In this month's recap, we will discuss key updates from the Parallel Protocol, including branding clarifications, liquidity migration instructions, new pool creation on the Midas platform, adjustments to fees, and more. These updates showcase the protocol’s commitment to enhancing its offerings, ensuring user satisfaction, and maintaining a competitive edge within the DeFi ecosystem.
Mimo Protocol rebranding
Mimo is seeking to clarify the branding of its overcollateralized stablecoin platform. Previously referred to as both Mimo Protocol or even Parallel Protocol, the official name moving forward will now be "Parallel Protocol." The company will focus on branding efforts to minimize confusion and ensure consistency in future communications.
PAR-jEUR Beefy Boosted pool
Mimo encountered an internal issue that prevented them from participating in an Aura voting round. Consequently, the jEUR/PAR pool did not receive BAL emissions for two weeks. To compensate, LPs were provided with $3,200 worth of MIMO through a special Beefy boost for the same duration.
PAR-jEUR Balancer pool migration
Liquidity providers on the old PAR-jEUR Balancer pool should migrate their liquidity to the new Balancer pool.
This is the pool where $BAL incentives are being distributed, so LPs should ensure they move their assets to take advantage of these rewards.
Mimo Midas Pool on Fantom
The DAO has voted to create a new pool on the Midas. After initially creating a pool on Polygon, the protocol is now expanding to Fantom. The pool structure includes various collateral types, each with different Loan-to-Value (LTV) ratios which you can find in the thread below :
Fees reduction
Following the MIP-12, the Mimo DAO multisig has executed transactions to lower initiation and borrowing fees for all collateral types and across all chains in order to stay competitive. The initiation fee has been reduced from 0.3% to 0.2%, and the borrowing fee has been significantly decreased from 3% to 0.3%.
Governance Recap
New collaterals
New collaterals with their defined parameters have been voted and accepted by the DAO. It will soon be possible to mint PAR against wstETH, cbETH and rETH on Ethereum.
Find all Snapshot results here.
MGP-12 & MGP-13 Approved
The Treasury Strategy for the Mimo Protocol will be launched. To summarize, ultimately vMIMO holders (which is having voting power in the @mimo_dao & @KumaProtocol DAOs) would also have voting power in the DAOs of @AuraFinance, @Balancer, @APWineFinance and @paraswap.
MIP-14 & MIP-14.1 approved
The goal of these proposals is to launch an overcollateralized USD-pegged stablecoin and define its parameters and its collaterals. As the launch of the KUMA protocol approaches, it would be beneficial to launch a USD stablecoin to pair with the USK.
Multisig
Since last month, there are many transactions with all these new collateral, let's dive in:
Transactions covered
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DAO signer compensation has been sent
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MIP-12┃Adjust Origination & Borrowing fee has been executed
Next Transactions to be covered
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DAO signer compensation for the month of November
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MIR-19 & MIR-19.1 add wstETH and its collateral parameters on Ethereum
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MIR-20 & MIR-20.1 add cbETH and its collateral parameters on Ethereum
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MIR-21 & MIR-21.1 add rETH and its collateral parameters on Ethereum
That’s about it for this month!
Be sure to visit Mimo’s Snapshot profile to not miss the latest proposals.
You can also participate in the discussion on the Governance Forum or on Discord, and if you have any questions or suggestions, feel free to chat with the community on Telegram.
Don't forget to also follow the latest information on the Mimo DAO Twitter account.