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

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.

CoinGecko reveals that MPH surged from its all-time low of $20.21 on November 20th to an all-time high of $158.51 on November 21st, representing an increase of over 684% in one day.

Source: CoinGecko

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.

First audited by blockchain security firm Quantstamp in July, 88mph also allows users to earn rewards by staking their MPH tokens. The new DeFi asset generates rewards by deducting 10% from the interest when a depositor withdraws and by distributing yield-farmed tokens earned from other protocols linked with 88mph 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 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.”

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Featured Image: Shutterstock/Tithi Luadthong

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