The world’s first decentralized token is on its way to cheaper transactions and widespread adoption with help from a well-known DeFi protocol.
With the mission to help users access the best of the services available on the blockchain, Mimo has undergone an integration with the Polygon framework to bring added utility to their network.
Mimo DeFi became the first platform allowing its users to mint stable tokens algorithmically pegged to the Euro without spending any digital assets. Instead, cryptocurrency investors could lock up any cryptocurrency in their possession. Investors could do so while simultaneously minting PAR tokens, letting their assets appreciate and maintain ongoing exposure to cryptocurrencies.
Within the first three months following their project launch, Mimo reached its highest point, securing over 60 Million Euros TVL. In June, the project announced a listing on Bittrex Global Exchange for both its Euro-pegged stablecoin (PAR) and Governance Token ($MIMO).
Mimo’s team continues to seek out advantageous partnerships that will benefit its users, the latest being Polygon, the answer to Ethereum’s mainchain fees.
Mimo becomes the world's first DeFi platform that allows minting stable coins available on Polygon.
A look into Polygon
Formerly known as MATIC Network, Polygon was created as a means to build and connect Ethereum-comparable networks and solve many blockchain’s current pain points, such as high gas fees and slow transaction fees, both of which limit widespread adoption.
Currently, each transaction made on the Ethereum blockchain requires a gas fee measured in Gwei (a fraction of ETH). The amount of Gwei charged to each user will change depending on the congestion of the network and the complexity of the transaction.
In comparison, transactions conducted on Polygon are hundreds of times cheaper (less than a cent paid in the network’s native currency) and are nearly instantaneous.
Mimo is just one of many projects that have explored the benefits of an Ethereum-compatible blockchain to minimize the limitations of the network while maximizing the use of the Ethereum ecosystem.
Mimo’s development team commented on this level of technical achievement, stating:
“We’re excited about this improvement and creating the Polygon bridge. Despite the technical hurdle, I’m certain Mimo users are going to appreciate the option to access our apps across the networks.”
User impact
On the existing Mimo platform, users can expect the application and core services to remain the same, but with all the added benefits of the Polygon platform, including lower gas fees and faster transactions.
Furthermore, users can now open a vault to store assets and access their wealth at any time, without selling any crypto, resulting in a much lower barrier to entry.
The project team shares the excitement of users who have been asking for this update for months, along with their desire “to see how the community takes advantage of this.”
The future is bright
In the near term, Mimo continues to add listings on larger exchanges, building a stronger community and driving Euro adoption.
Speaking with Cointelegraph, the company’s growth manager, Nick Calabro, shares the excitement about the future.
“Once adoption spreads, we’ll be much more poised to start announcing even more improvements to the community.”
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