Launching its brand new platform, MiMo offers a bridge between DeFi and the EURO fiat world. Conservative and risk-averse financial services users who are seeking higher returns than those currently offered by traditional banking institutions can now access a EURO DeFi platform that yields impressive returns without exposure to high volatility as is the case with many other cryptocurrencies.
MiMo’s stable token PAR now offers aEURO alternative to USD-pegged stablecoins.
“With PAR, we are creating an alternative to USD-pegged stablecoins such as USDT, USDC or PAX,” MiMo growth manager Nick Calabro said. “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.”
MiMo’s protocol offers PAR, the first price-stable token algorithmically pegged to the EURO. 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 where 10 per cent of the collected fees are used as insurance for securing vaults against liquidation in the event of lowering collateral inside of the vaults. Ninety per cent 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.
MiMo’s code has been audited by Quantstamp, a provider of 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.”
