Feb 17
Learn How To Use Mimo DeFi on Fantom Network for SpookySwap Staking, Earning, + Minting With $FTM
Mimo’s launch on Fantom Network just about 1 week ago has already locked in over €3,700,000 as it catches up to our global TVL of over €40MM.
In this tutorial, we’re going to walk through exactly how to get up and running on Fantom Network, participating in our SwoopySwap pools, & start maximizing the opportunity of doing DeFi with Mimo.
Mimo Meets Fantom
Mimo’s integration with Fantom opens the door for speedier, safer, and more transparent interaction with your money. By harnessing the power of the $FTM native token, the Mimo protocol has grown stronger as a result and continues to usher in what a cross-chain crypto ecosystem will look like.
For a deeper dive into what this means for Mimo and our stablecoins as a whole, read the comprehensive writeup here.
Step #1:
Mimo’s Vaults, $PAR minting, and mining all work exactly how you know and love from other chains.
As always, Vaults tell us:
- The amount of $PAR we can continue to mint given current rates & prices
- How much of the underlying asset we have
- Collateralization ratios
- And of course the liquidation price so we know
For an even more comprehensive walkthrough on Vaults and Mimo’s other mechanisms, check out the $PAR Minting Guide or the rest of the Mimo Blog.
Step #2:
Participating in SpookySwap PAR-USDC Liquidity Providing.
Connected to Fantom, under the mining tab, you’ll find a collection of available pools to partake in.
For this example, we’re going to click the link to add liquidity and receive spLP in return.
Notice: Ingredient A & B require equal parts.
This means, we must deposit the same value of $PAR & $USDC into SpookySwap’s pool.
After supplying, you’ll receive spLP which we’ll stake in Mimo.
Note on spLP: SpookySwap’s Liquidity Pool Tokens are extremely small. We’ve noticed users struggling to see their amount because of leading zeroes (i.e. spLP: 0.000005). Please keep this in mind and remain assured your LP tokens are there!
Step 3:
Stake spLP in Mimo DeFi
Now, with spLP in our wallet, we can navigate back to Mimo’s Mining tab and stake the token here for maximum rewards & APY.
That’s it! After the page catches up to the chain, you’ll find your daily issuance of rewards so you can better track your Mimo experience.
Adding, removing, and withdrawing are all the same flows and we’re happy to help with any issues you might be facing at any step on Twitter and in Telegram.
