Minswap

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Discover Minswap's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Minswap?

Minswap (MIN) is a decentralized exchange (DEX) built on the Cardano blockchain. It allows users to trade tokens with minimal cost and time, offering features such as liquidity provision, yield farming, and governance participation. The platform is community-centric, with MIN tokens distributed fairly to protocol participants and liquidity providers, who can vote on protocol changes and earn rewards.

How is Minswap used?

Minswap (MIN) is a cryptocurrency token associated with the Minswap decentralized exchange (DEX) on the Cardano blockchain. Here's how it is used:

Rewards and Governance
  • Liquidity Providers: MIN tokens are rewarded to liquidity providers who stake their liquidity pool tokens. This incentivizes users to contribute to the DEX's liquidity.
  • Governance: MIN token holders have voting power, enabling them to participate in governance by voting on proposals and shaping the future direction of the Minswap protocol.
Trading and Fees
  • Swap Fees: For each swap on Minswap, a fee is taken, which mainly goes to liquidity providers. MIN token holders are eligible for swap fee discounts when trading.
  • Batcher Fee: There is a fixed 2 ADA batcher fee that can be reduced depending on how many MIN tokens the user has in their wallet.
Additional Features
  • Zap-In: Users can provide liquidity with one token of a pair, making it easier to participate in liquidity provision.
  • Farming: MIN tokens are rewarded to liquidity providers who stake their liquidity pool tokens, allowing them to earn additional rewards.
  • Launch Bowl: Minswap offers a Launch Bowl, which helps projects bootstrap their liquidity by providing DeFi primitives.

Overall, the MIN token plays a crucial role in incentivizing liquidity provision, governance, and trading on the Minswap DEX.

How do I store Minswap?

To store Minswap (MIN) tokens, you need to use a Cardano native wallet. Here are the steps:

  1. Download and Install a Cardano Native Wallet: There are various wallets available, ranging from easy to complex. For this tutorial, we will use the Nami wallet. Install the browser extension and set it up.

  2. Store Your Seed Phrase: Ensure you have your seed phrase safely stored. This is crucial for accessing your wallet.

  3. Fund Your Wallet with ADA: Transfer ADA from a centralized exchange like Binance to your Cardano native wallet. This will be used to swap for MIN tokens.

  1. Navigate to the Swap Screen: Open the Minswap interface and go to the swap screen.

  2. Swap ADA for MIN: In the FROM input field, choose ADA. In the TO input field, choose MIN. Confirm the swap and wait for the transaction to complete.

  3. Check Your Wallet: After the swap is complete, your MIN tokens will be in your wallet. You can view them in your wallet interface.

Remember to keep your seed phrase and wallet secure to protect your MIN tokens.

How to buy Minswap?

To buy Minswap (MIN) tokens, you can follow these steps:

  1. Choose a Centralized Exchange (CEX):

    • Select a reliable and trustworthy crypto exchange that supports Minswap (MIN) purchases.
    • Consider the ease of use, fee structure, and supported payment methods when choosing a crypto exchange.
  2. Create an Account:

    • Enter the required information and set a secure password.
    • Enable 2FA using Google Authenticator and other security settings to add an extra layer of security to your account.
  3. Verify Your Identity:

  • Complete KYC verification, which may require information based on your nationality and region.
  • Users who pass KYC verification will have access to more features and services on the platform.
  1. Add a Payment Method:

    • Follow the instructions provided by the exchange to add a credit/debit card, bank account, or other supported payment method.
    • The information you need to provide may vary depending on your bank's security requirements.
  2. Buy Minswap (MIN):

    • You are now ready to buy Minswap (MIN).
    • You can easily buy Minswap (MIN) using fiat currency if supported.
    • Alternatively, you can do a crypto-to-crypto exchange by first purchasing a popular cryptocurrency such as USDT and then exchanging it for Minswap (MIN).

Alternatively, you can also use a decentralized exchange (DEX) or a crypto wallet to purchase Minswap (MIN). For a DEX, you will need to connect to the DEX using a compatible wallet such as MetaMask. For a crypto wallet, you can buy certain cryptocurrencies directly via the wallet if supported.

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History of Minswap

Minswap (MIN) is a decentralized exchange (DEX) built on the Cardano blockchain. It aims to provide a community-centric platform for trading and liquidity provision. Here are some key points about the history of Minswap:

  • Q2 2021: Minswap received funding from the Catalyst Fund 5 and began researching constant-product pools. It also completed the Plutus Pioneer Program.
  • Q3 2021: The Minswap testnet was deployed, and the FISO (Fair Initial Stake Offering) model was introduced. This model ensured fair distribution of tokens to community members.
  • Q4 2021: Minswap published its solution to concurrency, called Laminar, which allows for the execution of accounting-style smart contracts multiple times in one block.
  • Q1 2022: After a security audit by Tweag, Minswap launched on the mainnet through a Liquidity Bootstrapping Event. This event distributed the $MIN token in a congestion-friendly and equitable manner.
  • Q2 2022: Minswap introduced profit sharing and innovations around a new emissions schedule. It also implemented features like distributing $ADA staking rewards to liquidity providers.
  • Q3 2022: Trading fee discounts for $MIN holders were introduced, and improvements were made to the user interface and user experience.
  • Q4 2022: Minswap DAO governance was implemented, and the Fee Switch was introduced.
  • Q1 2023: Yield Farming V2 was introduced, which allowed for multiple token harvesting. Verification of tokens was also introduced to protect users.
  • Q2 2023: The Minswap DAO Treasury Dashboard was introduced, and a record trading volume was reached.
  • Q3 2023: An Emissions Range Adjustment Proposal was passed, which led to a steady decline in $MIN emissions. Three Catalyst proposals were submitted and awarded funding for various projects.

Minswap has continued to evolve and innovate, focusing on community engagement and decentralized governance. It has also received awards for being the best Cardano DeFi project in 2022 and 2023.

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How Minswap works

Minswap is a decentralized exchange (DEX) built on the Cardano blockchain. It operates as a multi-pool Automated Market Maker (AMM), allowing users to trade tokens with minimal costs and time. Here's an overview of how it works:

Key Features
  1. Multi-pool DEX: Minswap offers various specialized pools for different trading pairs, enabling liquidity providers to choose the most profitable pool for their trades.

  2. Liquidity Provision: Users can provide liquidity by depositing both assets of a pair, earning swap fees as rewards. This liquidity is crucial for facilitating trades on the platform.

  3. Yield Farming: Liquidity providers can stake their Liquidity Pool Tokens (LPTs) to earn MIN tokens as rewards. The amount of MIN earned is proportional to the share of LPTs staked compared to the total LPTs staked in the particular farm.

  1. Zap-In: Users can provide liquidity with just one token of the pair, making it easier to participate in liquidity provision.

  2. Governance: MIN token holders have governance power, allowing them to make decentralized decisions regarding the exchange.

Tokenomics
  • Token Supply: The total supply of MIN tokens is 3 billion.
  • Market Capitalization: The market capitalization of MIN tokens is around $46 million.
  • Trading Price: The trading price of MIN tokens is approximately $0.04265.
  • Cryptocurrency Rank: MIN ranks #674 among all cryptocurrencies.
Staking and Rewards
  • MIN Staking: MIN holders can stake their tokens to earn ADA rewards from a 0.05% fee switch in trading fees. Rewards accumulate monthly and are distributed the following month.
  • Staking Durations: Different staking durations offer varying ADA APR boosts: 1x for 1 month, 3x for 3 months, 6x for 6 months, and 9x for 9 months.
  • Soft Lock: Staking operates as a 'soft lock,' permitting withdrawal at any time, though early unstaking results in the forfeiture of accrued rewards, which are then redistributed to the remaining stakers.
Mobile-Native Wallet

Minswap offers a mobile-native wallet, making it easy to trade, provide liquidity, and farm tokens on the go.

Community and Governance

Minswap is known for its community-oriented approach. It has won the Best Cardano DeFi Project Award at the Cardano Summit in both 2022 and 2023. The protocol is owned and governed by MIN token holders, ensuring that the community has a significant say in its development and direction.

Launch Bowl

Minswap offers a Launch Bowl, which provides promising projects with potent DeFi primitives to launch and increase their liquidity. This feature helps new projects gain traction and build a user base.

Token Distribution

Minswap tokens are fairly distributed without any private or VC investment, ensuring that the community of users is maximally rewarded, not speculators and insiders.

Yield Farming Schedule

Minswap has gone through a Bootstrapping Phase and a Minimax Phase, with a dynamic schedule approach to yield farming. The emissions rate is adjusted bi-weekly to ensure the effectiveness of the yield farming system.

Impermanent Loss

Minswap's liquidity pools are subject to impermanent loss, which occurs when the value of the tokens in the pool changes due to price action. This can result in a loss of value for liquidity providers if they do not monitor and adjust their pool share ratios regularly.

Educational Resources

There are various resources available to learn more about Minswap, including tutorials on YouTube and documentation on the official Minswap website. These resources cover topics such as yield farming, liquidity provision, and staking, helping users understand how to interact with the platform effectively.

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Minswap's strengths

The token Minswap (MIN) has several strengths that contribute to its value and utility within the Cardano ecosystem:

  1. Fair Distribution: MIN tokens are distributed fairly without any private or VC investment, ensuring that the community of users is maximally rewarded.

  2. Governance: MIN token holders have a say in the governance of the protocol, allowing them to vote democratically on changes and ensuring that the community has control over the direction of the project.

  3. Liquidity Provision: MIN tokens are rewarded to liquidity providers who stake their liquidity pool tokens, incentivizing participation and maintaining liquidity within the platform.

  1. Farming: MIN tokens can be earned through farming, which encourages users to contribute to the liquidity pools and maintain the health of the decentralized exchange.

  2. Launch Bowl: Minswap offers a Launch Bowl, which provides promising projects with potent DeFi primitives to bootstrap their liquidity, further enhancing the ecosystem.

  3. Community Focus: Minswap is designed to be community-centric, with a focus on innovation and the development of novel initiatives that benefit the Cardano ecosystem.

These strengths position MIN tokens as a key component of the Minswap decentralized exchange, fostering a community-driven environment and incentivizing participation in the platform.

Minswap's risks

Minswap (MIN) is a cryptocurrency project that operates as a decentralized exchange (DEX). As such, it is exposed to various financial risks that investors should be aware of. Here are some of the key financial risks associated with Minswap:

  1. Impermanent Loss: This risk occurs when the value of the tokens in a liquidity pool decreases compared to simply holding them. This can happen due to changes in the relative prices of the tokens in the pool. The greater the price divergence between the tokens, the higher the impermanent loss.

  2. Smart Contract Vulnerabilities: Minswap relies on smart contracts to manage liquidity pools and facilitate transactions. If these contracts contain bugs or vulnerabilities, users' funds could be at risk.

  3. Token Volatility: The value of the tokens provided as liquidity can fluctuate significantly due to market forces. If the tokens experience a significant decline in value, liquidity providers could face losses.

  1. Low Liquidity Risks: If a liquidity pool has low liquidity or low trading volume, liquidity providers may not earn significant rewards from trading fees. Additionally, low liquidity can lead to higher slippage for traders, making the pool less attractive.

  2. Project and Governance Risks: As a liquidity provider, you are indirectly supporting the projects associated with the tokens in the pool. If a project experiences issues or adverse events, such as regulatory actions or team disputes, it could impact the value of your assets in the liquidity pool.

  3. Risk of Manipulation: Minswap has been classified as a high-risk investment due to its potential for price manipulation. This is based on factors such as the amount of money required to shift its price over a 24-hour period, along with recent changes in volume and market cap.

These risks are crucial to consider when deciding to invest in or provide liquidity on Minswap. It is essential to weigh these risks against the potential rewards and take appropriate precautions to mitigate them.

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Did Minswap raise funds?

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Minswap’s team

  • Phan Nguyen Huy Hieu: Co-Founder at Minswap.
  • Richard Nguyen: Co-Founder at Minswap.
  • Dung Pham: Blockchain developer at Minswap.
  • Long Nguyen: Co-Founder of Minswap, interviewed for the April Spotlight Article on the Cardano Developer Portal.

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