Mimas Finance — an algorithmic money market and liquid staking protocol on the Cronos blockchain. Created by the same team as Tranquil on the Harmony blockchain, it allows users to deliver and take assets, receiving or paying interest in full without permission and in a decentralized manner. Interest on loans and credits is set, based on market demand, and loans are over-collateralized to ensure solvency.
About Mimas Finance
Mimas Finance — a fork of Tranquil Finance (which is an offshoot of Compound) that has been audited by CertiK and has been running successfully for many months in volatile market conditions with tens of millions of TVLs. A fully decentralized DEX-based TWAP price oracle stack that works without Chainlink.
Other features:
| 1 | After the launch of the money market and the MIMAS token, the team will rapidly develop a liquid staking protocol. Users will be able to stake CRO and receive stCRO. |
| 2 | The stCRO liquid staking token will passively accumulate staking rewards and can be used as collateral for lending to Mimas. |
In addition to standard safe assets such as BTC or USDT, developers will work with the community to compile a list of tokens that are unique to Cronos, increasing the utility and value of all tokens in the ecosystem. Shortly after the initial launch, a derivative staking token (stCRO) is created. This will allow stakers to get rewards for staking CRO as well as use it as collateral on Mimas, unlocking huge untapped value for the entire ecosystem. stCRO holders can use it in other DeFi protocols or trade it back for CRO without long de-delegation times.
75% of all protocol fees are distributed to MIMAS holders via fixed staking. In addition, MIMAS is the governance token of Mimas Finance, so it will become a voting tool once the protocol is at a more advanced stage.
MIMAS token
MIMAS token — a Mimas Finance protocol token. Along with governance rights, developers want to innovate the utility of the token, based on experience and insights from similar protocols.
To reduce selling pressure as well as provide competitive rewards, emissions to stimulate liquidity in the lending market will be a combination of MIMAS and rMIMAS, a temporary version of the MIMAS token that can be redeemed within 6 months.
Is defi app safe?
Mimas protocol smart contracts are a fork of the Compound protocol, which is a well-tested protocol with minimal changes. Mimas Finance uses the same protocol as Tranquil Finance, which has already been successfully verified by CertiK. The goal - to provide a product, adapted to the Cronos blockchain, that meets the specific needs of the Cronos community, while leveraging all of our previous experience with Tranquil.