The Parallel Protocol was designed to allow users to use digital assets — such as ETH or wBTC — as collateral in a Vault, in order to mint PAR tokens. Each PAR token is algorithmically pegged to the value of 1 EUR.
In this tutorial, you will learn how to create a Vault, deposit ETH into the Vault as collateral, and mint PAR tokens backed by the collateralized digital assets in your Vault.
Step 1: Open your browser and go to the following link: https://mimo.capital.
After the Dashboard appears, please connect…
What makes The Parallel Protocol so great? The many use cases it has. For example, you can use your PAR tokens to add liquidity to a Balancer pool and obtain BPT. This BPT allows you to gain additional earnings and even mine Mimo tokens. In this tutorial, we will guide you through adding liquidity to the Balancer PAR/WETH 50–50 pool.
(DISCLAIMER: Adding liquidity to the Balancer pool may expose you to impermanent loss. If the market price of tokens changes significantly after you add liquidity, the proportion of tokens in the pool will also change because of arbitrage. If at…
Read this guide to learn how you can earn MIMO tokens.
The minting&liquidity mining program for earning MIMO token is live!
As of today (4/12/2021), about 34,9% (349M) of the total supply (1B) is left to be minted through liquidity and minting mining. The MIMO token will be distributed to PAR:WETH and PAR:USDC liquidity providers who stake their LP token — and minters when they change their base debt. The declining inflation is 5,5% every week. These tokens are not subject to any vesting period. The distribution of the MIMO token will be updated every day.
If you’re unfamiliar with…
If you held PAY or TENX tokens on your Ethereum wallet by a snapshot taken on the Ethereum blockchain on April 1st at 10 am SG time block 12150805, you are entitled to claim MIMO tokens.
The conditions are as follow:
For every address that was holding PAY on Apr 1, block 12150805: 0.24 MIMO for each PAY token that they were holding
For every address that was holding TENX on Apr 1, block 12150805: 0.37 TENX for each TENX that they were holding
For every address that was part of the Dec 2018 PAY snapshot but did not claim…
Important: We will NEVER ask for your private keys.
To interact with the Mimo web app, you need to connect it to your wallet.
So far, we support MetaMask and WalletConnect.
Step 1: Click on “Connect wallet” and select your preferred wallet. Your wallet should now ask you if you want to interact with our platform.
Step 2: Follow the steps until you are redirected to the “Wallet” page.
To borrow PAR token against your collateral, in the beginning only wETH, you have to open a Vault. A Vault is the core of the PAR protocol.
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