The Liquis Pre-Launch Program is in its final stages on the eve of protocol launch. We have broken through the 2.5M veLIT-equivalent deposit threshold, good for 13.7% of all circulating LIT liquidity and 21.5% of Bunni voting power once locked! With the launch of Liquis around the corner, we’re excited to share our next launch partner: Mimo Labs.
Parallel is an over-collateralized stablecoin-issuance platform that allows users to mint PAR and paUSD instead of selling underlying assets. PAR is pegged to the euro and paUSD pegged to USD. Users are currently able to provide USDC, wBTC, wETH, and a handful of other DeFi assets as collateral on Ethereum mainnet. Parallel has also been deployed on Polygon PoS.
Collateral is onboarded to Parallel via protocol governance which is coordinated by holders of the MIMO governance token. If users need further help with managing their positions, they can opt to have their vaults managed by automated processes via the audited Super Vaults feature.
Kuma is a real world asset (RWA) tokenization protocol that brings traditional assets onchain. Assets are first tokenized as NFTs by Mimo Capital AG, and then are wrapped in the form of KUMA Interest-Bearing tokens (KIBT) which are ERC-20 tokens. Kuma currently issues three such KIBTs:
USK: Backed by one-year US Treasury bills
EGK: Back by Next.e.GO Mobile corporate bonds
FRK: Backed by one-year French Treasury bills
NFTs and KIBTs are freely transferable after being minted, and so secondary holders are not required to provide KYC/KYB checks. Moreover, KIBTs can be unwrapped at any time by any holder for the underlying NFT(s), which themselves can be redeemed by approved parties for the underlying value. In order for holders to accrue the yield of the underlying bonds, KIBTs rebase every four hours. As the majority of DeFi protocols do not support rebasing tokens, Mimo Labs has built out ERC-4626 wrapper to allow them to be further integrated across other DeFi platforms.
The protocol is currently deployed on Ethereum, Polygon PoS, Linea and Mantle.
Mimo Capital AG is registered in Liechtenstein and regularly publishes Proof of Reserve reports by Grant Thornton on the backing of Kuma assets here.
As an issuer of multiple fiat-pegged or fiat-tracking tokens, Mimo Labs stands to benefit from concentrated liquidity against other stablecoins in particular. Mimo has invested $25,000 in Liquis deposits throughout the Pre-Launch Program and stands to be an active player at launch as it brings liquidity strategies for assets like PAR and EGK to Bunni.
You can follow and learn more about Badger DAO via the following resources:
The primary Mimo Labs interface can be accessed here.
Liquis is about to enter the fourth and final epoch of its Pre-Launch Program. The Pre-Launch Program runs through August 30th, and now with the blessing of Timeless Finance governance, its actual protocol launch is expected for right around that time as well. At that point, all deposits into the Liquis Pre-Launch will be deposited and locked for four years in the Bunni voting-escrow contract.