Introducing Mimic v3: diving into new depths of efficiency 🌊🐙

We are thrilled to introduce a ton of new features, expanded customization options, reduced implementation steps, and much more. Join us to explore the details of our just released update in this article!

Quick summary

• Take automation to the next level, and bring your ideas to life in less steps than before.
• Seamless DeFi protocols connectivity with a new modular and interoperable framework.
• Model complex operations down to the T! And take full control over tasks execution with a hyper-customizable trigger system.
• Flexible enough to cover a wide-range of use cases. Bridge the gap between technical capabilities and business thinking to drive strategic innovation.

Taking automation to the next level

Mimic is an automation platform trusted by top-tier projects such as Trust Wallet, Balancer, ParaSwap, DXdao, Decentraland and others. With a track record of running over 200,000 tasks monthly and effectively managing over $200 million in assets, Mimic has swiftly proven itself as a powerful solution for DeFi operations.

Our newest release: Mimic v3, takes center stage as a powerful engine that enables teams to streamline and model a wide range of complex DeFi operations. From time-consuming daily runs that consume valuable resources to key transactions requiring extra caution, Mimic v3 provides optimal security, customization and flexibility.

Under the hood, the platform boasts a robust architecture built on smart contracts and blockchain technology. Its modular and interoperable framework taps into the functionalities and liquidity of multiple protocols simultaneously, enhancing efficiency, boosting security and optimizing returns.

Mimic started automating tasks for ParaSwap early in 2023. After a successful run, the community embraced Mimic as the choice to automate all processes moving forward.

Seamless DeFi protocols connectivity

Integration has always been the biggest challenge to tackle. The complex and fragmented nature of the industry (comprised of multiple protocols with unique architectures and standards — plus the need to adapt to continuous changes) can become a critical barrier that hinders the deployment of DeFi projects.

The new architecture of Mimic v3 seamlessly integrates with the most popular DeFi protocols, unlocking a world of possibilities for our users:

1. Customizable workflow to tailor the automation process and set specific conditions, configure parameters or choose triggers. Smart contracts govern the execution of these tasks, ensuring transparent and secure processing. For example, you can specify a minimum thresholds or a volume limit to trigger a token swap.
2. Modular connectors allow you to seamlessly interact with different protocols, acting as plugins that enable your tasks to leverage the functionalities of multiple protocols simultaneously. For instance, you can plug different connectors to perform swaps, you can choose easily between the different protocols out there, or even decide which one should be used based on their rates.
3. Cross-Chain compatibility enabling you to work with multiple chains in a transparent way. This facilitates diversification and broader adoption in the DeFi space, cross-chain compatibility is built from scratch, connecting different workflows has never been easier. For example, you can connect your tasks in different chains to send assets from one side to the other in a seamless way.
4. Relayers play a vital role to ensure efficient task execution. These serve as intermediaries, ensuring transparent, efficient, and secure processing of your automated tasks. As an example, let’s say you want to make sure some account balance doesn’t go below a certain threshold. This can be easily set up in a task allowing Mimic relayers to execute it so you don’t need to care about it. This not only saves you time and effort but also ensures efficient and secure execution without the need of manual intervention.

Modeling complex operations down to the T

With Mimic v3, we prioritize granting flexibility. We understand that each business in the DeFi landscape has unique goals, requirements and strategies. Whether it’s token swaps, bridging assets, or a wide range of many other tasks; Mimic v3 provides the freedom to design and execute tasks with clockwork precision.

As a user, you can choose to trigger tasks automatically:

• By date, or at regular intervals, enabling actions such as monthly withdrawals or distributions among your community.
• By token parameters, such as price thresholds, token balances, liquidity pool ratios, and more.
• By events, such as contract interactions, token transfers, or changes in protocol parameters. This highly valued feature enables you to automate actions in response to real-time events and stay one step ahead.
• By market conditions, such as price fluctuations, liquidity changes, or specific indicators reaching certain levels. This allows you to dynamically respond to market trends and optimize your strategy accordingly.
• By network conditions, such as gas price limit or transaction cost limits. This guarantees your tasks are executed when it really makes sense, allowing you to define hard or relative limits.

Or execute tasks manually.

• Mimic v3 enables a customizable workflow that aligns with the unique needs and preferences of every team. Additionally, environment owners can authorize specific users to execute manual tasks, also specifying the parameters involved.

To date, Mimic relayers have saved hundreds of hours on tasks that would have failed due to overlooked conditions.

Flexible enough to cover a wide-range of use cases

In the crypto industry, teams often face a common challenge — crucial decisions get overshadowed by the daily complexities and operational demands. Instead of focusing on business strategies, they get immersed in discussions about DeFi requirements and technical specifications, which can become a creative limitation for some.

At the core of Mimic v3, we aim to provide a solution that allows teams to refocus on the essence of their operations. We simplify the process by offering a flexible platform to allow them modeling solutions for different scenarios. Mimic serves as a starting point to build your tailored solution, empowering you to prioritize and achieve your core objectives.

Here are some use cases:

• Recurring payments: Mimic allows easy configuration of payment tasks, enabling project administrators to set trigger conditions and delegate task execution to its reliable network of relayers. More info.
• Fee collection: Mimic simplifies fee consolidation across multiple blockchain networks, allowing projects to effortlessly aggregate earnings in one place by setting up bridge tasks triggered automatically. More info.
• Portfolio rebalancing: Automating portfolio rebalancing is easy, allowing users to define their desired asset allocation strategy with specific triggers. When deviations occur, Mimic’s relayers execute transactions, optimizing the portfolio’s performance and reducing risks. More info.

Mimic v3 is now live! 🎉

Do you have a challenge in mind that you’re eager to tackle? We’re thrilled to welcome new clients and take their DeFi operations to the next level! Learn more on mimic.fi

You can also check our latest news on Twitter for the latest updates, or join the conversation on Discord.

Looking forward to hearing from you!