Coming on the scene a few months ago, MiMo has been touted as the world’s first decentralized euro stablecoin (PAR) solution.
Crypto News Flash speaks to the Mimo team to get the lowdown on how the platform works, how it is different from other euro stablecoins, how TenX holders can claim PAR tokens and how its latest TVL (total value locked) breach of €50 million is landing it in the Top 100 ranked DeFi projects on Ethereum.
Q: Please tell us more about Mimo and how it is contributing to the DeFi space.
Mimo is one of the safest ways for people to access some of the best DeFi services available on the blockchain. Currently, the main application Mimo is contributing to DeFi is Parallel, a decentralized stablecoin issuance protocol built on Ethereum.
Parallel issues decentralized stablecoins backed by collateral pegged to a fiat currency. Today, the PAR token is Mimo’s premier stablecoin reflecting the euro with over 20,000,000 tokens in circulation.
PAR are minted exclusively via the use of our protocol, on which users deposit crypto assets that can become collateral for backing minted tokens. What Mimo DeFi aims to enable is to allow these users to stay exposed to their volatile assets while benefiting from the stability and the liquidity of another stable token when they need it.
Q: What is currently ready on your platform? What can a user do?
Mimo DeFi is live and safe. It currently allows its users to enjoy the price movements of their crypto assets without selling them.
Today, the primary use case for a user would be opening a ‘Vault’, minting PAR, moving their crypto assets easily in and out, and mining the MIMO governance token along the way. A ‘Vault’ is a safe storage place for supported collateral types like wBTC, wETH, and USDC. Once a user deposits collateral into a Vault, PAR (Mimo’s euro stabletoken) can be minted against what is placed in the Vault.
At 2 percent, Mimo offers competitive interest rates that, when paid back, allow users to get their collateral back. Meanwhile, minted PAR offers an easy way to spend without selling crypto assets from the Vault. Users are guaranteed to get their collateral back in full, unlike other platforms which lend out your collateral or let other users buy it.
The web interface of Mimo DeFi is well into its version 2 update which enhances its primary functionality along with new features and a beautiful UI.
Q: Can you explain the differences between euro stablecoins on the market? Why should a user choose one over another?
PAR is the first fully decentralized euro stable token. We’re aware of a couple of other euro stablecoins currently circulating. Mimo comes out on top in terms of being sound, considering some of the other tokens are either fully centralized or minted at very high collateral ratios.
This means, Mimo’s PAR token makes much more efficient use of the capital and is pegged much more tightly to the euro, considering collateral is always backing any minted PAR and liquidation doesn’t occur too late when a Vault is under-collateralized.
Compared to centrally minted euro stablecoins, PAR has the advantage of not having to deal with negative interest rates, which allows for a safer long-term business model. There are no annual costs to the company when the protocol issues PAR tokens.
Q: We understand that the Mimo platform was developed by the TenX team and that TenX is transitioning to Mimo. What then happens to TenX users?
TenX cares about its community, and so does Mimo.
TenX was an amazing project that garnered an incredible community. Mimo is our response to DeFi, since what was being built under TenX couldn’t take advantage of any of the advancements the industry has made.
The TenX community was notified in early 2021 that all services will be sunsetting. We have notified any holders of coins or tokens issued by TenX that they will be given the opportunity to claim MIMO tokens. We worked very hard to ensure that previous supporters of TenX and the new community behind Mimo are both taken care of fairly and can feel safe shifting their support to Mimo.
TenX or PAY holders can claim their MIMO tokens here.
Q: What’s next for Mimo? Any exciting news or updates you’d like to share with our readers?
We’re building Mimo to serve users, and all of our future developments will focus on reaching them. Partnerships, listings, and integrations are currently being worked on as we see these as crucial for accomplishing our mission. We are also looking at solutions to allow users to save on gas fees, or use more of their assets as collateral for minting stable tokens.
Since breaching €50 million total value locked (TVL), Mimo is already in the top 100 DeFi projects built on Ethereum. This is only the start, and to grow bigger, we’ll bring Mimo into your actual wallet for even easier usage – you know, the one in your pocket. 😉
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