Mimo Decentralized Exchange Review

Mimo is a decentralized protocol that is connected with the unlimited liquidity of DeFi automatically. It was designed based on the IoTeX blockchain. It works with the use of automated market making (AMM) algorithms and smart contract features to work with the various liquidity pools. The blockchain allows us to trade ERC20 and XRC20 assets.

Mimo overview

We have gathered the most important information about the system in an easy-to-read list. 

• The platform works based on the IoTeX blockchain.
• We can exchange our ERC20 and XRC20 tokens after connecting our wallets.
• Now, we have the second version of the platform that provides quite more stability and usability.
• We can swap our XRC20 assets directly between each other, including stablecoins.
• Also, the swapping is allowed between IoTeX and Ethereum, BSC, Polygon blockchains.
• We can stack and deposit our XRC20 tokens in farm pools.
• There’s a MIMO governance token that was launched in 2021 with airdrops distributed to early mimo adopters.
• The Governance DAO allows MIMO holders to make proposals and join a network-wide vote feature. 
• We can receive 0.3% trading fees from each swap if we’d like to add liquidity.
• They are going to launch Mimo-x, a cross chain swap that integrates ioTube, uniswap, mimo to swap between assets on ETH and IOTX.
• We can provide our liquidity using cross-Ethereum pairs.
• The platform doesn’t use a centralized order book.
• To get started we have to run an IoTeX address.
• We can use an ioPay wallet for this purpose.
• The platform allows us to work with pairs/ liquidity pools to get more tokens as rewards.
• We can create our own token using the Mimo functionality and add liquidity to it.
• When the liquidity level overtakes 200K IOTX, it would show up in mimo.exchange interface as “Self Listed”.  

How does Mimo work?

• The platform allows us to swap our tokens.
• We can connect our wallet to stake or deposit our tokens.
• There’s a possibility to purchase the system’s native token MIMO.
• These tokens can be stacked for making more profits.
• We can participate in the liquidity pools.

The developers don’t provide a list of pools like others do. So, we have to guess what parameters the default pool has. The platform provides us with the MIMO V2 Analytics functionality. There’s a list of top tokens with volumes, liquidity, price, price change, and so on. We have a top pair functionality and list available either.

What can you buy on Mimo?

We can purchase MIMO tokens for holding, staking, and depositing. We’d like to note that staking and depositing functionalities weren’t well-designed, as on other DEX platforms.

Is Mimo safe?

We don’t know for sure. The platform is still underway. Everything is at your own risk.

Mimo fees, compatible wallets, and transactions  

• The fees policy is the next: all margin providers receive 0.3% of trading fees.
• We can work with the following wallets: Metamask, ioPay, TrustWallet, MathWallet, and IMToken.
• It proceeds with transactions quickly.

What are the ways to trade on Mimo?

We can swap our tokens with other coins whenever we want, paing little commissions.

Customer support

We can contact the developers via the Telegram functionalytu. If we are devs, we can use GitHub.

Should you buy a Mimo token?