Launching its model new platform, MiMo provides a bridge between DeFi and the EURO fiat world. Conservative and risk-averse monetary companies customers who’re looking for greater returns than these at the moment provided by conventional banking establishments can now entry a EURO DeFi platform that yields spectacular returns with out publicity to excessive volatility as is the case with many different cryptocurrencies.
MiMo’s steady token PAR now provides aEURO various to USD-pegged stablecoins.
“With PAR, we’re creating a substitute for USD-pegged stablecoins equivalent to USDT, USDC or PAX,” MiMo progress supervisor Nick Calabro stated. “With a token algorithmically pegged to the EURO, there’s a stronger legal responsibility as a result of inherent macroeconomic politics of the European Union, which make it a terrific hedge in opposition to quantitative easing, inflation and lack of buying energy that will occur to USD pegged tokens.”
MiMo’s protocol provides PAR, the primary price-stable token algorithmically pegged to the EURO. Customers can deposit Bitcoin or Ethereum as collateral to their MiMo vaults to obtain PAR tokens as a mortgage. As soon as this mortgage is paid again, it generates charges. The charges generated enter a Wholesome Payment Distribution Ecosystem the place 10 per cent of the collected charges are used as insurance coverage for securing vaults in opposition to liquidation within the occasion of decreasing collateral inside the vaults. Ninety per cent of the charges are used for rising liquidity in PAR’s AMM swimming pools. This lowers slippage in trades between PAR tokens and different crypto belongings. Additionally, customers who present liquidity to PAR Swimming pools earn enticing buying and selling charges from the pool.
MiMo’s code has been audited by Quantstamp, a supplier of blockchain safety that verifies that the system works as supposed. Evaluating the repository for security-related points, code high quality, and adherence to specification and finest practices, MiMo’s Quantstamp security assessment certificate states that “total, the code is well-written, well-documented, and well-tested.”