Mimo recently burst on the stablecoin scene, offering a Euro alternative to the USD-pegged stablecoins such as USDT, USDC and many more. We speak to the man behind the scenes, leading this charge. Both he and his team have decided to remain a mystery for the time being… until the impending official launch of Mimo in March, which apparently will be a rousing affair.
Please tell us a bit more about yourself.
I’m leading Mimo to become the safest way to embrace cryptocurrency.
The best way to describe myself is that I’m a privacy nerd, an ownership advocate, someone who will fight for people to get them the right to own their money in their own hands.
I am a software engineer who has spent about a decade building systems and businesses to bring about a fairer world using crypto and other tech I’m familiar with. I’m a believer in educating over ruling, empowering over limiting, and distributing over centralizing. I know my type of profile is very common in our space, and that’s why I’m here today.
Tell us more about the Mimo platform and Euro-pegged PAR offering.
Mimo is a safe, simple, and affordable way to borrow. Our model is simple, we understand that people might want liquidity but do not necessarily want to separate themselves from their hard earned crypto assets.
To remove themselves from exposure, in this DeFi world, might mean losing access to a lot of potential. Hence, Mimo allows crypto users to keep their exposure while getting access to a stable token algorithmically stabilized to the Euro: the Parallel token, PAR.
The concept is simple – visit our website, deposit your volatile crypto assets in a virtual vault, and borrow PAR against what you’ve put in the vault, which then becomes a collateral.
What are the benefits when compared to traditional money markets?
Mimo is faster and fairer than the traditional alternatives.
Borrowing at a bank usually requires collateral (your house or your future income?), and verifying the liquidity and validity of this collateral is a lengthy and often discriminatory process.
Borrowing on-chain is fairer because it is open to everyone, but generally only in assets pegged to USD, and not always safe against a few attacks. A common example is the bank run problem. To become viable, lending platforms tend to lend your collateral. This sounds nice until enough people want out at the same time, which can happen in this unpredictable climate. Mimo is safe against bank runs.
Another problem is a pricing arbitrage issue. A lot of platforms get the price of their collaterals in ways that can be exploited, allowing attackers to liquidate legitimate users. By using the best price feeds currently available online, Mimo aims to reduce this risk to the minimum possible.
What other opportunities are there for investors on the platform?
Mimo is not raising funds through investors, so there really is not much of an opportunity to invest from a financial standpoint.
We have invested a lot of time and effort in making this platform secure, and we hope this brings an opportunity for everyone.
Can you tell us about the MiMo/PAR’s legal and security measures?
Using Mimo is safe. We have gone through a security audit, and are going through another one as we speak. Every single update to the platform will go through audits with the most reputable firms on the market. We’re working with Quantstamp and their report is available on our website.
What is the current market size of the stablecoin markets and what can we expect in 2021 (and beyond)?
The demand for proper stable coins is growing.
We could focus on the quantitative analysis of stablecoins but there’s a more interesting story here. There is currently about $44B in dollar stable coins according to CoinGecko, representing a daily volume of about $114B. These numbers are gigantic and growing fast, but what really matters is the quality of the assets.
Users are realizing more and more that not all stable tokens are made equal, and the growth of high quality centralized tokens like USDC and decentralized ones like DAI is showing where the space is going.
Any exciting upcoming news you’d like to share about MiMo?
Mimo is doing an airdrop!
We are raising the awareness of our protocol in typical crypto fashion, we are going to do the traditional airdrop. More information on our Twitter and Telegram ?
Earn Free PAR Tokens by participating in our Airdrop campaign, and because our community comes first, we are taking care of the transaction fees! Just follow the steps and fill the linked form below.
1 – Follow @mimodefi https://twitter.com/mimodefi
2 – Join our Telegram https://t.me/mimodefi
3 – Retweet our airdrop tweet and tag 3 friends
4 – Share the retweet link and your Telegram account in this form below
The other exciting news is that we’ve just had 2.5 Million Euro already locked in the Mimo vault!
For more details on Mimo and the PAR token, visit https://mimo.capital
MiMo Official Channels: