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A new crypto asset based on Ethereum posted huge gains in a span of 24 hours as the broader altcoin market ignites a furious bullish rise.
88mph (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 88 mph core team, users can deposit stablecoins and tokens such as USDC (USD Coin), UNI (Uniswap) and yCRV (Curve) to generate returns and grow MPH tokens.
CoinGecko reveals that MPH rose from its all-time low of $ 20.21 on November 20 to an all-time high of $ 158.51 on November 21, representing an increase of more than 684% in one day.
However, the DeFi coin toss was far from perfect as 88mph hit some technical hurdles that could have been exploited by attackers, Palayer said in a blog post.
“A bug has been discovered in MPHMinter contract that allows a potential attacker to steal all ETH in the Uniswap pool. It was brought to our attention by samczsun. With his help, we have mined the ETH in the governance multisig, so all funds are safe. The price of MPH is currently at 0 for this reason. “
Despite the bumps, MPH recovered.
First verified from blockchain security firm Quantstamp in July, 88mph also allows users to earn rewards by aiming for their MPH tokens. The new DeFi asset generates rewards by deducting 10% from interest when a depositor withdraws and distributing tokens collected with returns earned from other 88 mph linked protocols like 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 protocol’s future roadmap.
“The governance process works by having users vote with their MPH tokens on various proposals ranging from protocol parameters to smart ways to use the capital resources stored here – the famous 90% MPH repaid by depositors – for new incentives. , capitalization and growth. “
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Featured Image: Shutterstock / Tithi Luadthong
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