The cryptocurrency payments platform has taken on a new brand – and launched a new set of easy-to-understand applications designed to innovate in decentralized finance.
Mimo is a new protocol that acts as the successor to TenX, capturing the imagination of early adopters by allowing them to carry out cryptographic transactions anywhere using a card.
Much of the underlying technology used to create TenX is now being implemented in Mimo, which aims to bring exciting new features to the DeFi room.
At the heart of the proposal is Parallel (PAR), which has been described as the first decentralized stable currency to be algorithmically linked to the euro. Stability is achieved by maintaining security in the smart contract store.
According to Memo, dollar-backed assets like Tether dominate the market today – despite the euro being the second most popular currency in the world.
New users can start using the protocol by connecting to an ERC-20 wallet – the platform accepts Bitcoin, Wrapped Ether, and USDC. From here, they can start providing liquidity for the new portfolio appraisal tool.
The development team behind this project explained Mimo’s vision for the way forward: “Mimo is uniquely positioned to bridge the gap between the DeFi world and reliable regulated financial institutions by offering a fully decentralized currency platform with loans and savings (under development). This will allow us to move faster. Take advantage of the current trends in DeFi and offer our user group a highly competitive product. ”
The plan is to develop a corporate governance model that ensures users can vote on the chain and share their views on future protocol campaigns.
In a posting at the time, the team said TenX was “not specifying the purpose of decentralized finance.” This has a lot to do with how people want to access their ongoing cryptocurrencies rather than using them in a store.
Mimo shares many of the team members TenX has created, while adding new skillsets that have helped bring the total value included in this new protocol to € 33 million ($ 40 million) at the time of writing. WETH is by far the most popular asset to lock onto this platform at 66.8% of the total, followed by WBTC at 23.2% and USDC at around 10%.
The protocol was independently revised by Quantstamp and no medium or high risk issues were identified in the report.
The Mimo post also showed why the introduction of a stable decentralized currency pegged to the euro showed that the cryptocurrency industry is seeing a new group of users (known as the “early majority”) begin to experience their first contact with digital assets.
More information from MIMO here
The authors write: “New users entering our industry today have lower risk tolerance, which can be seen in the increased use of stack coins for transfers compared to the use of volatile cryptocurrencies for transfers. At the same time, these new users are not looking for high risk and reward. High, but instead they are looking for income denominated in their own currency. ”
Looking to the future, Mimo believes that its protocol, in addition to the stable currency PAR, has an irresistible ability to meet the needs of the crypto-curious by providing direct access to savings and loans at competitive rates.