A new Ethereum-based crypto asset has seen massive gains in 24 hours as the larger altcoin market triggers a furious bullish ascent.
88 mph (MPH) is a newcomer to decentralized finance (DeFi) that allows users to lend their crypto assets “at a fixed interest rate with infinite liquidity.” According to Guillaume Palayer, a member of the 88mph core team, users can deposit stable tokens and tokens such as USDC (USD Coin), UNI (Uniswap) and yCRV (Curve) to generate yield and farm tokens. MPH.
CoinGecko reveals that MPH rose from an all-time low of $ 20.21 on November 20 to an all-time high of $ 158.51 on November 21, an increase of over 684% in one day.
However, the DeFi coin’s launch was far from perfect as 88 mph encountered a few technical hurdles that could have been exploited by attackers, Palayer said in a blog post.
“A bug was discovered in the MPHMinter contract that allows a potential attacker to steal all ETH from the Uniswap pool. It was brought to our attention by samczsun. With his help, we mined ETH into the governance multisig, so that all funds are safe. The price of MPH is currently at 0 for this reason. “
Despite the bumps in the road, MPH still rallied.
First checked By blockchain security firm Quantstamp in July, 88 mph also allows users to earn rewards by staking their MPH tokens. The new DeFi asset generates rewards by deducting 10% of the interest when a depositor withdraws and distributing high yield tokens earned from other 88mph related protocols such as Compound (COMP). All rewards are given in the form of DAI (Dai).
As a governance token, MPH gives its holders the power to shape the future protocol roadmap.
“The governance process works by asking users to vote with their MPH tokens on various proposals ranging from protocol parameters to smart ways to use the fixed assets stored here – the infamous 90% MPH reimbursed by depositors – for new incentives,” capitalization and growth. “
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