Parallel Price

About the coin

Mimo Protocol is a Collateralized Debt Position (CDP) protocol that operates on multiple blockchain networks, including Ethereum, Polygon, and Fantom. The protocol introduces a stablecoin known as PAR, which is designed to maintain a stable value by being pegged to the Euro fiat currency. PAR is a synthetic asset that is decentralized and governed by vMIMO holders, ensuring that it remains non-custodial and overcollateralized.

Main features

The main features of the PAR stablecoin include its decentralized nature, which means it is not controlled by any single entity but rather by the community of vMIMO holders. This governance model allows for a more democratic and transparent decision-making process. Additionally, PAR is non-custodial, meaning users retain control over their assets without the need for intermediaries. The stablecoin is also overcollateralized, providing a buffer to maintain its peg to the Euro even in volatile market conditions.

How it works

The Mimo Protocol allows users to lock up collateral in the form of various cryptocurrencies to mint PAR stablecoins. This process involves creating a Collateralized Debt Position (CDP), where the value of the collateral exceeds the value of the issued PAR, ensuring the stability and security of the system. Users can redeem their PAR for the underlying collateral at any time, making it a fully redeemable asset. The protocol's design ensures that the stablecoin remains pegged to the Euro, providing a reliable and stable digital currency option for users.