• Thu. Jul 25th, 2024

MiMo DeFi Protocol: World’s First Decentralized Lending Platform to Mint Euro Stablecoin PAR

Lock up your WBTC, ETH, and USDC to mint PAR tokens and earn high-yield APYs through Liquidity Mining Pools

SINGAPORE, March 26, 2021 (GLOBE NEWSWIRE) — MiMo DeFi has recently revamped its Web App and Wallet with a simple and straightforward UI/UX and added more cryptocurrencies, such as ETH, WBTC, and USDC, for vault lockup to mint Euro stable coin PAR (Parallel).

Without Spending Digital Assets, Users can Mint Euro-Pegged Tokens

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As the world’s first Euro Defi (decentralized finance) lending platform, MiMo facilitates the minting of PAR (Parallel), a token algorithmically pegged to the Euro.

Users lock up their digital assets as collateral in a virtual vault, as opposed to spending them. Implemented on-chain, this makes PAR the first fully decentralized Euro stable token of its kind.

Benefit from Market Appreciation of Digital Assets

With MiMo DeFi, users retain ultimate control of their locked-up digital assets as long as the digital assets are sufficient in value.

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This means users can continue to benefit from the price appreciation of their digital assets in the market while at the same time minting PAR tokens, which can also be used in the DeFi marketplace.

Generate Income through Staking on Liquidity Pools

Besides the opportunity to take advantage of the attractive 2% lending rate offered on the MiMo DeFi platform, users can also benefit from high-yield returns when they place their PAR tokens in liquidity mining pools.

The MiMo Defi Solution: Make the Most of Your Digital Assets

MiMo DeFi is backed by a team of developers that launched TenX in 2017, a wallet platform designed to be used in conjunction with a debit card allied with the Visa network. The platform was successfully used by many as a crypto payment solution in numerous countries worldwide.

The team continues to be at the forefront of the most innovative solutions and services for the crypto sphere. The MiMo DeFi platform was borne of a vision to help cryptocurrency users optimize their digital assets easily in a transparent manner utilizing blockchain technology.

Feedback from users made the team realize that users did not want to spend away from digital assets as that would mean the end of the crypto journey, the loss of desired ongoing exposure.

In the last two years, crypto assets in the DeFi space have been one of the fastest-growing categories. Last year in March 2020, the TVL (total value locked) in DeFi was USD 700 million; it now stands at USD 45 billion.

The growth of DeFi protocols and platforms developed through smart contracts, the advancement of technology, and the industry’s maturation were all factors that contributed to the development of MiMo DeFi. The team believes the new and more robust product is one that satisfactorily answers crypto users’ needs in a vibrant and dynamic DeFi environment.

A Decentralized Community Governance Model

Audited by Quantstamp, the Mimo DeFi Protocol works “as intended” on the Ethereum platform, keeping user balances safe. To increase confidence in the overall transparency of the project, more audits are underway, with results to be published.

MiMo DeFi is set to evolve into a community governance model where MIMO token holders will participate through on-chain voting on different operations and upgrades to the MiMo protocol.

This ensures proper distribution of power among token holders, guarantees its decentralization, and increases the community’s involvement in the platform’s tokenomics.

For more information regarding Mimo and the PAR token, visit https://mimo.capital

MiMo Official Channels:
Telegram Group: https://t.me/mimodefi
Twitter: https://twitter.com/mimodefi
Facebook: https://fb.me/mimodefi

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Kevin Moore - E-Crypto News Editor

Kevin Moore - E-Crypto News Editor

Kevin Moore is the main author and editor for E-Crypto News.