Hifi Labs
Hifi Labs is the core development and services team in the Hifi FinanceHifi FinanceHifi Finance is an Ethereum fixed-rate lending protocol formerly known as Mainframe. Its application was removed following an October 2026 governance attack.Open the full entry ecosystem, employed by Mainframe Group, Inc.
Contents8 sections
Key facts
November 2022Governance handover proposal
HIP 2 proposed that Hifi Labs deploy governance, token and lending contracts and transfer related intellectual property, domains and social accounts to Hifi DAO. It envisaged a two-year service contract and 25 million vesting HIFI tokens to support the transition and growth.[1]
October 2023NFT tools and collateral management
The team developed Pooled NFT. HIP 5 proposed accepting the SHEETp token representing Sheet Heads as collateral and described Labs-maintained manual price ceilings, on-chain liquidity and a time-weighted price feed to constrain lending risk from illiquid NFTs.[2]
February 2024Legal employer and RWA role
Doug Leonard explained in the governance forum that Mainframe Group, Inc. employed the core team, also called Hifi Labs, and that he managed it. HIP 7 designated the company to monitor the lending partner’s financial reports.[3]
December 2024Liquidity-program administration
HIP 14 proposed authorizing Hifi Labs to continue administering liquidity bootstrapping, subject to a governance vote.[4]
April 2025Team reduction proposal
HIP 16 proposed ending HIP 15 agreements and reducing the team to administration, accounting and technical maintenance, excluding new product development and marketing.[5]
December 2025Maintenance funding
HIP 17 proposed 800,000 USDC for essential services through March 26, 2027. Leonard clarified that the funds already existed and required no HIFI sale.[6]
October 2026Post-attack responsibilities
Following the governance attack, the core team accepted responsibility for failing to stop it and took over outstanding RWA debt management.[7]
Sources
- HIP 2 - Token Swap & Ethereum Mainnet Deployment (opens in a new window)
- HIP 5 - Sheet Heads Collateral (opens in a new window)
- HIP 7 - Commercial Real Estate ($CRE1p) as Collateral (opens in a new window)
- HIP 14 - Administrative Update for Our Liquidity Bootstrapping Program (opens in a new window)
- HIP 16 - Baseline Plan for Hifi DAO (opens in a new window)
- HIP 17 - Continuance Resolution (opens in a new window)
- Hifi DAO Governance Attack (opens in a new window)