MiMo: the EURO-pegged Alternative to USD-pegged Stablecoins
Singapore, 4 February, 2021 — MiMo has just announced a brand new EURO-pegged stable token, that offers a bridge between decentralized finance (DeFi) and the world of traditional fiat.
This will come as welcome news to conservative and risk-averse financial services users. To get higher returns than what is currently offered by traditional banking institutions, MiMO now offers a EURO DeFi platform yielding impressive returns while limiting exposure as is the case with many high volatility assets like cryptocurrencies.
PAR: The First EURO Alternative to USD-pegged Stablecoins.
“With PAR, we are creating an alternative to USD pegged stablecoins such as USDT, USDC or PAX,” says Nick Calabro who is the Growth Manager at MiMo. “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.”
No Financial Intermediaries Needed
Traditional banking might be on its way out the door with decentralization finance gaining quite a bit of traction these days. MiMo is offering a decentralized solution with no financial intermediaries required to safely and quickly access and manage funds (in EURO).
The PAR token, MiMo’s protocol, is the first price-stable token that is algorithmically pegged to the EURO. Financial services users can borrow and stake PAR as a EURO pegged token on the MiMo platform while at the same time earn rate yields with lower risks.
The platform allows users to deposit BTC (Bitcoin) or ETH (Ethereum) as collateral to their MiMo vaults and then receive PAR tokens as a loan. When the loan is paid back, it generates fees which enter a Healthy Fee Distribution Ecosystem. In the event that collateral lowers inside of the vaults, 10% of the fees collected are used as insurance to secure vaults against liquidation. 90% of the fees are then used to grow liquidity in the PAR AMM (automated market makers) pools. This will lower slippage in trades between PAR tokens and other crypto assets. In addition, users who provide liquidity to PAR Pools will earn attractive trading fees from the pool.
Safe and Secure
Quantstamp, a leader in blockchain security, has audited MiMo’s code, verifying that the system works as intended. Code quality, security-related issues and adherence to specification and best practices were evaluated by Quantstamp, prompting a statement in MiMo’s security assessment certificate that “overall, the code is well-written, well-documented, and well-tested.”
For additional details about MiMo and the PAR token, visit https://mimo.capital.
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