Mimo, The Next Generation DeFi Platform. A Year End Highlights
a research and opinion article by Asia Token Fund Journalist
Introduction to MiMo DeFi
Early this year, a blockchain company called Mimo has developed a DeFi (Decentralised Finance) protocol that provides PAR, the world’s first stablecoin algorithmically linked to the Euro, using its multi-chain platform, the Parallel Protocol, which is based on the Ethereum blockchain. The protocol enables the creation of PAR tokens by securing assets like bitcoin, ether, and dollars, among others, and earning income via liquidity pools.
MIMO, which is slated to be the world’s first Euro DeFi (decentralized finance) lending platform, permits the issuance of PAR (Parallel), a token whose value is algorithmically linked to the Euro. Users may save their digital assets as collateral in a virtual vault rather than spending them if they want. As a result of the implementation on-chain, PAR is the world’s first completely decentralized Euro stable token of its sort.
As long as the digital assets are of significant value, consumers may maintain complete control over their locked-up digital assets using MiMo DeFi. As a result, users may continue to profit from the price increase of their digital assets in the market while also minting PAR tokens, which can be utilized in the DeFi marketplace in addition to their regular digital assets.
What are the Benefits of MIMO Defi?
The digital assets are of significant value, and consumers may maintain complete control over their locked-up digital assets using MiMo DeFi. As a result, users may continue to profit from the price increase of their digital assets in the market while also minting PAR tokens, which can be utilized in the DeFi marketplace in addition to their regular digital assets.
Additionally, users may reap the benefits of high-yield returns when they invest their PAR tokens in liquidity mining pools, in addition to taking advantage of the attractive 2 percent loan rate given on the MiMo DeFi network.
Where is MIMO token listed?
MIMO Defi ($MIMO) is a cryptocurrency that is traded on Bittrex Global. Additionally, PAR — Mimo’s stable token algorithmically tied to the Euro — has been added to the list of available tokens. Its attraction to Bittrex users stems from the fact that it owns the infrastructure on which Mimo is constructed and uses its local currency, which is helpful for people in Europe.
This is Mimo’s biggest centralized exchange listing yet, and it opens the MIMO and PAR tokens to a larger audience, allowing them to be traded more widely.
PAR tokens are only issued in connection with loans made via Mimo DeFi, a beginner-friendly lending platform that MIMO token holders assist in governing. As a result, PAR tokens are backed by assets that are accepted on Mimo DeFi as collateral.
According to Nick Calabro, Growth Manager at the project, adding Mimo to the Bittrex roster is only the beginning. He expects a slew of optimistic announcements to emerge from the project before the end of the calendar year.
“The last few months have been inspiring for Mimo and our tokens. The dollar has been receiving a lot of bad press lately. Hence, PAR is a natural addition to many crypto portfolios that I’ve seen, and this listing on Bittrex is simply another opportunity to make this stability available to even more customers,” adds Calabro, Growth Manager at Mimo.
As Nick explains, “We’re sure that traders on the exchange will see the value of what we’ve done with PAR, both when a mechanism to stabilize their portfolios by hedging against the currency of another country and by joining us as we release other tools like this as we grow.”
Bittrex is a prominent partner for Mimo since it is one of the most secure platforms and wallet infrastructures available. It gives users convenient access to a wide range of goods and services.
When it comes to cryptocurrency exchanges where you can acquire Parallel Protocol stock, the top three cryptocurrency exchanges for trading in Parallel Protocol stock at the moment are Bittrex, MDEX, and Balancer (v2). Other cryptocurrency exchanges are included on our cryptocurrency exchanges page.
MIMO is a governance token?
MIMO is the governance token for the Mimo DeFi technology, and it is a cryptocurrency. Mimo DeFi is a platform that enables its customers to benefit from the liquidity of their cryptocurrency assets without selling them. Users may put their assets into Vaults, and when they have been locked, they can use them to create PAR stable tokens in exchange for them. As soon as the PAR is returned to the platform, the assets are made accessible again to the user. Users must lock their MIMO tokens for a certain period of time in order to regulate the platform. The longer the lock, the greater the amount of voting power. The majority of the Mimo crew is headquartered in Singapore and Dubai.
MiMo DeFi is expected to expand into a community governance model, in which MIMO token holders will be able to engage in on-chain voting on various activities and protocol improvements. To achieve correct power distribution among token holders, maintain decentralization, and enhance community participation in the platform’s tokenomics, this must be decentralized.
Mimo DeFi transition from TenX
TenX is a crypto wallet platform that was notably established by the TenX team in 2017. many people across the globe have utilized the TenX Visa Card as a cryptocurrency payment alternative, with great success. TenX understood the special issues encountered by European cryptocurrency users as a result of having a big European user base and a management team that included many Europeans. On the other hand, CEO Claude Eguienta maintains that the Mimo product is more of a “by-product of reaching out to a broader market” than a product designed just to “service Europeans.” Additional input from their customers also helped the TenX team discover that “wasting away” digital assets was not desired in the lively DeFi ecosystem since users did not want to miss out on possibilities for continued exposure and exposure opportunities. As a result, a lending-borrowing platform was developed so that one cryptocurrency adventure would not have to end as soon as another one started.
Visit the official Mimo channels to learn more about Mimo and the Parallel protocol: