Minswap Becomes the #1 Cardano-Powered DEX by TVL, Makes Its Code Open Source
Cardano-powered decentralized exchange (DEX) Minswap has managed to outshine its peers in terms of total value locked (TVL) in less than 10 days from its launch on the Cardano mainnet.
What is Minswap?
According to its white paper, Minswap is “an automated market-maker (AMM) decentralized exchange (DEX) on Cardano which supports multiple pricing functions for a single liquidity pool.”
This is an “elevator pitch” description of Minswap from the project’s FAQ guide:
“We aim to bring an innovative multi-model asset pool decentralized exchange to the Cardano blockchain. Minswap aims to be the best liquidity provider on the market by integrating the best asset pool models from across the DEX ecosystem into one protocol. The combination of stable pools, multi-asset pools, and concentrated liquidity will benefit both traders and liquidity providers. Our tokens are fairly distributed without any private or VC investment. This ensures our community of users are maximally rewarded, not speculators and insiders.“
The Minswap protocol has 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 usage of the protocol.
Here are a few more facts about Minswap:
- “MIN tokens are distributed fairly to protocol participants and Liquidity Providers, who can participate in governance and vote democratically on protocol changes.“
- “Minswap is permissionless, meaning anybody can list tokens without needing KYC.“
- “Minswap supported SPOs through the FISO and plans to continue doing so with a community-oriented ADA delegation policy…“
- “Minswap will embrace Community Governance through a DAO, and introduce novel features such as gamification or profit sharing.“
As for token distribution, “78.5% of tokens will be distributed to the community, of which 70% are reserved to reward LPs.”
At present, Minswap “supports CCVault, Nami, Flint, Typhon and GeroWallet,” and it plans to add support for Yoroi in the future.
Growth in TVL Since Mainnet Launch
MInswap went live on the Cardano mainnet on March 9:
And within just 10 days, it had taken over the #1 spot from SundaeSwap on DeFi Llama’s leaderboard:
Then, on March 19, Minswap announced that it had open-sourced its code:
This was the reaction of one very popular “ADA whale” to this news:
Currently (as of 7:05 p.m. UTC on March 21), according to data by Dei Llama, Cardano’s TVL stands at $272.38 million, and with a TVL of $172.63 million, Minswap has 63.3% dominance.
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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