Great news! In this week’s blog(Ecosystem Liquidity Boosting with vePICO, Mimo decided to allocate 1% of $vePICO to the top 10 projects built in the IoTeX ecosystem to boost ecosystem liquidity. As a top project in the IoTeX ecosystem, ZoomSwap is honored to receive mimo’s shortlist invitation and will receive $vePICO to participate in the mimo DAO.
Ecosystem Liquidity Boosting with vePICO
As a long-term builder of the IoTeX ecosystem, ZoomSwap has grown to over $10,000,000+ TVL and has over 23,000 Twitter followers and over 10,000 official Telegram Group members. With this achievement, we have become the TOP3 project in the IoTeX ecosystem!
Refer here: Defi Llama
What is $vePICO?
$vePICO is the voting power for mimoDAO governance.
How to get it: Stake $PICO on mimo to get $vePICO.
Main application:
- mimo LP providers can increase their farming rewards up to 2.5x through $vePICO and earn protocol transaction fees as passive income.
- $vePICO holders have the right to vote on proposals under consideration in the mimo DAO. Voting rights is determined by the amount of $vePICO held by participants.
What will ZoomSwap do after getting $vePICO?
The campaign will begin on April 29, 2022 at 12:00 AM UTC and lasts for 4 weeks. ZoomSwap has always been committed to building the IoTeX ecosystem with users. After obtaining mimoDAO governance rights, ZoomSwap will hand over governance rights to users and participate in mimo governance together with $ZM holders. For specific details and rules, please wait for the next introduction.
What does having mimo governance mean for ZoomSwap and zoomer?
Obtaining the governance rights of mimo DAO not only means that ZoomSwap plays an important role in the IoTeX ecosystem, but also that Zoomswap and zoomers ($ZM token holders) can:
- $ZM token holders can propose governance proposals for mimo DAO on ZoomSwap. After the proposal is passed, ZoomSwap will represent $ZM token holders to propose corresponding governance proposals on mimo DAO.
- Participate in managing the treasury: ZoomSwap can vote on mimo’s treasury management proposals, including spending, lending, asset allocation and reporting. And these decisions will be made jointly by $ZM token holders.
- Participate in determining the gauge weights, i.e. the percentage of $PICO (mimo’s governance token) to be distributed among all gauges. These decisions will be jointly made by $ZM token holders.
- Participate in adjusting mimo protocol’s parameters, and then adjust the $PICO reward to control token inflation. These decisions will be jointly made by $ZM token holders.
For more details about mimo DAO, please refer to this blog: Mimo DAO: Governance Bootstrapping and Launch Plan
About ZoomSwap
ZoomSwap is a cross-chain infrastructure project that builds liquidity for layer-one blockchains, AMMs and partnering projects. Launching on IoTeX, there is an exciting opportunity for farmers to earn $ZM and other project tokens.
ZoomSwap benefits from fast and cheap transaction capabilities on IoTeX.
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