My objective is to introduce you to Mimas Finance and where it is headed. I am staying at a high level but encourage you to perform your own research. I will give an overview of where it is today; background on the development team; and quick overview of where it plans to go.
Today Mimas Finance is an algorithmic money market protocol, just like Aave. The APY% are rather generous and far beyond anything you could possibly get at a traditional finance institution. You are also able to collateralize your assets, thereby allowing you to deposit your assets, earn interest on them & use them as collateral to borrow other assets:
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CRO
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WBTC (Wrapped Bitcoin)
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ETH (Etherum)
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USDC (Us dollar coin)
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UDST (Tether)
Mimas Finance also has its own native tokens, MIMAS, and a time locked rMimas. These tokens are what will be paid out to you for utilizing their project. They offer various locked and unlocked staking alternatives to offer rewards currently varying from 88.98% for unlocked rewards to 134.97% for locked rewards. Their rewards are payed out in the same tokens are they are earned CRO, WBTC, ETH, USDC, USDT, Mimas, rMimas. I suggest you read the Documents for more on Tokenomics:
https://docs.mimas.finance/mimas-token/tokenomics
The team behind Mimas Finance is also responsible for Tranquil Finance on the Harmony Network. Tranquil Finance was the first Money Market on Harmony. The team has been very responsive in their development efforts. They had the usual farm and sell token problem when they first deployed and so they developed a better tokenomics and quickly / successfully deployed it. They quickly changed to Chainlink price feeds once it was deployed to Harmony. They have developed a successful Liquid staking program for ONE. A similair effort is part of the Mimas Finance Roadmap.
They have an excellent vision for a gamified version of Defi and have developed their ambitious roadmap for 2022 — Taking Tranquil Finance and Mimas Finance into a DeFi metaverse game world.
Their vision for a game world which not only hosts Tranquil Finance as an in-game lending protocol, but also a full suite of all major DeFi primitives. After launching on Harmony, They plan on bring Defira cross-chain, including leveraging their presence on Cronos Chain with Mimas Finance.
DeFi Metaverse
They envision the capital city to be a bustling metropolis filled with magical powers and fantasy races. Its main landmarks each host a fundamental DeFi primitive, creating a DeFi Metaverse:
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Marketplace: DEX
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Bank: Lending protocol
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Temple: Liquid Staking
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Skyport: Bridge
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Apothecary: Launchpad
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Mint: Stablecoin
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Vault: Yield optimizer / SSOV
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Armorer: Insurance
Deposit Rates as of 31 Jan 2022
CRO ~20%
WBTC ~ 32%
ETH ~ 27%
USDC ~ 32%
USDT ~ 38%
Withdrawal Rates as of 31 Jan 2022 (positive rates after Mimas rewards) - Payed to Borrow
CRO ~62%
WBTC ~ 71%
ETH ~ 63%
USDC ~ 59%
USDT ~ 50%
This is the best time to get into this exciting development effort on the Cronos Chain with Mimas Finance. Below are links for more information
https://mimas.finance/
Twitter: https://twitter.com/mimas_fi @mimas_fi
Discord: https://discord.com/invite/X4aCwkjRmr
Telegram: https://t.me/mimas_finance
Documents: https://docs.mimas.finance/
Medium: https://mimasfinance.medium.com/
Tranquil Finance:
Twitter: https://twitter.com/tranquil_fi
Discord: https://discord.com/invite/tranquilfinance
Documents: https://docs.tranquil.finance/
