Hippo Finance, a self-described “firm believer in developing unique code with complete transparency, along with on-chain community governance,” has revealed its first community governed DeFi hedge fund, according to a press release from the group.
The platform is a liquidity mining platform on the Ethereum blockchain network, and its users will earn returns by staking the HIPPO tokens on its various farming pools, the release notes.
Hippo Finance plans to do the following:
- Team Hippo aims to set a new industry standard for DeFi farming protocols, as a result, all the code will be audited by two independent security firms before launch.
- Hippo Finance is powered by a three token ecosystem, designed to provide farming operations that are sustainable and incentivizes holding HIPPO tokens long term.
- Users decide how the decentralized hedge fund is spent through transparent on-chain voting: burn, invest in another project, or distribute as dividends.
Speaking on the matter is NCyotee, an independent Ethereum auditor, who said:
“Hippo Finance is a prime example of what DeFi is capable of. A global team using that to their advantage to provide 24-hour support to their buyers. The Hippo Finance team is clearly dedicated to serving their community. They’ve demonstrated this repeatedly with their actions. Such as burning the team’s $HIPPO, and the keys to the Hippo Finance controller contract, MasterChef. The quality of their work and dedication to the community shows Hippo is a safe buy. With Hippo’s plan of expanding to Polkadot, I expect they will be a long term player in the market. I plan on auditing HIPPO at 8 PM UTC, 2020-10-10.”