A new Ethereum-based crypto asset has posted massive gains in a span of 24 hours as the broader altcoin market ignites a furious bullish ascent.
88mph (MPH) is a decentralized finance (DeFi) newcomer that enables users to lend their crypto assets “at a fixed interest rate with infinite liquidity.” According to 88mph core team member Guillaume Palayer, users can deposit stablecoins and tokens such as USDC (USD Coin), UNI (Uniswap), and yCRV (Curve) to generate yield and farm MPH tokens.
However, the DeFi coin’s launch was far from perfect as 88mph hit a few technical snags that could have been exploited by attackers, Palayer said in a blog post.
“There was a bug discovered in the MPHMinter contract that enables a potential attacker to steal all the ETH in the Uniswap pool. It was brought to our attention by samczsun. With his help, we have extracted the ETH into the governance multisig, so all funds are safe. The price of MPH is currently at 0 for this reason.”
Despite the road bumps, MPH still rallied.
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 of using the capital assets stored here – the famous 90% MPH paid back by depositors – for new incentives, capitalization, and growth.”