Introducing mimo v2, a brand new protocol that will fuel the next wave of decentralized finance (DeFi) on IoTeX. Developed by CapitalMu, a group of fintech experts from the National University of Singapore (NUS), mimo’s vision is to empower next-gen DeFi products that utilize our state-of-the-art automated liquidity protocol and the IoTeX platform’s lightning-fast speed, low gas fees, and cross-chain compatibility with top blockchains.
Since launching in September 2020, mimo v1 has processed 100,000+ transactions and currently manages more than 175 Million IOTX ($3.5M) in liquidity across dozens of trading pairs. mimo v2 not only introduces innovative features and enhanced performance, but also employs an entirely new methodology and user experience for community-managed liquidity pools:
- mimo v1: all liquidity pools include IOTX and another XRC20 token (e.g., IOTX-VITA, IOTX-BUSD)
- mimo v2: any XRC20 token can be pooled directly with any XRC20 token (e.g., VITA-BUSD)
mimo v2 delivers flexibility for liquidity providers, who can now create any number of custom XRC20-XRC20 positions, and powerful benefits for traders, such as lower slippage and better pricing thanks to optimized routing. Moreover, mimo v2 is Web3-compatible and developer-friendly – new users can access mimo via MetaMask for seamless onboarding and developers can easily build new DeFi tools/services on top of mimo v2.
mimo v2: Alpha Release & Future Roadmap
Today’s Alpha release of mimo v2 kicks off our ambitious roadmap for 2021. In addition to the decentralized liquidity pools and token swaps you are familiar with from mimo v1, mimo v2 will serve as the foundation for advanced features that will greatly expand DeFi on IoTeX. These features, which are summarized below, will be released incrementally and progress from Alpha → Beta → Production.
- Direct token-to-token swaps: in mimo v1, users could swap any two XRC20 assets by routing through IOTX (e.g., swap VITA-to-BUSD via VITA-to-IOTX & IOTX-to-BUSD swaps). In mimo v2, an XRC20 asset can be pooled/swapped directly with any other XRC20 asset, including stablecoins.
- Cross-chain swaps: mimo v2 will be integrated with ioTube to support cross-chain swaps between IoTeX and Ethereum, BSC, Polygon. This means you can swap IoTeX tokens for Ethereum/BSC/Polygon tokens, where swapped tokens will show up directly in your Ethereum/BSC/Polygon wallet!
- Yield Farms v1: as new XRC20 tokens are onboarded to IoTeX, our Yield Farms v1 will enable liquidity providers to stake (deposit) their LP tokens and earn additional yield.
- $MIMO governance token: the highly anticipated $MIMO token will launch in 2021 with airdrops distributed to early mimo adopters; $MIMO will also be mine-able in our yield farms.
- Governance DAO: holders of $MIMO token will be able to make proposals and join network-wide votes facilitated by a transparent DAO.
In addition to these game-changing features, mimo v2 also introduces a sleek new website/app with enhanced UI/UX to make swapping and providing liquidity more seamless than ever. We have also launched a new analytics portal with both single-token and token-pair views, as well as IOTX and USD views.
What’s Next + FAQs
This Alpha release of mimo v2 is an experimental DApp with several streams of work still in progress. From formally verifying our smart contracts to optimizing Web3-compatibility to creating better documentation there is much to look forward to. Over the coming months, we will post regular updates on our progress and invite your feedback. We are excited to bring you along in our journey to create the future of DeFi on IoTeX!
How can I help test mimo v2?
We are launching mimo v2 in Alpha to gather feedback – if you want to help test mimo v2, it’s simple! Share any bugs or feedback to us on Telegram.
- Connect IoTeX to MetaMask as a custom RPC using these instructions. Note: mimo v2 is only compatible with Web3 tools like MetaMask.
- Visit the mimo v2 website/app -- if you are a first time user, you will be prompted to add or switch to IoTeX Network on Metamask
- Add liquidity to any existing pool (or create your own pool) and swap between any XRC20 tokens.
What will happen to mimo v1? Do I need to port over my liquidity to mimo v2?
mimo v1 is a set of smart contracts deployed on IoTeX and will continue to function alongside mimo v2. However, liquidity on mimo v1 is separate from liquidity on mimo v2. Over time, we anticipate much of the liquidity from mimo v1 to be ported over to mimo v2 to benefit from the new v2 features.
How can I stay up-to-date on the latest mimo v2 news?
What tokens are supported on mimo v2?
All tokens that are listed on mimo v1 are also available on v2. Additionally, BNB-bsc, BUSD-bsc have been added to mimo V2. We plan to support many more tokens in the future.
Can I add tokens to mimo v2?
Just like mimo v1, mimo v2 is fully decentralized meaning anyone can add any tokens to it. By simply providing liquidity, token pairs will be available for trading on mimo v2. However, not all tokens will be officially listed as default tokens; in this case, users will need to add them using the token's contract address.
Should I use mimo v1 or v2?
If you are a trader, you can choose whichever version of mimo has a better price (note: mimo v1 + v2 are separate protocols with separate liquidity). There can be arbitrage opportunities between the two as well. If you are liquidity provider, we recommend you consider mimo v2 as your first choice as it will be the official default interface.