In our commitment to broaden our offerings continually, we are introducing a new project addition - Minswap. Minswap is a multi-pool decentralized exchange built on the Cardano blockchain. It aims to solve the limitations of Automated Market Makers and provides unique features that set it apart from other decentralized exchanges.
In this article, you will learn about Minswap decentralized exchange, understand how it works, and discover what makes it unique. We will explore Minswap native token, MIN, learning about its utilities, tokenomics and statistics. We will also examine the features of Minswap and conclude with a concise guide on how to purchase or trade MIN tokens on CoinEx.
What Is Minswap?
Minswap is a decentralized exchange on the Cardano blockchain, functioning as a multi-pool Automated Market Maker (AMM). AMMs, rising in popularity with decentralized exchanges and decentralized finance (DeFi), enable individuals to become liquidity providers, facilitating trades through algorithms. However, they face challenges like impermanent loss. While solutions are being developed on Ethereum blockchains to solve these challenges, an optimized AMM for Cardano was lacking until Minswap.
Minswap simplifies trading by offering various specialized pools (Multi-pool) for different trading pairs. This setup helps those providing funds (Liquidity Providers or LPs) to choose the most profitable pool for their specific trades, potentially increasing their earnings. While this could spread little funds across pools, in reality, Liquidity Providers usually put their money in the pools that are most active and offer the best returns.
Minswap also uses strategies inspired by platforms like Yearn Finance to help Liquidity Providers move their funds to the most profitable pools easily. Its advantage over other platforms is that all these pools are in one place, making trading and moving funds quicker and cheaper.
Also, Minswap's flexible design allows it to easily adopt innovations from its community without needing significant changes or interruptions to the platform.
What Is Minswap Token (MIN)?
MIN, the native token of the Minswap decentralized exchange, has several utilities in the Cardano ecosystem. MIN tokens can be staked to earn ADA, with yields coming directly from trading fees. Holders of $MIN obtain discounts on trading fees. $MIN also serves as the governance token for Minswap, allowing participants to make decentralized decisions regarding the exchange.
MIN Staking
$MIN holders on Minswap 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 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.
Staking durations offer different $ADA APR boosts: 1x for 1 month, 3x for 3 months, 6x for 6 months, and 9x for 9 months. After the staking periods end, $MIN is automatically unstaked, and rewards can be claimed. To maintain earnings, re-staking is necessary.
Benefits for $MIN stakers include direct $ADA yields from trading fees and equal governance voting power as any $MIN holder.
MIN Tokenomics
MIN Token Statistics
Token Supply: 3 Billion MIN
Market Capitalization: $46 Million
Trading Price: $0.04265
Cryptocurrency Rank: #674
*Data source: The table above is real-time data from Coinmarketcap as of March 15, 2024
Features of Minswap
Below are some of the unique features of Minswap:
- Community Focus: Minswap prioritizes its community by equitably distributing MIN tokens to protocol participants and Liquidity Providers. These stakeholders are empowered to engage in governance and democratically vote on changes to the protocol.
- Commitment to Innovation: Minswap leads in introducing innovative concepts, including the FISO model, the MINt token, and the Liquidity Bootstrapping Event. The platform intends to maintain this innovative spirit by launching more groundbreaking initiatives.
- Launchpool Feature: As a permissionless platform, Minswap allows anyone to list tokens without the need for KYC. It offers the Minswap Launch Bowl, specifically designed to aid promising Cardano projects in leveraging powerful DeFi tools to enhance their liquidity.
- Support for Stake Pool Operators: Minswap has shown support for Stake Pool Operators (SPOs) through initiatives like the FISO. The platform continues this support with a community-focused ADA delegation policy, incentives for SPOs in its batching solution Laminar, and by facilitating automatic conversion of native token fees (Babel Fees).
How to Buy and Trade MIN Tokens?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 900+ tokens supported, including MIN, users can now trade easily and seamlessly. To purchase MIN tokens on CoinEx, follow the steps below.
- Create an Account: Start by signing up for a CoinEx account.
- Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to MIN Trading Page: Once your account is funded, navigate to the dedicated MIN trading page on CoinEx. You can locate MIN trading pairs on the spot trading page using a search box and enter the term "MIN" to find the associated pairs.
- Choose a Trading Pair: Select the trading pair MIN/USDT to trade MIN against USDT (Tether).
- Specify the Purchase Amount: The next step is to specify the number of MIN tokens you wish to buy. You have the option to either buy them at the current market price or set a limit for your desired buying price on the trading page.
- Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order.
By following these comprehensive steps, you can easily trade MIN tokens on CoinEx, taking advantage of the available trading pairs.
Hot