So far, we have revealed that mimo will be a DAO governed DEX that integrates a vote escrow model. Most of you are curious to know how PICO is allocated and distributed in order to kick start liquidity on mimo. This initial liquidity will power the flywheel effect that dynamically rebalances reward apportionment among Liquidity Pools. The goal is to achieve optimal sustainable rewards for investors while providing greater stability for mimo and the stakeholders involved. Also in last article, we discussed how mimo is adopting the voting escrow token model to reduce incentives for short-term mercenary mining behavior. In this model, liquidity providers will stake (deposit) their LP tokens to LP pools and earn PICO if its gauge is voted. An additional yield will be earned by staking PICO, which then creates vePICO. Depending on the staking duration, i.e. how long the PICO has been locked, this additional yield could be as much as 2.5 times. Further, and equally important, vePICO holders vote each week to adjust the farming parameters. We'll take a closer look at the elements in this process.
As we mentioned in our last article, vePICO is created when you stake PICO. vePICO is users' voting power and is non-tradeable. The amount of vePICO created by staking will vary, depending on how many PICO you stake and the length of time you lock them. To launch the new version of mimo, governed by the mimo DAO, there needs to be an initial group of vePICO holders. These vePICO holders will begin to govern the actions of the DAO, including establishing the initial reward percentages and guage voting. Below we'll explain how and who will first receive vePICO to begin this process.
Early Adopters Airdrop
To reward early supporters of mimo and IoTeX, the vePICO distributions will be given to mimo early supporters who are:
- Early mimo users
- Early liquidity providers
And mimo will reward early IoTeX supporters who are:
- MachineFi NFT holders
- Pebble Pioneer/UCAM/BURNDROP NFT holders
- Pebble Tracker Owners
- IoTeX long-term stakers (91 days+)
Multi-Chain vePICO Mining
Mimo's goal is to expand beyond the protocols on the IoTeX blockchain to attract and onboard projects from other EVM compatibles chains. This will also encourage users to stake and earn initial mining points on the mimo DEX at different chains (the chain selection is to be determined) during the initial 4 weeks distribution campaign. vePICO will be distributed based on the number of mining points received.
Mimo welcomes more protocols from different chains to join the DAO and benefit from being part of the governance of mimo. There will be a vePICO distribution to these ecosystem builders.
The top 10 projects built on IoTeX will get a weighted vePICO distribution based on their average TVL posted by Defi Llama. A snapshot of TVL on IoTeX will be taken at a later date.
Launch Campaign Timeline
The team at mimo considered the needs of the stakeholders involved. Ultimately, these are real people, not investors, not stakeholders, not platforms, but real people. The mimo team wants these people to feel their interests are being given due consideration when weighed against the interests of everyone else involved. It's a dynamic system with many moving parts and differing time horizons. The team believes it's fair and optimizes for the right balance of creating liquidity, returns on investment, and stability. Here is how PICO is allocated.
We’re excited to launch the mimo DAO. Our new governance model will be vibrant and benefit all the stakeholders who participate in voting on the actions and directions that mimo takes. PICO’s launch will give token holders and protocols an effective way to receive returns on their contributions and get liquidity for their projects. Don’t just take our word for it. Join the DAO governance of mimo, a protocol providing a more stable way to provide liquidity for your token, for token holders looking for more stable returns and for those who want to have a say in the governance of mimo. Our more evolved DEX is where you want to trade, earn, and build.