MIMO Parallel Governance Token is the native governance token of Mimo DeFi platform.
Mimo DeFi is a platform that allows its users to enjoy liquidity from their crypto assets without selling them. Users can simply deposit their assets into Vaults and once locked, they can mint PAR stable tokens against them. The assets become available again as soon as the PAR is returned to the platform. To govern the platform, users must lock their MIMO tokens for a certain duration. The longer the lock, the more voting power.
Mimo Defi is home to the Parallel Protocol. The Parallel Protocol is a decentralized price-stable token issuance protocol on the Ethereum blockchain. Parallel stablecoins are decentralized, non-custodial, collateral-backed, and fully redeemable synthetic assets pegged to a fiat currency. Parallel stablecoins are kept stable by collateral locked in smart contract Vaults.
At launch, the Parallel Protocol offers a single ERC20 stablecoin called PAR which is pegged to the Euro.