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Mimo V2 Review 2026: An IoTeX DEX Now Moving to V3

Mimo is an automated-liquidity DEX on the IoTeX network, and V2 has since been followed by a V3 upgrade. Liquidity is modest and no audits are listed, so it suits small, experienced users more than large traders.

IoTeX

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

5.0/10

Mixed

Visit Mimo V2

Our verdict on Mimo V2

5.0/10

Mimo suits experienced DeFi users who already operate on IoTeX and want a native automated-liquidity DEX with Liquidity Mining in V3. Its main strength is a simple, familiar pool model on a low-fee network. The main caveat is risk: TVL is small and falling, no audits are listed, and V2 has been superseded by V3. Size positions conservatively and verify the contracts yourself.

Score breakdown

How Mimo V2 scores

Security: 4.0/10
Ease of use: 6.0/10
Fees: n/a
Features: 5.0/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Mimo V2?

Mimo is a decentralized exchange on the IoTeX blockchain. It describes itself as a decentralized liquidity protocol meant to support the next wave of DeFi on IoTeX, using automated liquidity and the network's low gas fees and cross-chain capabilities.

The protocol has been tracked since January 2022. Its homepage now promotes Mimo V3, an upgrade that it says brings smoother swaps, an easy-to-view pool interface and Liquidity Mining. V2, the version listed here, is the earlier release.

Liquidity is limited. Tracked total value locked is about $361,625, down roughly 27% over the past week, and no audits are listed. Mimo has no token of its own in the tracked data.

How Mimo V2 works

Mimo is an automated market maker. Instead of matching buyers and sellers in an order book, it holds pairs of tokens in pools. A trader swaps one token for another against a pool, and a pricing formula sets the rate based on the pool's balance.

Liquidity providers deposit tokens into these pools and earn a share of trading fees. The risk is impermanent loss: if token prices move apart, the provider can end up with less value than simply holding.

Mimo runs on IoTeX, so transactions settle there, with gas paid in the network's native currency. The V3 upgrade adds Liquidity Mining, which is intended to give providers extra incentives for supplying liquidity. The homepage does not spell out the reward terms.

6 features

Key features

Automated liquidity pools

Mimo describes itself as a decentralized liquidity protocol for DeFi on IoTeX, using automated pools for token swaps.

IoTeX-native DEX

The protocol is built for IoTeX, which the project cites for fast transactions and low gas costs.

Swap interface

The V3 homepage promotes smoother swaps as part of the upgrade over earlier versions.

Pool overview

V3 introduces an easy-to-view pool interface so liquidity providers can see pools more clearly.

Liquidity Mining

The V3 upgrade adds Liquidity Mining, which is meant to reward users who supply liquidity.

Cross-chain ambitions

The project says it aims to support next-generation DeFi products built on its liquidity layer and on IoTeX cross-chain capabilities.

Pros and cons

What we like

Focused on IoTeX, giving users a native DEX on that network.
Uses a familiar automated liquidity model that is easy to understand.
V3 upgrade adds a clearer pool interface and Liquidity Mining.
Low network gas costs, according to the project's description of IoTeX.
Has operated since early 2022, so it is not a brand-new launch.

Watch out for

Total value locked is small, about $361,625, and fell roughly 27% over seven days, which points to thin liquidity.
No audits are listed for the protocol, so smart-contract risk is unquantified.
V2 has been superseded by V3, so the older version may see less attention and fewer updates.
The protocol has no token of its own listed, which limits some incentive designs.
It runs only on IoTeX, so users need IoTeX-side assets and a compatible wallet.
Team, fee schedule and governance details are not published on the homepage.

Mimo V2 fees

Mimo does not publish a swap fee schedule on its homepage. In automated-liquidity exchanges, a small percentage of each swap normally goes to liquidity providers, and the rate is usually shown in the swap interface before you confirm.

You also pay network gas on IoTeX, which the project describes as low. Any extra rewards from Liquidity Mining depend on V3 program terms that the homepage does not detail.

Is Mimo V2 safe?

No audits are listed for Mimo in the tracked data, and the homepage does not publish audit reports, team details or a bug bounty. Users should assume smart-contract risk and verify any audit claims independently before depositing meaningful funds.

As a non-custodial DEX, you keep your tokens in your own wallet except when they are deposited into pools. Liquidity providers face impermanent loss and the risk of thin liquidity, especially with TVL this low and falling. The project does not publish any regulatory status.

6 steps

How to get started with Mimo V2

1
Check that using decentralized exchanges is permitted where you live.
2
Set up a wallet that supports the IoTeX network and keep a small amount of IOTX for gas.
3
Open the Mimo site and note that the current front end promotes V3.
4
Connect the wallet and review the pool or swap details, including the fee rate and price impact.
5
Start with a small test swap before committing larger amounts.
6
If providing liquidity, read how Liquidity Mining rewards work and the risk of impermanent loss first.

Open Mimo V2

Who Mimo V2 is for

Mimo is for IoTeX users who want to swap tokens or provide liquidity on a native DEX and are comfortable with small pools and unaudited contracts. It is less suited to large traders or anyone who needs deep liquidity and documented security reviews.

Mimo V2 FAQs

What is Mimo V2?

Mimo is a decentralized exchange built on IoTeX. It uses an automated liquidity protocol, so users swap tokens against pools instead of an order book, and liquidity providers fund those pools.

Which blockchain does Mimo run on?

Mimo runs on the IoTeX network. The project describes IoTeX's speed, low gas fees and cross-chain capabilities as the reason for building there.

Is there a newer version than Mimo V2?

The homepage now promotes V3, which it says brings smoother swaps, an easier-to-read pool interface and Liquidity Mining. V2 is the earlier version of the protocol, and V3 is where the project's current focus appears to be.

Has Mimo been audited?

No audits are listed for the protocol in the tracked data, and the project does not publish audit details on its homepage. Treat the contracts as unaudited unless you can verify a report yourself.

What fees does Mimo charge?

Mimo does not publish a fee table on its homepage. Swap fees in this kind of exchange usually go to liquidity providers, and the exact rate would be shown in the app before you confirm a trade. You also pay network gas on IoTeX.

How much liquidity does Mimo have?

Tracked total value locked is about $361,625, down roughly 27% over seven days. That is small, so large trades can move prices noticeably and providers should expect shallow pools.

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