Touting higher returns for financial services users with a low risk mindset, the brand new MiMo platform offers to bridge decentralized finance and traditional EURO fiat.
Holders of EURO can now access a DeFi platform that "yields impressive returns without exposure to high volatility". Most of the volatility associated with cryptocurrency is limited with the MiMo stable token offering PAR which is effectively the first EURO alternative to USD pegged stable coins. In the cryptocurrency markets over the past couple of years, markets have grown to take confidence in the liquidity and safety of stable digital currency markets, mostly USD or gold backed digital assets.
How the MiMo Platform Works
Users can deposit Bitcoin or Ethereum as collateral to their MiMo vaults to receive PAR tokens as a loan. Once this loan is paid back, it generates fees. The fees generated enter a Healthy Fee Distribution Ecosystem - 10% of the collected fees are used as insurance for securing vaults against liquidation in the event of lowering collateral inside of the vaults. 90% of the fees are used for growing liquidity in PAR’s AMM pools. This lowers slippage in trades between PAR tokens and other crypto assets. Also, users who provide liquidity to PAR Pools earn attractive trading fees from the pool.
How Secure is MiMo/PAR
MiMo’s code has been audited by Quantstamp, a leader in blockchain security that verifies that the system works as intended. Evaluating the repository for security-related issues, code quality, and adherence to specification and best practices, MiMo’s Quantstamp security assessment certificate states that “overall, the code is well-written, well-documented, and well-tested.”
DeFi in Action - No Financial Intermediaries Needed
With Mimo, traditional banks might be a thing of the past. MiMo offers the safest and fastest way to access and manage your EURO funds without financial intermediaries. MiMo’s protocol offers PAR, the first price-stable token algorithmically pegged to the EURO. With Mimo, financial services users can borrow and stake PAR as a EURO pegged token while earning rate yields with lower risks.
According to the MiMo Growth Manager, Nick Calabro:
“With PAR, we are creating an alternative to USD pegged stablecoins such as USDT, USDC or PAX. With a token algorithmically pegged to the EURO, there is a stronger liability due to the inherent macroeconomic politics of the European Union, which make it a great hedge against quantitative easing, inflation and loss of purchasing power that may happen to USD pegged tokens.”
For more information regarding MiMo and the PAR token, visit https://mimo.capital.
Download the White Paper here.
MiMo Official Channels:
Telegram: https://t.me/mimodefi
Reddit: https://www.reddit.com/r/mimodefi/
Twitter: https://twitter.com/mimodefi
Instagram: https://www.instagram.com/mimo_defi/
Facebook: https://www.facebook.com/mimodefi
