LD Capital: HIFI Funding Analysis

来源:LD Capital

Project Introduction

Hifi Finance is a lending protocol built on Ethereum, offering products including cryptocurrency-backed lending, NTF-backed lending, and RWA services.

Basic Facts

The circulating market capitalization is about $99.78 million, the ratio of circulating volume to total supply is about 88%, and the 24-hour spot trading volume is $198 million.

The spot trading volume is mainly on the upbit exchange, accounting for 81.64%. followed by Binance, accounting for 11.94%.

Over the last 24 hours, it is the top 5 trading volume on Upbit.

Price History

The HIFI token was launched in early 2023 and has remained below $0.5 for a long time since its launch. In September, there was a sharp increase in volume to 2.4 dollars, and then fell rapidly. At the end of October, with the recovery of the market, it re-entered the upward trend.

Position status

HIFI has the most holdings on Upbit, with more than 55% (some untagged wallets are also upbit wallets). Binance is next with about 29% of the tokens. The project team holds 11%.

Large transfers

Large transfers also occur between exchanges, mainly between Upbit and Binance, as well as between Upbit's own accounts.

According to Arkham's data analysis, some of the wallets marked in red are Upbit addresses.

Contract data

The position/market capitalization was 0.38, and the 24-hour position increased by 38%, with a 24-hour turnover of $794 million.

Open interest showed an upward trend, with a 104% increase from the bottom to date, and a maximum increase of 163%. The active buying volume is average, not strong. The ratio of long and short positions is 1.19, but it has decreased significantly from yesterday, from 3 to 1.19, and the chips are concentrated in large accounts.

Conclusion

HIFI tokens are actively traded, ranking among the top five on upbit in terms of 24-hour trading volume, and the contract position data has increased significantly, and it accounts for a relatively high proportion of market capitalization. The long-short ratio showed a significant downward trend. However, the current on-chain activity is mainly the interaction between Upbit and Binance, and there is no large account opening activity. The active buying volume on the contract is also not strong enough.