Mainframe
Crypto Overview
Overview
Mainframe (MFT), now known as Hifi Finance (MFT), has undergone significant changes since its inception. The project rebranded from Mainframe to Hifi Finance in 2021, pivoting its focus to become a DeFi lending protocol.
Intended Utility
The project's original purpose was to create a decentralized communication platform. However, after rebranding, Hifi Finance's primary utility became facilitating collateralized fixed-rate, fixed-term lending on the Ethereum blockchain. The MFT token serves as a governance token for the Hifi protocol, allowing holders to vote on protocol changes and participate in the platform's governance.
Actual Utility Assessment
The platform currently operates as a DeFi lending protocol where users can borrow assets using their cryptocurrency as collateral. The core mechanism involves interest-bearing activities and lending practices that are fundamentally based on riba (interest).
Token Distribution and Governance
The token distribution shows a relatively concentrated holding pattern among early investors and team members. While there are vesting schedules in place, the token's primary utility has shifted from its original purpose to governance of a lending platform.
Development Activity
The project maintains active development on GitHub, with regular updates to the protocol. The team has demonstrated commitment to building and improving the platform's infrastructure, though the focus is entirely on interest-bearing lending products.
Crypto Impact
To assign a comfort level investing in Mainframe from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Mainframe.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.