Is it possible to have a default parameter for a mysql stored procedure?

It's still not possible.

We worked around this limitation by adding a simple IF statement in the stored procedure. Practically we pass an empty string whenever we want to save the default value in the DB.

CREATE DEFINER=`test`@`%` PROCEDURE `myProc`(IN myVarParam VARCHAR(40))
BEGIN
  IF myVarParam = '' THEN SET myVarParam = 'default-value'; END IF;

  ...your code here...
END

SET myParam = IFNULL(myParam, 0);

Explanation: IFNULL(expression_1, expression_2)

The IFNULL function returns expression_1 if expression_1 is not NULL; otherwise it returns expression_2. The IFNULL function returns a string or a numeric based on the context where it is used.