Mimas Finance is an open source project forked off of the lending primitive from the Tranquil Finance project on Cronos Chain.
They plan to launch our token on the blockchain platform Cronos Chain, with its capital city of Mimasa located on the continent of Cronia. They want to be the best platform on Cronos for loans and borrowing.
They plan to launch a staking derivative token shortly after the initial launch. It would allow stakers who stake CRO tokens to receive staking rewards while also being able to use it as collateral on the platform.
Table Of Contents
MIMAS Token Current Price
The MIMAS Token is the protocol token of Mimas Finance. Alongside governance rights, the developers aim to innovate with the use of the token, based upon the experiences and learnings from similar projects.
To encourage long-term holders of MIMAS tokens, 75% of all fees generated by the protocol will be distributed to a 6-month locked-up staking pool.
To reduce the sell pressure while also giving competitive rewards for lending, the emission rates for the liquidity incentives of lending markets will be a combination of both MIMAS and r-MIMAS, a time-locked version of the MIMAS token redeemable in 6 months.
The team outlined their specific near term goals and more broad medium and longer terms goals, knowing that priorities inevitably shift with such an early stage project.
Near Term (Dec 2021 – Jan 2022)
- Officially announce the project
- Build community of early Mimers
- Finalize and publish tokenomics
Mainnet Launch and IDO
- Launch the app on the Cronos mainnet (without rewards)
- Initial DEX offering
MIMAS Staking and Rewards
- Launch locked MIMAS staking pool to distribute fees
- Enable MIMAS rewards for supported markets
- Enable rMIMAS rewards for the supported markets
- Launch MMF liquidity pool staking to incentivize MIMAS liquidity
Improve App Experience
- Support Crypto.com DeFi Wallet
Build Our Team on Cronos
- Hire and onboard additional support staff (community managers and moderators)
Medium Term (Q1 – Q2 2022)
- Complete at least one security audit with reputable auditors
Find Product Market Fit
- Establish good traction and growth of users and TVL
Launch Liquid Staking Token (stCRO)
- Set up operations to run validator nodes
- Create app to stake CRO to stCRO
- Allow users to unstake stCRO back to CRO with profits
- Allow lending and borrowing stCRO on Mimas
- Grow stCRO adoption in the entire DeFi ecosystem
- Design governance model for making effective decisions
- Establish incentives for decentralized operations
Grow the Ecosystem
- Establish more and deeper partnerships
- As a more mature player, help develop smaller projects
Long Term (Q3 2022+)
- Evaluate readiness of exchanges to list Cronos tokens
- Close deals for listing on at least one major exchange
Undercollateralized Use Cases
- Options, futures and perpetual swaps using deposits as collaterals
- Leveraged trading borrowing from Mimas markets
- Develop combined collateral model for all use cases on the platform
- Make Mimas thrive and grow with decentralized yet robust governance
- Remove ownership of smart contracts wherever feasible
You can use staking and locking to encourage people to hold MIMAS tokens for longer periods of time.
You’ll receive a 6 month lock up period after which you’ll unlock your MIMAS. During the lockup period, you’ll still earn rewards normally, and you may unstake without penalty at any point during the lockup period.
A flexible MIMAS staking pool without a locking period is also available with lower rewards, but it doesn’t distribute protocol fees to the staker.
Lending protocols are usually a large target for mercenary miners, as there is no fee to deposit and withdraw large quantities of assets to mine rewards.
To reduce sell pressure and give competitive rewards for lending, the team combined MIMAS and rMIMAS, a time-locked variant of the MIMAs tokens redeemable in 6 month.
Moreover, instead of redeeming their rMIMAS tokens, rMIMAS token holders can choose to stake them instead and earn more rMIMAS rewards.
MIMAS tokens will be used to purchase game features that require real money, such as summoning new characters or purchasing land deeds. These purchases will be made using the MIMAS token, which will then be permanently burnt.
LEAD DEVELOPER – Former FAAMG software engineer tech lead with over 10 year experience and background in cryptography.
SMART CONTRACT DEVELOPER – Former FAAMG software engineer tech lead with over 10 year experience and background in security and authentication.
BACKEND DEVELOPER – Former FAAMG software engineer tech lead with over 10 year experience and background in ML and cloud systems.
We have seen many cryptocurrency projects come and go, but we believe that Mimas has what it takes to become the next generation of financial infrastructure.
Their goal is ambitious, but they are backed by strong teams who have extensive experience in blockchain development and finance.
They’re building on top of an existing ecosystem, so they don’t need to start from scratch.
All these factors make us confident that this project has the potential to succeed.