking about HiFi Finance.
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Tags: crypto lending cryptocurrency decentralized finance DeFi ethereum HiFi Finance Mainframe Mark Cuban