Minswap (MIN): Easy 4-100x and the Best Decentralized Exchange Built on Cardano (ADA)

Minswap (MIN) is an open sourced and audited AMM DEX (decentralized exchange), built on Cardano (ADA). Currently trading at $00.01117, at the time of this article. Read the original article by Piiggy Bank Blockchain Labs.

How to Buy Minswap MIN:

Currently you can only get Minswap coins on two decentralized exchanges (Minswap DEX and Sundaeswap DEX) or from “coin minting” service providers like Piiggy Bank. Overall, these factors do make owning this coin exclusive.

Also, Coinbase already tracks (but doesn’t sell it) it and Coinmarketcap has listed it.

Product Overview/Unique Selling Point:

Minswap is an open sourced, audited, decentralized AMM DEX that focuses on the 5 things below, based on their website.

1. Community Focused: they concentrate on providing immense value and service to Cardano. For example, you can see this in their token distribution, features, transparency, and communication.

2. Innovation Driven: they are intent on innovating design ideas that better crypto, smart contract, stake pools, and crypto in general. Also, you can see this in their launch pools, their ISPO, and their zap in tools.

3. Launchpools: like a launchpad service for crypto projects, Minswap is proud of their launch pool capabilities where they help new projects get liquidity pools via their launch pool system. In addition, users provide ADA, which goes to the liquidity pool for new projects, in return for yield rewards.

4. SPO support: being community-driven, they focus on supporting stake pool operators in the Cardano space.

5. ERC 20 compatible: through their ERC 20 converter and compatibility

Minswap MIN trading fee discount

In addition, the DEX offers a whole host of essential Cardano functions including the trading of tokens, liquidity providing, yield farming, and what they call zap in where users can provide liquidity with only one side of a token pair. Minswap also has unique design features built into their protocol like their trading fee discount for users who hold $MIN in their wallet.

Next, if you hold $MIN in your wallet when trading on Minswap, you can receive a discount on the transaction fee for said trade. All trades cost $2 in ADA, but if you hold the below amounts of $MIN for example, you can get these discounts.

• 2,000 $MIN = 1% discount

• 20,000 $MIN = 10% discount

• 50,000 $MIN = 25% discount (this is the maximum)

Also, other great things about this DEX are their deep liquidity pools and their high APY on different yield farming pairs.

Minswap MIN Token Use Case

MIN is the utility and governance token of the MinSwap platform and it has the following functions:

• Governance: MIN holders can vote on changes and updates for the protocol.
• Rewards: MIN token holders will receive a portion of the platform revenue, depending on the number of tokens they own.

How does MinSwap work?

MinSwap uses a Multi-function liquidity pool that combines the following AMM principles:

• Constant-product pool by Uniswap.
• Stable pool by Curve.
• Multi-asset pool by Balancer.
• Dynamic pool by Kyber.

Next, the community will vote on the integration of new AMM protocols if there’s any new and better idea. Also, this is a good idea from MinSwap as every protocol has its pros and cons. In addition, users can trade with the best price that MinSwap gives.

The babel fee mechanism allows users to pay other tokens for transaction fees instead of ADA. This means stake pool operators (SPOs) will pay the fee in ADA and they will receive the paid tokens. In the future, the Cardano blockchain will facilitate this feature. Therefore, traders don’t have to hold ADA.

Zap in Liquidity and Earn Passive Income via Yield Farming

Zap-In is an easy way to Provide Liquidity when you only have one token of the pair.

Minswap MIN Tokenomics:

Overall, the tokenomics of Minswap is some of the most community-focused that we have ever seen. 70% of the entire token supply allocated to community yield farming opportunities. Because of this, we would rank this token’s distribution amongst some of the most decentralized and community driven, in the entire space.

MIN token: The governance token of the protocol with utility.

MINt token: A token that converts to MIN through usage of the protocol. Please read the following document and FAQ for the detailed mechanics.

Funded by Catalyst

First, after receiving a $37,500 grant from Catalyst, the MinSwap team had funding for about 7 months. Then they continued to put forward funding proposals on the Catalyst Project platform and decided to raise funds from investors in a public token sale extracted from the development fund.

Wondering what Project Catalyst is? Want to help us get funded? Want to earn ADA rewards? Look no further than this video here! https://t.co/mr7uD0QXKV

— Minswap Labs (@MinswapDEX) July 7, 2021

Public Token Sale

Then, on Oct 10th, 2021, MinSwap opened a public sale that allowed investors to purchase 40 MIN tokens with 1 ADA. In addition, the total public sale was 0.5% of the token supply equalling 25,000,000 MIN tokens with no vesting schedule and lockup period. Finally, the tokens sold out after one hour.

MIN Token Allocation

The MIN Token has the total max supply of 5,000,000,000 tokens, with the following distribution:

• Yield Farming: 70%.
• Core Team: 10%.
• Development Fund: 10%.
• DAO Treasury: 6%.
• FISO Airdrop: 2.5%.
• Incentive programs / Partnerships: 1.5%

Minswap MIN Token Release Schedule

The FISO vesting schedule for MIN and MINt is a 45-day lockup period and then a 45-day vesting schedule. MINt is a token that will convert into MIN if users lock it in a contract with ADA for 45 days. Also, users can lock ADA and MINt in the ADA/MINt pool to earn MIN tokens.

Community, Communication, and Transparency:

The documentation this company provided, their communication on how to utilize the protocol, how to get rewards, how to limit fees, and the communication on their discovered vulnerability was transparent. Overall, the company seems to be community-focused, and their communication helps echo this message.

The Minswap Vulnerability at Launch: https://medium.com/coinmonks/how-the-wingriders-team-saved-minswap-from-being-hacked-1962411e2f2d

What happened with the Minswap MIN launch vulnerability

What the article essentially says is that Minswap had an audit before launch, learned of some critical issues, which they then fixed and tested. Minswap then went live and open sourced their code. Next, the WingRiders team decided to look over the source code and noticed a potential smart contract issue that would allow a hacker to drain/control liquidity pools on Minswap in some way. Then, WingRiders notified Minswap, and Minswap took the DEX offline for maintenance sometime after. Finally, Minswap fixed the critical issue, provided thanks to the WingRiders team, and have continued to monitor/work without issues.

All liquidity on Minswap was vulnerable to this issue. Nothing has come up since that we are aware of as far as security issues on Minswap.

Meanwhile, some have speculated the Minswap team or the auditors left the vulnerability there intentionally. However, the fact that they open sourced their code is seemingly indicative of people that truly want to build something for the community and also a great opportunity for anyone that wants to add to the ecosystem.

Additionally, their team is searchable;

Minswap MIN Governance

Additionally, they are coming out with governance.

Launch Bowl:

Per their article posting, the “Launch Bowl” aims to give the ability for :

“Cardano DeFi enthusiasts to Swap, Provide Liquidity and Farm in a wide array of Pairs in a smooth manner, it’s now time to leverage our platform to empower the growth of the Cardano DeFi space even further. The Vision is for Minswap to become the hub for promising projects to launch and increase their liquidity by using some of the most potent DeFi primitives offered directly on the Minswap platform.”

Minswap MIN Roadmap & Updates

• Q2 2021: Fundraising, Constant-Product Pool, Testnet.
• Q3 2021: Release Mainnet, Security Audit, Liquidity Mining, Initial DEX Offering (IDO), Initial Farm Offering (IFO).
• Q4 2021: Release the stable Pool.
• Q1 2022: Release Decentralized Autonomous Organization (DAO), Community Governance.

Possible Bull Run Scenario:

• Price: $0.01117

• TVL: $26.12 million

• Current Market Cap: $279,162

• Fully Diluted Market Cap: $55 million

• Current Supply: 25 million

• Total Supply: 5 billion

For example, a 100x would put the price of $MIN at approximately $1.11 per coin.

Risks of the project include:

all risks that come with defi, smart contracts, yield farming, and impermanent loss.

Key takeaways about Minswap MIN

• Minswap is an open sourced, audited AMM DEX on Cardano (ADA).
• MIN is the utility and governance token of the platform, and holders can vote on changes and updates for the protocol.
• Holding $MIN in your wallet gives a trading fee discount of up to 25%.
• 70% of the token supply goes to community yield farming, out of a total max supply of 5,000,000,000 tokens.
• The risks include all risks that come with DeFi, smart contracts, yield farming, and impermanent loss.

Related reading on Creative Geniusess

• How To Use Minswap (MIN) DeX (Easy Tutorial) 2022 for Beginners, a quick video on how to buy via the community DEX.
• Inclusive Liquidity on Minswap ($MIN), on participating without both pool coins.
• Minswap to Launch Passive Income Staking for $MIN Token, about $MIN Staking.
• Paribus (PBX) Listed for Trading on Cardano (ADA) DEX Minswap, a listing on the DEX.