A Cheap, Easy-to-Use Mimo DEX Launches on the Scalable IoTeX Blockchain
The Mimo Protocol—a cross-chain decentralized exchange with automated liquidity, is live on the IoTeX platform. In a statement on Sept 22, the DEX will boast of low transaction fees and near-instant finality enabling everyone to participate and earn rewards from the blossoming DeFi scene.
What is IoTeX?
IoTeX is a Roll-dPoS consensus-powered internet of trusted things compatible with Ethereum built from scratch enabling the seamless swapping of information between humans and machines.
The network is inherently scalable with a state-of-the-art flexible Root Chain.
This explains the low transaction costs and transaction finality Mimo protocol plans to leverage in their quest to deliver a better user experience for traders and liquidity providers.
Getting Started on Mimo DEX
With a familiar implementation model, the Mimo DEX will depend on the community to flourish.
As such, it will incorporate a rewarding mechanism for liquidity providers by distributing a share of trading fees to those who contribute to their automated market maker pools.
For easy navigation, they have adopted a minimalist approach with a very simple to use interface.
How to Trade
Upon login, users both from their desktops and mobile phones can get started after downloading the ioPay wallet. After that, they can navigate to the Mimo DEX homepage, connect, and unlock their wallet. There are two options presented.
A user can either opt to trade by trustlessly swapping tokens or provide liquidity. In either case, the DEX’s simplified homepage makes the process easy.
Traders can click on the “Swap” tab. On the right-hand side select which token to swap and the amount. Below that, they can choose any of the four tokens they wish to receive.
Mimo DEX presents two options. A trader can either paste the receiving address or select the name of the token from the drop-down menu.
Before proceeding, they will receive the approximate amount after executing the swap. However, this is dependent on slippage and a trader’s tolerance–a factor of liquidity.
Once satisfied, they can click “Swap” to complete the trustless exchange.
Because of IoTeX’s high throughput, the transaction is done usually in less than five seconds.
Mimo DEX charges a 0.3 percent fee which is distributed to all Liquidity providers.
How to Add and Remove Liquidity
On the other hand, liquidity providers can create new or join existing pools in three simple steps. After connecting their wallet to the Mimo DEX, they can click on the “Pool” tab, and proceed to either create new or join existing pools.
To supply liquidity in a new pool, a user has to indicate the amount of IOTX coins and the pair they want to supply to before confirming.
To expand (remove) the liquidity of an existing pool, they simply indicate the amount of IOTX coins they are adding (removing) and click add (remove).