What is Mimicry Protocol? Mimicry Protocol is a protocol that supports leveraged trading with an updated NFT exchange price using Oracle. The project is built on Polygon and is in the Testnet process. So what is Mimicry Protocol? How does it work? Let’s find out in this article!
To understand more about the NFT Perp segment, you can read the following articles:
- What is Tribe3? Tribe3 Cryptocurrency Overview
- What is SynFutures? SynFutures Cryptocurrency Overview
- What is NFTPerp? Overview of Cryptocurrency NFTPerp
- What is NFEX? Overview of NFEX Cryptocurrency
What is Mimicry Protocol?
Overview of Mimicry Protocol
Mimicry Protocol is a protocol that supports leveraged trading with an updated NFT exchange price using Oracle. The project is built on Polygon and is in the Testnet process. Thanks to its simple operating model, Mimicry brings users good experiences.
Prices on Mimicry are updated using Oracle Chainlink and every time the price moves 0.5% or after a period of 60 minutes, the price will be updated.
Mimicry supports both Stop Loss and Take Profit orders. And collections supported for trading on Mimicry such as Doodles, Deadfellaz, Parallel. The same assets collateralized on the platform are USDC and LINK.
Mechanism of action
Key participants on the Mimicry Protocol
- Producers: Those who add liquidity provide liquidity to the Pool to enjoy trading fees and losses of Traders (Actor).
- Actors: As traders, mortgaging Crypto assets to execute trading orders at NFT floor prices.
Working mechanism of Mimicry Protocol
Actors (Traders) need to mortgage Crypto assets to make transactions, they will trade at prices updated by Oracle Chainlink. When executing an order, the platform will Mint the NFT representing their position, upon closing the position that NFT will be burned. If they win, they will take profits from the Pool, if they lose they will pay that loss with their collateral to the Pool.
Profit will be calculated using the formula: P=o*S*m, with:
- o: Ratio of the side executing the order compared to the other side (Long/Short or Short/Long).
- S: % profit compared to reference price.
- m: Volume of the trading order.
The loss will be calculated using the formula: L=S*m, with:
- S: % loss compared to reference price.
- m: Volume of the trading order.
Development Roadmap
- January 2022: Release V1 version of Website and Whitepaper.
- February 2022: Reached the final round of EthDENVER.
- 03-04/2022: Seed round raised $1.8M.
- 05-06/2022: Release Testnet version V1.
- 07-08/2022: Completed smart contract restructuring.
- October 9-10, 2022: Launch of Testnet V2.
- November 2022: Smart contract update.
- December 2022: Set up integrations.
- January 2023: Website redesign, integrating Testnet faucet with ERC Token.
- February 2022: Prepare for testing before Mainnet.
Core Team
Aslan Goldenhour: CEO & Founder at Mimicry
- Aslan graduated with a Bachelor’s degree in Visual Communication Design in 2005 from Kent State University. In 2006, Aslan continued to complete his Master’s program at that same school.
- In 2016, joined the founding of Punchkick Interactive Inc, taking on every role in the digital agency, making decisions before hiring experts in visual design, programming languages or frameworks, managing server management, sales, accounting, finance, user research, data analytics, digital marketing, recruiting, product ownership. But the company was sold again in 2020.
- In 2015, Aslan joined the founding of TUX, specializing in providing high user experience for Taleo, Workday, SmartRecruiters, Kenexa and SuccessFactors. And also sold again in 2020.
- Currently, Aslan is Co-Founder and Board Member at Tradery Labs founded in 2017. Also Founder and CEO at Mimicry Protocol.
Investors
Updating…
Tokenomics
Overview information about Token Mimicry Protocol
Updating…
Token Allocation
- Community Reward-40%: Reward for the community.
- Market Markers-2%: Cto strategic market makers.
- Airdrop-1.5%: Use for a future airdrop.
- Crew-20%: For current and future core team.
- DAO-14%: Funds and rewards for Voting proposals.
- Investors-22.5%: Distribution for current and future investors.
Token Release
- Crew: Will receive 10% at TGE and the rest will be paid in installments over 36 months.
- Investors: 10% of this portion will be paid upon TGE, the remaining portion will be paid in 24 months.
- Community: Distributed for 60 months.
Token Use Case
- Fee Settlement: Payment of transaction fees on the protocol.
- Feature Gates: Unlock advanced features.
- Governance: Protocol governance and related decisions.
Exchanges
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Mimicry Protocol Information Channel
- Website: https://www.mimicry.org/
- Twitter: https://twitter.com/MimicryProtocol
- Discord:
Summary
Mimicry Protocol is bringing extremely effective solutions when applied to NFTs, especially the NFT Perp segment, which is a very potential niche but has no outstanding projects. Therefore, this is a project that we need to observe and learn more deeply to give ourselves an opportunity to change our position.
So I have clarified what Mimicry Protocol is? Mimicry Protocol cryptocurrency overview. Hope this article brings you a lot of useful knowledge!