Mimas Finance is the second largest lending protocol on Cronos. Cronos is a new blockchain designed by Crypto.com that is just starting to develop its decentralized finance field. Cronos has grown a lot since the mainnet beta was released in November. Many changes are happening with Cronos that will make it a more mainstream blockchain this year including increasing the volume of transactions that can be handled 3-6X and moving from a fixed minimum gas fee to a variable gas fee based on demand. The switch in the gas fee model is predicted to result in lower gas fees overall since the blockchain is on average operating on 25% of the available volume and the fees decrease if the volume is less than 50%.

Tranquil Finance was the first native lending protocol on the Harmony ONE network and has grown to have over $300,000,000 of TVL. The team has shown that they are very versatile. Initially, they discovered that people were dumping TRANQ, the Tranquil Finance token, as soon as they earned it since it had minimal utility. The team decided to have a slight pivot in their direction in order to improve the tokenomics of TRANQ and provide a real use of the token. They announced that Defira, a DeFi metaverse game world that would use TRANQ as one of the in game tokens. The DeFi metaverse would include a lending protocol, a DEX, their liquid ONE staking token, stONE, along with other features. 

Tranquil Finance announced Defira around the same time that they announced that Mimas Finance would be a fork of Tranquil Finance on Cronos. They announced that all holders of xTRANQ (the presale version of TRANQ) and users that have locked their TRANQ will be eligible for an airdrop of rMIMAS, the Mimas Finance locked token that can either be staked for a higher rewards rate or staked to be unlocked.  It is not too late to join the airdrop.

MIMAS Airdrop Details

• 8,000,000 rMIMAS will be airdropped based on percentage held
• 1X multiplier for locked TRANQ and 1.2X for xTRANQ
• The xTRANQ can be staked and does not need to be "loose" in your wallet
• Snapshot will be taken sometime between Friday, 11 February 10am(PST) and Monday, 14 February 10am (PST)

You can still lock TRANQ to potentially join the generous airdrop.

Mimas Finance

Mimas Finance has some of the highest sustainable lending platform awards in DeFi on any platform. Mimas Finance uses a two token system, MIMAS and rMIMAS. MIMAS is the active token on the protocol and the one with the most liquidity. rMIMAS are locked MIMAS. Unlike some other locked tokens rMIMAS are actual tokens that are put in your wallet when you earn them. You can redeem your rMIMAS for MIMAS and after 6 months they become fully unlocked MIMAS.

Mimas Finance allows you to stake your MIMAS to earn rewards. They allow you to lock your rewards for a 6 month period and in addition to the normal staking rewards, earn a share of 75% of the protocol fees earned by Mimas Finance. This mechanism takes the Mimas out of the pool of tokens that can be sold and helps stabilize the price. You can stake your rMIMAS to earn rMIMAS. The emissions on the rMIMAS vault are higher* than the MIMAS vault, this provides incentive to keep them locked. These two mechanism are great for reducing the number of circulating MIMAS. It allows for higher than normal rewards, but less inflationary selling pressure.

Overall, the team behind Tranquil Finance and Mimas finance has done a great job creating sustainable high APRs for their lending protocols. They have a team of over 20 people working to bring the crosschain DeFi metaverse world of Defira to Harmony ONE and Cronos.