New Ethereum-Based Crypto Asset Surges 684% Amid Altcoin Breakout

A new Ethereum-based crypto asset has made massive gains in 24 hours as the broader altcoin market unleashes a furious bullish rise.

88mph (MPH) is a newcomer to decentralized finance (DeFi) enables Users can lend their crypto assets “at a fixed rate with infinite liquidity”. According to Guillaume Palayer, member of the core team at 88 km / h, users can deposit stable coins and tokens such as USDC (USD Coin), UNI (Uniswap) and yCRV (curve) to generate income and farm MPH tokens.

CoinGecko revealed 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, an increase of over 684% in one day.

Source: CoinGecko

However, the DeFi coin launch was far from perfect as 88 mph had a few technical flaws that could be exploited by attackers, Palayer said in one blog entry.

“An error was discovered in the MPHMinter Contract that enables a potential attacker to steal the entire ETH in the Uniswap pool. It was brought to our attention by Samczsun. With his help, we extracted the ETH into the governance multisig so that all funds are secure. For this reason the price for MPH is currently 0. “

Despite the bumps in the road, MPH was still recovering.

First checked Also from blockchain security firm Quantstamp in July, 88 mph users can earn rewards by using their MPH tokens. The new DeFi asset generates rewards by subtracting 10% from interest when a depositor withdraws and by distributing income-oriented tokens earned from other protocols connected to 88 mph like Compound (COMP). All rewards are given in the form of DAI (Dai).

As a sign of governance, MPH gives its owners the opportunity to design the future roadmap of the protocol.

“The governance process works by allowing users to vote with their MPH tokens on various proposals ranging from protocol parameters to intelligent ways of using the capital assets stored here – the famous 90% MPH that depositors repay – for new incentives Capitalization and growth are enough. ”

Featured image: Shutterstock / Tithi Luadthong