Minswap, the community-focused decentralized exchange on the Cardano blockchain, has outperformed its peers in terms of total value locked (TVL) in less than 10 days from its Mainnet launch on March 9, 2022.
What Is Minswap?
Minswap is an automated market-maker (AMM) decentralized exchange (DEX) natively built on the proof-of-stake blockchain platform Cardano that supports multiple pricing functions for a single liquidity pool.
According to its “elevator pitch”, Minswap is dedicated to bringing a new multi-pool decentralized exchange to the Cardano blockchain. It aims to become the best liquidity provider on the market by combining the best asset pool models across the DEX ecosystem into only one protocol.
The goal of the Cardano-powered DEXs is to give both traders and liquidity providers minimal cost, minimal time and maximal convenience through a combination of multi-asset pools, stable pools, and concentrated liquidity.
The Minswap protocol has currently two types of tokens:
- MIN token: “The governance token of the protocol with future utility.”
- MINt token: “A token that can be converted to MIN through the usage of the protocol.
Source: Minswap documentation
Minswap’s tokens are distributed fairly with no private or VC investment, ensuring the most benefits for its community of users rather than speculators and insiders.
With this innovative strategy for token distribution, MinSwap is emerging as a Cardano-power exchange with a lot of potentials.
minswap-outshines-its-peers-becoming-the-cardanos-top-dex-by-tlvA Few More Facts About Minswap
MIN tokens are given out fairly to Liquidity Providers and protocol participants, who can take part in governance and vote democratically on protocol changes.
Minswap is a permissionless blockchain exchange, which means that anyone can list tokens with no need for KYC.
Minswap helped SPOs through the FISO, and it plans to keep doing so with a community-based ADA delegation policy.
Minswap will make use of the DAO for Community Governance, and it will add new features like gamification or profit-sharing.
There will be 78.5% of tokens distributed to the community, and 70% of them will be used to reward LPs.
At the moment, the only wallets Minswap supports are CCVault, Nami, Flint, Typhon and GeroWallet. In the future, it plans to add support for Yoroi to the list.
Growth in TVL Since Mainnet Launch
The Minswap DEX has gone live on the Cardano mainnet since March 9:
https://twitter.com/MinswapDEX/status/1501412214552817664
Minswap took over the top spot from SundaeSwap on the DeFi Llama app’s leaderboard in just 10 days.
https://twitter.com/hoskytoken/status/1504636933007450113
Then, on March 19, Minswap said that it had made its code public:
https://twitter.com/MinswapDEX/status/1505206025275723782
“ADA whale”: This is how one of them felt about this news:
https://twitter.com/cardano_whale/status/1505327530462613514
Now, according to data from Dei Llama (7:05 p.m. UTC on March 21), Cardano has a total value locked (TVL) of AU$368.6 million and is expected to triple by June. Meanwhile, Minswap has AU$233.6 million, giving it 63.3% dominance on the market.