With newfound integration and access between Mimo and Polygon, both stand to gain value from this. The merger into a unified DeFi project combining Polygon’s utility and Mimo’s PAR token as a EUR stablecoin brings value to the network.
Mimo’s users can expect its core services and applications to not be changed, only Polygon’s added services will be brought on. Users can enjoy a greater plethora of mining and minting opportunities with an added bonus of lower gas fees and quicker transactions. With a Layer 2 solution in place, longtime followers may now enjoy a lowered barrier to entry to opening a vault and using their wealth without having to sell off their crypto assets.
Users from both spaces can now lock up either PAR or MATIC, Mimo and Polygon’s native tokens, as collateral. As Polygon is one of Ether’s Layer 2 side chains, Mimo users can now do business across the Ethereum network too and enjoy a multitude of crypto assets at a fraction of transaction fee costs.
Below is a quote from the development team describing how much a technical leap it has been to bring the project to Polygon:
“We’re excited about this improvement and creating the Polygon bridge. Despite the technical hurdle, I’m certain Mimo users are going to appreciate the option to access our apps across networks.”
Mimo DeFi has been excited about the push for Polygon integration for a while now, citing plenty of reasons but especially opening up DeFi to more in the crypto space who might be less experienced and cost-adverse to Ethereum’s mainchain fees:
“Users have been asking for this for months and we’re excited to see how the community takes advantage of this. With lower fees, anyone can get started with Mimo much easier and leverage our protocol. Once adoption spreads, we’ll be much more poised to start announcing even more improvements to the community.” ~ Nick Calabro, Growth Manager
Being a successor to the Matic Network, Polygon is one of Ethereum’s biggest DeFi protocols. Without changing any functionality, PAR minting and vault-keeping has been made simpler and cheaper than ever before.
MiMo Official Channels:
Telegram Group: https://t.me/mimodefi