About

88mph is a fixed interest rate lending protocol that allows users to earn a fixed yield rate and extra MPH tokens on their deposits. It is designed to be an on-chain, non-custodial protocol, that acts as an intermediary between users and third-party variable yield rate protocols (such as Compound and Aave), with the intent to offer fixed yield rates on user's capital. The yield rates are determined by the maturity period, which can be custom or preset. Additionally, the MPH tokens users receive can be staked to earn protocol revenues and voting rights.

History

In October 2019, the two co-founders started developing 88mph as a fixed interest rate lending protocol built on Ethereum, which allows its users to lend out their crypto assets and earn a fixed yield rate on their deposit and some MPH rewards which are distributed within the maturity period of their deposit.

The 88mph protocol went live on Mainnet on 16th November 2020 and offered upfront fixed-rate interests to users for their deposit. This was done to illustrate the “Back to the future” concept behind 88mph. Feedback from the product launch led to a change in the mechanism of the upfront interest feature, which was updated in 88mph v2.

With the recent 88mph v3, the protocol features the fixed yield rate, and the Yield Tokens (YTs). While the fixed-rate yields allow new users to earn fixed returns on their deposits, YTs were designed for advanced users to buy into fixed-rate deposits and profit from rising in the underlying variable yield rate lending protocol like Compound or Aave, and on the other end, help to mitigate against risks of insolvency for the protocol.

To strengthen the security of the protocol, the contract code of 88mph v3 has been reviewed and audited by Trail of Bits, Code423n4, and PeckShield.