Introducing Mimas Finance — Algorithmic Money Market and Liquid Staking Protocol for Cronos Chain
Mimas Finance (https://mimas.finance) is an algorithmic money market and liquid staking protocol on the Cronos blockchain. Built by the same team behind Tranquil Finance on the Harmony blockchain, it allows users to supply and borrow assets, while receiving or paying interest in a completely permissionless and decentralized way. Borrowing and lending interest is set based on market demand, and loans are over-collateralized to ensure solvency.
Mimas Finance is a fork of Tranquil Finance (which is forked from Compound), which has been audited by CertiK and has been successfully running for many months across volatile market conditions with tens of millions in TVL. Our DEX-based fully decentralized TWAP oracle stack, which works without Chainlink, has been proven and validated in the field.
What’s Liquid Staking?
After the money market and MIMAS token is launched, we will quickly follow-up with a liquid staking protocol, where users can stake CRO and receive stCRO. The liquid staking token stCRO will passively accrue staking rewards while being usable as collateral for Mimas lending.
Staking or delegating CRO currently gives a 11–13% yield from staking rewards. However, a user who wishes to use CRO with DeFi applications, like Mimas Lending, will not be able to receive these rewards, which erodes the value of their CRO holdings through inflation.
Moreover, Cronos has a lengthy undelegation time of several days, which further increases the friction of staking CRO versus using it with DeFi applications.
Our future liquid staking token, stCRO, solves these problems by letting the user stake their CRO for rewards, while at the same time receiving a token (stCRO) that can be used with in DeFi to earn even more yield.
The MIMAS token is the protocol token of the Mimas Finance. Along with governance rights, we want to innovate with the utility of the token, based on the experience and learnings from similar protocols.
To incentivize long-term holders of the token, 75% of all protocol fees will be distributed in a 6-month locked staking MIMAS pool. This includes fees from both the lending and liquid staking protocols.
To reduce sell-pressure while also giving competitive rewards, emissions for the liquidity incentives of the lending market will be a combination of MIMAS and rMIMAS, a timelocked version of the MIMAS token redeemable in 6 months.
For more details, please consult our docs.
Our team is very bullish about the Cronos ecosystem. We believe that it provides a perfect combination of low transaction fees and exposure to the massive crypto.com user base.
We also believe that Mimas Finance provides a unique solution for Cronos, by combining a lending market with a liquid staking protocol, we can provide immense value for the Cronos community.
Finally, our battle-tested innovative (and completely decentralized) oracle stack and allow us to quickly add new tokens very tailored for the Cronos ecosystem.
We have been developing Mimas Finance in stealth and we are ready to launch mainnet next week. We are extremely excited to be partnering with MM Finance, where we will have an IDO for the MIMAS token. Stay tuned for more details!