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In | [[File:PAR logo.png|thumb|PAR logo]] | ||
PAR is a stablecoin backed by collateral, and can only be minted with governance-approved collaterals. PAR are created when users deposit accepted tokens (such as [[WETH]], [[WBTC]], [[USDC]], etc) as collateral in vaults and in turn receive a loan against that collateral. | |||
Token symbol: [https://www.coingecko.com/fr/pi%C3%A8ces/parallel PAR] | |||
- Token contract (Ethereum): [https://etherscan.io/token/0x68037790a0229e9ce6eaa8a99ea92964106c4703 0x68037790a0229e9ce6eaa8a99ea92964106c4703] | |||
- Token contract (Polygon): [https://polygonscan.com/token/0xe2aa7db6da1dae97c5f5c6914d285fbfcc32a128 0xe2aa7db6da1dae97c5f5c6914d285fbfcc32a128] | |||
- Token contract (Fantom)''':''' [https://ftmscan.com/token/0x13082681E8CE9bd0aF505912d306403592490Fc7 0x13082681E8CE9bd0aF505912d306403592490Fc7] | |||
=== PAR is non-custodial === | |||
There are no counterparties involved in the minting and burning of PAR tokens, as actors in the network transact directly with the PAR smart contracts. Vaults are non-custodial, with each borrower having full control over their collateral and borrowed PAR balances, provided it meets the minimum health factor governed by the protocol as a whole. | |||
== How does PAR work? == | |||
=== How are PAR stablecoisn created ? === | |||
Users can deposit from a large variety of collateral types (like WBTC) and borrow a safe amount of PAR at low interest. As of May 2022, PAR is over-collateralized by over 6 different tokens on 3 different networks. | |||
=== What is an over-collateralized stablecoin ? === | |||
To retain its value, a stablecoin must have another asset that is put as collateral to back its intrinsic value. That collateral must be redeemable at any time. | |||
PAR has a loan and repayment process utilizing collateralized debt positions ([[CDP|CDPs]]) via the Mimo Protocol to secure assets as collateral on-chain. | |||
=== What does this mean for the peg ? === | |||
If PAR is trading below 1€, people are incentivized to buy PAR from open markets and pay off loans at a discount. This ensures that PAR won’t be worth substantially less than 1€ at all times. | |||
What is the difference with algorithmic stablecoins ? | |||
Stablecoins are cryptocurrencies that are supposed to be pegged to fiat currencies like the US dollar. In the cases of USD-pegged stablecoins, their prices are supposed to be $1 at all times. | |||
Each stablecoin project differs in ways they maintain the peg. The two biggest ones, tether ([[USDT]]) and Circle's usd coin ([[USDC]]), are "collateralized” by fiat reserves, meaning they have cash or cash-equivalent assets in their reserves. So each USDT or USDC traded in the crypto market is backed by what’s actually in the possession of the stablecoin issuers. | |||
Over the past year, a new form of stablecoin emerged to increase capital efficiency: algorithmic stablecoins, such as terraUSD ([[UST]]), magic internet money ([[MIM]]), and neutrino usd ([[USDN]]). | |||
=== Difference === | |||
Unlike these projects, the PAR collateral is not the governance token ([[MIMO]]), but assets such as WBTC, WETH, USDC, WMATIC, etc. which ensures a better stability than when it is correlated to a governance token with a lower market cap. | |||
== Where can I get PAR ? == | |||
[[File:Vault page.png|thumb|Minting PAR ]] | |||
[[File:Staking page.png|thumb|Staking PAR]] | |||
=== By Minting === | |||
You have the possibility to "mint" PAR against a collateral, for this you will have to create your vault with your corresponding collateral (You have the choice between 6 different collaterals on 3 different chains). | |||
Your vaults are safe, unique, and your assets are never loaned out. | |||
Go to [https://app.mimo.capital/mint Mimo MINT page] and choose to create your vault according to the collateral you have chosen. ('''At first''' click on "activate" to approve the creation of your new vault). | |||
'''Once activate''', you can "create" your vault and deposit your collateral and choose how much PAR you want to mint against your collateral. | |||
=== By Staking PAR === | |||
By staking PAR, you will be rewarded in MIMO and in PAR. | |||
PAR holder to earn the fees charged by the protocol. By staking $PAR, you will be rewarded in $MIMO and in $PAR (PAR are paid by the Protocol Fees and MIMO from Liquidity Mining). | |||
=== By Swapping on a DEX === | |||
You can get PAR through DEXes or DEX aggregators like Paraswap or 1inch which lets you find the best exchange rate. | |||
[https://app.paraswap.io/#/ETH-PAR/123?network=ethereum Trade on Paraswap] | |||
[https://app.1inch.io/#/137/unified/swap/MATIC/DAI Trade on 1inch] | |||
=== By Trading on a CEX === | |||
You can also find PAR on centralized exchanges like Bittrex, Liquid, HitBTC or Folgory. | |||
[https://global.bittrex.com/trade/par-btc Trade on Bittrex] | |||
[https://folgory.com/ Trade on Folgory] - Euro Support, IBAN deposits, debit cards | |||
[https://app.liquid.com/exchange/PARBTC Trade on Liquid] - Euro Support | |||
[https://hitbtc.com/par-to-usdt Trade on HitBTC] |
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