Jarvis x Mimo: bringing more value to Euro stablecoins ecosystem on Polygon

Published on: 24.11.2021

We are beyond excited to announce the launch of a new yield farming program on Curve (Polygon) in partnership with Mimo Capital. This new program allows to unlock the full potential of Euros stablecoin on Polygon, by combining the value proposition of Mimo’s and Jarvis’ own Euro stablecoin, respectively the PAR and the jEUR. This program will reward users depositing jEUR, PAR, EURS and EURT into the 4eur pool on Curve, with $230k worth of JRT, UMA, and MIMO, wrapped into the DENARIUS token.Jarvis and Mimo, a beautiful synergy

Jarvis and Mimo, a beautiful synergy

Jarvis and Mimo teams have discussed on numerous occasions the need to create synergies between the two projects.

Mimo Capital allows its users to mint PAR (read the tutorial), a crypto-backed Euro stablecoin, against their BTC, ETH, and USDC. Mimo essentially provides users with an on-chain Euro credit line, allowing them to borrow Euros stablecoin instead of selling their assets.

Jarvis Network allows its users to buy and sell jEUR, a synthetic Euro stablecoin whose particularity is its convertibility for USDC at the Chainlink price feed. This allows for jEUR to have both a strong peg and a high on-chain liquidity. Eventually jEUR also benefits from a 1-to-1 fiat on and off-ramp, powered by Mt Pelerin.

Euro yield farming

Jarvis Network and Mimo Capital are investing $230k worth of rewards in JRT, UMA, and MIMO, wrapped into a token called DENARIUS (DEN), to reward liquidity providers of the 4eur Curve pool.

How to participate in the DEN-4eur pool?

To participate in the yield program, you will need to provide liquidity in the KyberDMM’s eligible pool and stake the corresponding LP tokens on the Jarvis Yield application.

1. Acquire DEN and 4eur-f LP tokens

DEN can be farmed by depositing Euro stablecoins into the 4eur Curve pool on Polygon, or can be purchased with the 4eur LP token.
The 4eur-f LP tokens can be acquired by depositing Euro stablecoins into the 4eur Curve pool, or by selling DEN token.

Since DEN and 4eur-f LP token are not displayed in KyberDMM’s interface, you may need to pass the contract addressed:

DEN: 0xf379cb529ae58e1a03e62d3e31565f4f7c1f2020
4eur-f LP: 0xad326c253a84e9805559b73a08724e11e49ca651

2. Deposit liquidity

Visit https://dmm.exchange/#/add/0xAd32…3dfF and deposit DEN and/or 4eur-f LP token.

KyberDMM allows you to deposit either both tokens in a balanced proportion (“Token Pair”), or only one of the tokens (“Single Token”); with the latter feature, the token you will provide will be sold, and therefore a slippage may occur.

3. Stake LP token

After your deposit, you will receive 4eur-f-DEN DMM-LP token.

You will need to stake them as well in the Jarvis Yield application, and you will be able to claim your rewards from there.

What is the Denarius token?

The Denarius token is designed to content short-term and long-term farmers, as well as the projects’ token holders. It is a future contract with some interesting trading mechanisms described below.

Reserve

DEN is backed by a basket of other tokens held in the Reserve contract. For this program, it is backed by $320k worth of token (at today’s price):

845,600 JRT
3,420 UMA
745,000 MIMO

Sell or keep DEN?

DEN is listed on KyberDMM against the 4eur-f LP token. The DEN-4eur pool is incentivized as well. This way, a short-term farmer can sell their DEN right away for 4eur-f LP token and stake the latter for compounding interests, while the long-term farmer can keep their DEN and exchange them at their expiry to redeem a part of the Reserve contract.

At their expiry, the 21st of January, each 1 DEN token can be burnt to redeem 1% of the Reserve contract.

Trading mechanisms

The DEN token is a JRT-UMA-MIMO futures contract that expires in 2 months. Market participants will buy and sell DEN by anticipating what will be the value of the tokens in the Reserve contract at the expiry. Short-term farmers will sell, creating arbitrage opportunities for long-term farmers or traders, who will reequilibrate the price.