Thefirst Zokyo audit reviewed the entire body of Minterest smart contracts. The second audititeration focused on the review of new implementations added by the Minterest team. This third audit examined a number of smaller, more minor changes to the code.
These changes centred around the Buyback, Vesting, and Liquidation operations. Per Zokyo’s findings:
The Zokyo Security team hasn’t detected any issues in the updated code. There were two informational issues described in the third iteration: one of them was about the absence of validation, and the other one was connected to logic clarification in Buyback.sol. The Minterest team has verified both of the issues. Since most of the changes were added to already existing functions, the Zokyo Security team has updated their set of unit tests prepared during previous audit iterations to validate new logic. Additional test-cases were prepared for the vesting flow.
This audit – the sixth audit of Minterest smart contracts to date – continues to demonstrate the underlying reliability of the Minterest protocol and the team’s commitment to due diligence.
The results of the audit were positive. Zokyo awarded Minterest a “Pass” with a score of 96 out of 100. A few smaller issues were highlighted to the Minterest team, with appropriate actions taken.
In the light of ongoing high-profile exploits, Minterest’s safety and security will continue to play a determining role in the protocol’s long-term success. To that end, Minterest has already commissioned a further Zokyo audit, and will continue to regularly audit the protocol.
The most recent audit prior to this one was also undertaken by Zokyo, a detailed summary of which can be found here. Zokyo “audited all changes since the last audit iteration,” to ensure that any of the changes were in keeping with the rest of the protocol.
Key Takeaways
Minterest passed this fifth audit with a total score of 96/100, indicating that no major problems were found with any changes to the underlying smart contracts.
98% of the code was testable, well above the industry standard of 95%.
Final Thoughts
Submitting to a fifth audit demonstrated Minterest’s continuing commitment to the highest security standards in crypto.
Further details on the audit can be found in the Zokyo Executive Summary below:
With five audits completed and a sixth underway, and with the final stage of Private Launch now live, Minterest is well-positioned to proceed to Public Launch.
Early participants noticed NFTs started appearing in their wallets on Monday, Feb. 27 as NFTs were minted and distributed and since access to Minterest from now till its public launch requires an NFT.
The first Minterest NFTsale happened shortly after for 1 ETH on the Monday on OpenSea.
Protocol Goes Live!
Minterest is now live!
50,000 hours in the making, we’re incredibly excited to announce that the Minterest protocol is fully live in Private Launch.
Last Tuesday afternoon, February 28, 2023, the Minterest protocol officially entered the last phase of its Private Launch. All core protocol functions went live including emission rewards,, with TVL pouring in right away.
One day later, on March 1, Minterest attracted > $1,000,000 TVL. Users benefited greatly from the smaller pool of participants, with some markets reporting APYs over 3,000%!
Launch AMA Gains Hundreds of Listeners on Twitter Spaces
The Minterest team wrapped up the week with a truly epic Twitter Spaces, a freewheeling conversation with the management team of Josh, Kyn, Veiko, Kevin, Martti and Denis. The event gained hundreds of listeners over the course of an hour, and formed the capstone to a phenomenal first week.
Week in Review
The end of the week saw a flurry of activity on OpenSea, with a growing number of NFT sales and a floor price currently sitting around 0.23 ETH.
The number of protocol users grew 60% over the week.
TVL exceeded $4,500,000 by the end of the first week, marking a highly significant achievement in such a short time
All eyes start to look towards April as a potential date for the full public launch.
Next developments on the protocol include enabling auto-liquidations and the long-anticipated risk index – the first of its kind.
Minterest Launch FAQs
Excited to start using the protocol? Head over to OpenSea to grab an NFT for access.
Not sure where to start? Access the app here. You can also check out the Minterest FAQ on Gitbook, where you’ll find everything you need to know about:
Accessing the protocol
Supplying liquidity
Borrowing assets
Minterest NFTs
Staking
Start with the FAQ, then head to the blog to learn more about the only DeFi protocol with sustainable real yield.
“Minteresting” Fun Facts
To whet your appetite, some Minterest fun facts from the first week:
TVL and Markets:
First week TVL: $4.5 million+
2 markets $1M+ supply (wBTC & USDC)
Whales swimming to Minterest:
Top 4 users provide greater than 50% supply,
Top 10 users provide greater than 90% supply
Top 3 borrowers account for roughly 50% total borrow
Top 10 borrowers account for 90% total borrow
More than 60% of all users borrow
More than 80% of available supply borrowed
Current 20% borrow cap set to increase soon
NFT Sales
34 total sales
1 sale at 1.5 ETH – Level 5 “Sergey Nazarov”
2 sales at 1 ETH – Level 7 “Winklevoss Twins” & Level 7 “Roger Ver”
Compound and Aave both rely on similar principles. Users of each protocol fall into two general categories: liquidity users (borrowers) and liquidity providers (lenders). Aave and Compound create asset pools for various crypto tokens, and users add to and withdraw from those pools.
The premise is straightforward. All borrowing is collateralised, meaning no user can take out more than they have put in. The actual practice gets a bit more complicated; since users rarely lend one token and borrow the same token, protocols rely on token pairs, with asset pools for each pair.
DeFi 1.0 Value Creation
Why use a DeFi lending protocol?
Access and inclusivity.
DeFi lending, as opposed to lending in traditional finance, reduces the friction of participation to anyone with a wallet, and provides absolute transparency to the inner workings of the protocol.
Permissionless – Anyone can participate. DeFi users can skip background checks or have their finances examined to participate. Whether it is Minterest, Aave, or Compound, users can simply connect a wallet and begin staking or borrowing.
Trustlessness – No one entity controls a user’s finances in DeFi. There is no loan approval and no extra hoops to jump through when supplying or withdrawing funds. Note that “trustlessness” does not mean “poor security.” For example, Compound touts “institutional” levels of reliability and safety. For its part, Minterest has undergone four security auditsto date.
Liquidity
DeFi lending protocol participants gain access to liquidity, opening up a variety of use cases for both individuals and other ecosystem protocols. Borrowers utilize liquidity for several reasons.
Arbitrage. Arbitrage opportunities are aplenty across the market. The price of one asset may be higher or lower across different DEXs. A flashloan would allow a user to borrow that asset, swap the asset on the DEXs, make a tidy profit, and then pay back the loan all in one transaction.
Trading Positions. Borrowing assets to gain exposure to an asset forlonging or shorting it is a widespread use case. For example, if a trader believes the price of BTC will drop, they can lend a stablecoin, borrow BTC, sell BTC at spot price, wait for the price to drop, purchase BTC again, pay back the loan, and pocket the difference.
Short-Term Loans. Purchasing real-world goods and services without selling the original assets is commonplace for groups, like Bitcoin miners. Bitcoin miners fund the expansion of their operations by using their BTC portfolio as collateral to borrow stablecoins to purchase new mining equipment. Why?
Miners maintain exposure to the underlying asset
Miners do not trigger taxable events for selling the underlying asset (depending on the jurisdiction, of course)
DeFi’s True Value: Wealth-Building from Tokenized Assets
All of the above benefits get to the beating heart of DeFi: providing advanced wealth-building tools for users.
In DeFi 1.0, this took the form of yield farming. Demand for certain assets meant lenders on DeFi protocols could expect significant returns on their positions; rates of 20% APY were remarkable compared to TradFi savings interest rates of less than 1% but entirely unsustainable.
DeFi 1.0 quickly developed a yield farming problem. Investors earned sky-high returns built on the foundations of hyperinflationary tokenomics where tokens contained no underlying value. The unraveling of this flimsy structure came tumbling down during the crypto bear market, resulting in bank runs on protocols. Users withdrew and sold off their assets in droves as high-profile projects, like Terra, highlighted critical weaknesses in their designs.
Yield Farming Transitions to Real Yield
Despite high-profile failures, lending protocols functioned as they were designed to during the adverse market conditions, protecting lenders and borrowers where CeFi players did not due to their opaque walls and reliance on unwarranted trust from their users. In 2023, DeFi lending protocols are emerging as foundational layers for every major blockchain, as Aave and Compound have demonstrated.
Aave and Compound, with significant TVL, collect fees from activities (borrowing, lending, flash loans) on the protocol. Both protocols feature a governance token, providing some limited utility for repaying fees.
The question for DeFi remains how to develop dependably attractive yields (thus attracting greater TVL) without relying on an inflationary model.
So where does DeFi go from here, and how can Minterest improve the existing model?
Current DeFi Challenges
Dysfunctional governance tokens. Both Aave and Compound feature governance tokens. Both tokens convey voting rights for their respective protocol.
However, neither Aave nor Compound have made their tokens integral to the function of the protocol. The tokens do not derive any utility from the underlying lending and borrowing activities on these respective protocols, nor do the protocols derive value from the tokens outside of governance.
Predatory liquidations and outflow of fees. Protocol fees are generated from three areas: interest rate differential between lenders and borrowers, flash loans, and liquidations. Most of this value is parties who are not liquidity providers, even though the value is derived from them. Additionally, current DeFi lending protocols rely on third-party liquidators to remain solvent. Those liquidators are incentivized by collecting a portion of each loan liquidated, essentially a bounty for detecting under-collateralised positions on the protocol. And these liquidations siphon approx 50% of protocol value to themselves. What is clear is that there needs to be more alignment of incentives between liquidity providers and the protocols.
Future-Focused User Benefits
In both cases, DeFi 2.0 can build on the existing model to create additional value for users. Minterest is designed to do just this.
Minterest captures more fees. Minterest captures more fees than others because it handles liquidations through its innovative auto-liquidation engine. Thus, Minterest can capture those fees unlike other protocols where this value is lost to third parties.
Minterest transfers all value back to users. Minterest captures all fee value and uses it to buy back its native token on-market through an automated Buyback engine. The token is then distributed back to users who participate proportionally in the protocol’s governance based on staking and voting in governance proposals.
MNT is more than just a governance token. It’s a medium of value transfer, and the above benefits feed into the core function of the MNT token. Minterest distributes the value it accrues from its various operations right back to the users of the protocol. The MNT token is the medium by which this value is transferred back to participants, linking MNT to the growth of the protocol’s TVL.. Such performance capabilities in a token are unique in the sector and form the bedrock of a new evolution of DeFi protocols.
Minterest provides Sustainable Real Yield. Minterest is designed to align the incentives of its core user, liquidity providers. Greater liquidity generates more significant fees, increasing the distribution of value back to these users. The results are fully sustainable yield farming for users and a DeFi revolution with the highest possible long-term APYs with the sector’s lowest borrow cost.
DeFi (Decentralized Finance) refers to a growing ecosystem of financial applications built on blockchain technology that aim to provide financial services without the need for traditional intermediaries such as banks or financial institutions. The last crypto bull run saw easy money pumped into DeFi in vast quantities, fueled by the sector’s vast potential:
Decentralized exchanges, for peer-to-peer trading of cryptocurrencies and other assets without the need for a centralized exchange.
Lending and borrowing platforms, enabling users to earn interest on their assets or to borrow funds from others using smart contracts to manage the terms and conditions of the loans.
Stablecoins, tying digital assets to a stable asset such as the US dollar, allowing for more stability in volatile crypto markets.
Tokenization, converting traditional assets such as real estate or art into tokenized form and making it possible to trade those assets.
But in the rush to claim the vast wealth DeFi promised, new protocols started to take shortcuts. DeFi startups lured retail investors, flush with cash, by promising sky-high yields. Unsustainable yield farms grew in popularity, fueled by ever-greater demand.
What drew users in? Part of the allure was found in DeFi’s inherent advantages over TradFi. With DeFi, anyone could access advanced financial tools; borrowing and lending functions were no longer walled off behind staid financial institutions and vested interests.
DeFi held immense promise as an entirely new financial model. Unfortunately, in the rush to build a new model, DeFi began to repeat some of TradFi’s mistakes.
DeFi: New Financial Model, Same Old Problems
The early wave of DeFi protocols – DeFi 1.0 – eventually developed a set of core problems that were exposed dramatically during the crypto crash of 2022.
Complexity
Many DeFi platforms were difficult for average users to understand, leading to potential security risks and difficulties in accessing the platform.
Centralization
Despite being marketed as decentralized, many DeFi platforms werehighly centralized and controlled by a small group of individuals, undermining the decentralized nature of DeFi and leaving it open to manipulation.
Market Volatility
DeFi proved highly susceptible to market volatility with dramatic and rapid price changes. As ETH went, so did the market; at its peak, the Ethereum blockchain was responsible for nearly 97% of DeFi TVL. That market share has since decreased to around 60% as more players have entered the DeFi space, providing some much-needed flexibility.
Fraud
Ponzi schemes abounded in DeFi 1.0, as bad actors took advantage of the hype and capitalized on DeFi’s unknowns. This was the case for many protocols that only produced high yields by relying on a steady stream of fresh liquidity, primarily from retail investors.
Scalability/Sustainability
DeFi 1.0 largely rode the wave of the crypto bull market, foregoing long-term development in favor of short-term gains.
The bear market forced a reckoning. Fraudsters were exposed, poor business practices came to light, and major players in the sector (3AC, Celsius, FTX, etc.) collapsed.
Maturing Markets
In the aftermath, a new vision for DeFi emerged. Despite DeFi 1.0’s problems, it served as a clear proof-of-concept. The market wanted DeFi exchanges, borrowing and lending protocols, tokenization, etc. The underlying use cases were sound, even if numerous protocols didn’t hold up.
In fact, DeFi 1.0, and the resulting crash, bears strong similarities to an earlier tech market cycle: the dot-com bubble of the late 90s and early 2000s.
Note this comparison of the two:
Dot-com companies crashed – hard – in the early 2000s. In fact, value just after the initial crash rested at a level not much higher than before the boom took off. On the surface, dot-coms seemed to be right back where they started a few years before.
Zoom out, and a vastly different story emerges.
When the dot-com bubble burst, two things happened:
Companies with poor underlying fundamentals failed.
The underlying technology grew.
Why? Because there was genuine underlying value in the technology – just not in most of the applications.
DeFi 2.0 finds itself in the same position.
There’s a renewed emphasis on sustainability and profitability. With the hype largely gone from the market, investors can evaluate projects more clearly.
On the project side, new DeFi protocols need to deliver clear value based on rock-solid industry fundamentals. And in typical crypto fashion, this search for underlying value has led to a new term: real yield.
Finding Real Yield
Real yield implies sustainability and value. Gone are the sky-high yields of Anchor Protocol and a yield-farming model built on attracting an endless stream of new investors. DeFi 2.0 relies on real yield, returns based on protocols that meet proven use cases and have a clear path to profitability.
DeFi 2.0 also involves a return to the core principles that set DeFi apart from traditional finance, including:
Decentralization
Accessibility
Trust
Reduced costs
Speed
Minterest leads the charge towards DeFi 2.0, building a protocol with solid fundamentals to create genuine underlying value. It’s that value that powers real yield in a way that DeFi 1.0 never did.
So, what went down last year exactly? Here is a selection of key milestones in 2022.
Early 2022: Planning to launch
As 2022 began, Minterest was in the middle of community-focused fundraising events. The Community Allocation Event (CAE) took place in late January, and allowed supporters to secure MNT token allocations up to 500 USDC at the lowest price in the upcoming Liquidity Bootstrapping Pool (LBP).
That event was quickly followed by the LBP, which in February raised over $5.5 million to support continued bootstrapping of the protocol. Together, the CAE and LBP provided crucial early support for the protocol and established an ever larger base of supporters.
Early-to-mid 2022: Major market shift
In late February, Russia’s invasion of Ukraine played into emerging macro-economic factors, which together saw market sentiment decline significantly. Hindsight showed the broader crypto market cap had peaked in November 2021 and by early April 2022 was beginning to face stiff headwinds.
Minterest planned to launch on Moonbeam, but increasing instability in the sector combined with Ethereum’s continued DeFi dominance, caused the switch to Ethereum in April 2022, a critical strategic decision. It resulted in extensive unforeseen development work, but the decision has been applauded ever since.
In May, the crypto crash, aka the Do Kwon Krash, began with the infamous Terra/Luna implosion. The algorithmic Terra USD stablecoin lost its peg and Luna’s value plummeted from over $100 to mere fractions of a cent.
The Terra/Luna fiasco was not completely unforeseen. Josh Rogers, Minterest’s CEO, won a bet Luna would go to a zero with 2 decimal places in 2022, arguing for months prior that the Luna/UST architecture would be attacked. What no one saw coming was the brewing macroeconomic negativity that turned Luna’s implosion into a match which ignited crypto’s sector-wide collapse.
Minterest did not sit idly by during these events. A constant stream of information came from key players, including CEO Josh Rogers and COO Kyn Chaturvedi, with regular AMAs and community discussions held on Discord and social media to keep supporters informed.
Minterest responded rigorously to the changing market conditions. First and foremost, that meant reappraising not just the launch schedule but the overall protocol product strategy. Doing so protected the interests of all token holders investors while ensuring the protocol’s best chance of success.
A snapshot of fundamental improvements the team worked over the year include:
The team also unrolled Lock & Load, a key opportunity to reward early supporters who participated in the CAE and LBP events at the start of the year. Lock & Load was a unique chance for such supporters to double their MNT token allocation in return for locking up their MNT for a year and vesting them over the following 12 months. The offer was hugely successful, with over 600,000 tokens or more than 50% of eligible participants taking it up.
2022 into 2023: Building a better DeFi
Where does that leave Minterest today?
Key token markets deployed
Whitelisted access to key features for product testing
Lock & Loadconcluded in December, with over 50% acceptance for eligible tokens
4th security audit completed
5th security audit on the way
Full functionality rollout and NFT access early 2023
Public launch early in 2023
Despite the carnage of the broader crypto market, Minterest has never panicked. The bear market has separated, and continues to do so, the good from the bad, with the opportunity now open for new projects with strong fundamentals to emerge and stake a claim for dominance as the cycle resets.
DeFi is evolving. Its new reality means hyper-inflationary token emissions are no more. This has allowed sound, sustainable projects to now develop and flourish, which will be the building block of the next generation of DeFi, with Minterest leading the way.
As is normal, all issues identified were addressed during the process.
Security audits are vital in identifying external threats and provide recommendations to address them. Essentially, when it comes to network security there can never be too many eye-balls. Security audits also apply industry standards and are important in reassuring users such safety and security standards have been met, which is key to trust.
What were the results of the security audits?
Trail of Bits (Q1 2022): identified one critical issue which was immediately addressed, as well as other non-critical items which were addressed in the later version audit report.
Hacken (Q2 2022): scored Minterest a 10 out of 10 for both documentation and architecture quality.
PeckShield (Q2 2022): found no vulnerabilities of critical or high severity levels, stating “The current code base is well structured and neatly organized. Those identified issues are promptly confirmed and addressed.”
Zokyo (Q4 2022): scored Minterest 93/100, confirming its qualification for listing on exchanges, with 98% testable code exceeding industry standard 95% and total contract security being high.
Bug Bounty Program
Minterest’s upcoming bug bounty program will incentivise and reward individuals who contribute to Minterest’s security. If you’re interested in the bug bounty a summary is at the end of this article.
What else?
Minterest also builds on the following:
In house security team.
24/7 monitoring – automated and on-call.
Treasury security with multi-sig hardware wallets.
Crisis planning with scenario processes and mitigation plans.
Security protocol for the physical safety of the wallet holders.
Undertaking a fourth independent audit demonstrates Minterest’s commitment to security with high scores from all auditors providing external insight into Minterest’s professional and measured approach to protocol security.
Yield Gets Real with Minterest – and that starts with rock-solid protocol safety.
Minterest holds to the highest levels of security in the crypto space. The broader industry has significantly stepped up measures to protect funds by employing more rigorous external and internal code audits and overall platform security processes. By undertaking a fourth security audit, Minterest has built a well-tested platform fully capable of protecting our users and customer funds in a truly decentralized manner.
Minterest announced the revised tokenomicsearlier this month, delivering significantly reduced circulating supply over the first 18 months. The revised tokenomics reflect the new reality of DeFi and underpin the protocol’s success in tight market conditions.
Specifically, lower circulating supply supports the protocol’s token economy, reinforces the value of emissions rewards as Minterest launches and enables the growth of TVL. One major change made in Minterest’s tokenomics goes even further, and reduces circulating supply long term to further support the protocol’s ability to sustainably outcompete. This is the implementation of a Strategic Reserve.
What Is Minterest’s Strategic Reserve?
The role of the Strategic Reserve is to act as a sink. It stakes MNT to earn Governance Rewards which it never sells. Soaking up MNT over the long term creates on-market scarcity which supports demand and benefits from the effect of compounding.
At launch a significant portion of total circulating supply, approx. 5 million MNT tokens or 5%, is held in the Strategic Reserve. These tokens were previously part of the Minterest team token allocation.
The Strategic Reserve grows its balance beyond just earning MNT as Governance Rewards. It will add any unused surpluses from both NFT Rewards and Buyback Rewards. In both cases, surpluses are expected, as those allocations are deliberately larger than required, for 2 reasons:
The allocation of NFT Rewards of 50% of Standard Rewards guarantees no one is ever disadvantaged by the presence of NFT holders.
The allocation of Buyback Rewards allows for absolute worst case scenarios, where a black swan event requires more emissions to attract TVL.
Given this, over the first 3 years the Strategic Reserve will likely accumulate a very significant proportion of total circulating supply, possibly as high as 20%.
Why Include a Strategic Reserve?
On-market scarcity created this way supports long term demand of MNT. For Minterest, more TVL correlates to more value able to be spent in its buyback, which results in more value being captured and held by the Strategic Reserve. All of this further empowers Minterest’s flywheel effect.
More TVL allows more fees which fuels more buybacks. More buybacks means the Strategic Reserve accumulates more MNT tokens, reducing on-market supply to spur even further demand for MNT.
Simply put:
More TVL = More Buybacks = More value accumulated by the Strategic Reserve
You lock in on the Minterest journey, we load you up in return. Lock & Load is exclusive to LBP participants, and there is time to properly consider it. The offer is open till just prior to the protocol’s token markets are launched with the final date dependent on security audit completion. It’s likely mid to late November but we’ll announce the exact date as soon as it’s confirmed.
Protocol launch – NFT holders
When token markets launch, so will emission rewards and NFTs. Lending and borrowing will earn rewards as will staking. Governance Rewards and Buyback Rewards also kick in, so Minterest yield farming can move into high gear.
There is a catch though. Access is restricted to NFT holders only, so emission rewards can only be earned if you hold a Minterest NFT. With about 400 NFTs issued it means only a small number of users have access to the protocol. Here less is more, because less users means rewards are higher per user than when the public pours in.
Once minted, NFTs will be immediately tradeable so if you don’t have one it will be possible to pick one up at a marketplace. We’ll be providing lots of info on NFTs over coming weeks.
Rewards during private launch are locked till MNT lists on a centralised exchange. The intention is for listing to occur pretty quickly, but before it happens we want to provide a period for project supporters to benefit from earning higher rewards. It is Minterest’s way of saying thank you for all their support.
As all this happens Minterest will move away from the current Beta design, and trust me – the brand new look and feel is simply awesome! You’ll see it evolve on the way to public launch.
Public Launch
Public Launch is going to happen in the first quarter 2023. There is simply no point launching in late December with Santa distracting everyone. At Public Launch, MNT is fully liquid, so you’ll be able to withdraw or transfer tokens to external wallets.
The protocol is open to everyone, so this is when the world’s liquidity providers will gain access to the benefits of a next-generation DeFi protocol.
Next Steps
If you participated in the LBP or CAE or hold a Minterest NFT you will get information on how to join Private Launch early next week, so please keep an eye on our community channels.
Thank you once again for all your support. It is so recognised by all of us building Minterest and very much appreciated.
During the 2021 bull run, liquidity providers maximised yields using DeFi models with unsustainable inflationary emission rewards. Such projects’ high yields attracted tens of billions of dollars in liquidity. Super-returns became the ‘new normal’, fuelling even further boom-market speculation.
What happened next? Terra Network collapsed, markets followed suit, and the contagion of counterparty risk evaporated capital, adding fuel to the inferno of bankruptcies and insolvencies across the sector.
The super-yield party was over. The resulting hangover from unsustainable, hyper-inflationary models caused liquidity providers to fundamentally reassess how they deployed capital.
Minterest’s Revised Tokenomics
The revision of Minterest’s tokenomics takes full advantage of DeFi’s new environment.
Circulating supply is highly disciplined, on-market supply even more so.
For project supporters, other than LBP participants, MNT is locked for 12 months prior to 12 month vesting.
All emission rewards vest over 12 months.
Standard emission rewards are markedly reduced; only one-third of previous rewards, better reflecting DeFi’s new reality.
Governance rewards emissions are maintained, strongly favouring staking and governance participation andincentivising long-term holding.
A new Strategic Reserve accumulates MNT from buyback processes, supporting on-market scarcity and MNT demand.
Disciplined tokenomics that constrict supply powerfully support the protocol’s token economy. The new tokenomics protect Minterest from likely worsening macroeconomic headwinds while allowing the protocol to successfully attract long term TVL despite such conditions.
Finally, Minterest’s tokenomics achieve something else. Standard emissions that vest over 15 years and the Strategic Reserve enable the protocol to become fully self-sustaining.
Minterest Circulating Supply Comparison
Month
1
6
12
18
24
30
36
42
48
54
60
On-Market
1,780,938
2,162,165
3,538,364
14,279,624
24,080,576
26,678,958
29,277,339
30,768,052
32,258,765
33,749,478
35,240,191
Minterest
3,612,915
6,456,115
9,786,404
15,574,119
21,372,886
27,160,601
32,959,368
36,437,798
39,468,625
41,936,968
44,405,310
Whitepaper 1.2
5,393,853
8,618,280
13,324,768
29,853,742
45,453,462
53,839,559
62,236,707
67,205,850
71,727,391
75,686,446
79,645,502
Whitepaper 1.1
10,513,873
23,080,738
38,160,975
46,490,713
54,820,450
62,537,875
70,255,300
77,972,725
85,690,150
92,845,090
100,000,030
Month
1
6
12
18
24
30
36
42
48
54
60
On-Market
1,780,938
2,162,165
3,538,364
14,279,624
24,080,576
26,678,958
29,277,339
30,768,052
32,258,765
33,749,478
35,240,191
Minterest
3,612,915
6,456,115
9,786,404
15,574,119
21,372,886
27,160,601
32,959,368
36,437,798
39,468,625
41,936,968
44,405,310
Whitepaper v1.2
5,393,853
8,618,280
13,324,768
29,853,742
45,453,462
53,839,559
62,236,707
67,205,850
71,727,391
75,686,446
79,645,502
Whitepaper v1.1
10,513,873
23,080,738
38,160,975
46,490,713
54,820,450
62,537,875
70,255,300
77,972,725
85,690,150
92,845,090
100,000,030
Month
1
6
12
18
24
30
On-Market
1,780,938
2,162,165
3,538,364
14,279,624
24,080,576
26,678,958
Minterest
3,612,915
6,456,115
9,786,404
15,574,119
21,372,886
27,160,601
Whitepaper v1.2
5,393,853
8,618,280
13,324,768
29,853,742
45,453,462
53,839,559
Whitepaper v1.1
10,513,873
23,080,738
38,160,975
46,490,713
54,820,450
62,537,875
continued
Month
36
42
48
54
60
On-Market
29,277,339
30,768,052
32,258,765
33,749,478
35,240,191
Minterest
32,959,368
36,437,798
39,468,625
41,936,968
44,405,310
Whitepaper v1.2
62,236,707
67,205,850
71,727,391
75,686,446
79,645,502
Whitepaper v1.1
70,255,300
77,972,725
85,690,150
92,845,090
100,000,030
What’s Next?
This Whitepaper Update is the tip of the iceberg. Detailed tokenomics analysis will follow, then protocol Private Launch, NFTs, an offer specific to LBP participants (including the CAE), the roadmap to full public access, new branding and interface design, plus much more.
Stay tuned and watch this space for more information!
BlockFi, one of the top 5 largest crypto lenders, was essentially bailed out by FTX with a deal that provided a $400M line of credit.
Voyager filed for bankruptcy protection blaming a crypto market crash that caused it to freeze customer withdrawals. Just like Celsius and BlockFi, Voyager is also one of the largest crypto lenders with $5.9 billion in crypto assets at the time of its bankruptcy filing.
Voyager went one step further advertising blatantly that customers’ funds held by Voyager are FDIC insured. The FDIC issued a cease-and-desist statement to Voyager because of the false claims that its customers would have government protections.
However, those were the centralised finance institutions (CeFi) with no transparency on the usage of customer funds. They went silent, but DeFi is working 24×7.
Decentralised Finance worked well, and protocols like Aave, Compound, MakerDAO – all functioned flawlessly 24×7. DeFi allows customers to monitor the protocols on the blockchain. CeFi institutions rely on vague promises and false claims, with little to no transparency.
The collapse of the major CeFi institutions can largely be attributed to the fact that they did business with counterparties (the likes of 3AC) that went either insolvent or bankrupt. However, The troubled CeFi institutions were forced to pay back the outstanding loans on DeFi protocols first, as the rules were enforced by smart contracts that are fully transparent and don’t rely on counterparties for settlement.
Celsius was forced to pay down its $400M DeFi loans on Maker, Aave, and Compound to prevent its collateral from being liquidated. The over-collateralization in DeFi protects the solvency of the protocol and customers’ funds.
These unfortunate series of events during Q2 2022 have proved that core pillars of DeFi, like lending and AMMs function as intended with foundations that are rock solid and fully transparent.
DeFi is the financial backbone for the entire economic ecosystem built on blockchain, both for retail and institutions. DeFi lending protocols rely on over-collateralization with far better risk management to secure the lenders’ funds in case of an unforeseen scenario where chances of a default are higher.
We see lending and borrowing in DeFi becoming the ultimate gateway to crypto for retail and institutions that are looking to grow their capital in a secure and sustainable way with full transparency.
Bear markets are part of the market cycles. History tells us that bear markets drive innovation where the sidelined capital flows towards high quality projects that focus on long-term sustainability. At Minterest Labs, we started #BUIDLing in September 2020 and have achieved numerous technical milestones since then, including a highly sophisticated risk probability engine enabling users to mitigate their portfolio’s liquidation risk and significant improvements in the product design inspired by the elegant design of the Porsche 911 GT3 dashboard. We are now targeting an early Q4 2022 launch date with updated tokenomics.
DeFi will rise and shine because of the sheer nature of true decentralisation where you don’t need to trust a counterparty who is incentivized to twist the truth. The rules are enforced by smart contracts, providing visibility and transparency on every transaction that brings accountability.
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects, with the specific aim of putting user benefits at its core. It provides users with a decentralised financial platform that is fair and inclusive.
The Minterest protocol has the world’s first buyback mechanism, which automatically passes on surpluses to participating platform users. This way, users get protocol rewards on top of industry leading borrowing/lending rates, creating the potential for the highest long-term yields in DeFi. The protocol also has an on-chain treasury which captures and passes on liquidation surpluses to users.
The CAE and LBP events revealed a high level of support from both our community and institutions.
Launch on Ethereum.
Following the highly successful LBP, Minterest received significant market feedback expressing support for the proposition to prioritise Ethereum for its initial launch phase, with Moonbeam and other EVM-compatible networks coming later.
If you want to learn more about why we chose Ethereum as our first blockchain, check out this article.
Two successful security audits.
Minterest views security as its top priority, which is why we have hired several top-level security companies to review our entire development process. We commissioned Trail of Bits and Hacken to ensure that our code meets the most stringent standards of code security.
Trail of Bits audited Minterest’s smart contracts across several categories for technical and economic review, namely:
Access Controls
Auditing and Logging
Authentication
Configuration
Cryptography
Data Exposure
Data Validation
Denial of Service
Error Reporting
Patching
Session Management
Testing
Timing
Undefined Behaviour.
After initial feedback from Trail of Bits, Minterest implemented the fixes and mitigations they suggested, and the protocol was given a thumbs up.
Hacken security audit used the following methodologies, focused on smart contract code review and security analysis for commonly known vulnerabilities:
Architecture Review
Functional Testing
Computer-Aided Verification
Manual Review.
In the initial audit, security engineers found 2 high, 4 medium, and 4 low-severity issues. These issues were quickly resolved by the team during the second audit. The security score after the second audit was 10 out of 10.
If you want to learn more about how Minterest fared in the audit, check out the Hacken audit report.
Minterest Beta launch.
The beta launch was split into two phases, namely:
Phase one – Internal access went live on 9th of May 2022. This first phase is only accessible to the internal team.
Phase two – In phase 2, the protocol will be available with limited functionality to early-stage supporters. The dates for the second phase will be announced when all the testing has been completed.
The beta launch allows the protocol’s functionality to be technically and economically stress-tested in a safe environment before launching publicly.
If you want to learn more about Minterest’s beta launch, check out this article.
Minterest Development: Behind The Scenes
Aside from the most significant milestones that we have achieved during Q1 2022, the Minterest development team has been busy optimising smart contracts and adding new functionalities to the protocol, while at the same time, improving the UI and UX to deliver a seamless customer experience.
Improvements in Smart Contracts
A new set of features were added to the smart contract; they were needed for the stable growth of the total value locked (TVL). One of those features is ‘Business Development’ which is meant to incentivise business developers to find and bring liquidity providers and reward them for participation in the protocol functions.
We’ve built an extensive Gatekeeping module to keep the protocol safe, but still have it as decentralised as possible.
We have also developed sophisticated NFT and Booster systems to track the reward boosting for our users. We also completed the on-chain part of our liquidation engine. This piece of software is backed with extensive mathematical and modelling work which contains non-trivial logic, as automated liquidations have never been done before in DeFi.
Minterest dashboard and risk assessment tools
We understand that users want to take leveraged loans without excessive liquidation risk.
This is why we implemented features such as notifications, collateral ratio gauge, liquidation risk gauge, as well as the portfolio back-test risk analysis feature.
The production version of the Minterest UI
We tested on many target audiences and launched a production version of our UI. The application is not only loaded with data, but it’s also user-friendly, thanks to our Indexer – a special service that scrapes data from chains and displays it to the web pages of each user.
The successful architectural design of Guardians.
We have designed the inner workings of several Guardians – the web services that will support the Minterest protocol. Some examples include the Liquidation Guardian for off-chain calculations of liquidation, and the Restaker Guardian that keeps users’ weight up-to-date in Buyback- to optimise their earnings. These services are not yet in development, but the architecture design and polishing of details are ongoing.
We Continue #BUIDLing
With the first quarter behind us, here’s what you can look forward to. We are focusing our efforts on UI and UX – i.e., new wallets, scrapping more data, showing more charts, sending messages through Telegram and emails, and building the Risk Management tool. We are also planning to build the Guardians, with the primary ones being the Liquidator and Restaker Guardians. Each Guardian is a big sub-project that involves developers, designers, mathematicians, and many other specialists in our team.
Closing Thoughts
With much of the groundwork being done, we are now close to delivering a product that we can all be immensely proud of. We are delighted to have reached this stage of development and we couldn’t have done it without the support of our amazing Minterest community.
The full audit report is now public and available on our website.
Why Security Matters
When making a decision to place your funds in a DeFi protocol, or for that matter, when you make any transaction that involves handing over your money to an institution or third party, security and safety of funds is one of the most important considerations. As the total value locked (TVL) within the DeFi sector climbs to all-time highs – with the latest peak surpassing $240 billion – the risk of potential exploitation is an increasing concern on DeFi protocols. In particular, code exploits are a common vector of attack, so smart contract security is front of mind for any Defi protocol.The industry has significantly stepped up measures to protect funds by employing more rigorous external and internal code audits and overall platform security processes.
Minterest views security as its top priority, which is why we have hired several top-level security companies to review our entire development process. We commissioned Trail of Bits and Hacken to ensure that our code meets the most stringent standards of code security.
What’s Inside the Hacken Report?
The smart contract security audit was performed with several methodologies in mind, namely:
Architecture Review
Functional Testing
Computer-Aided
Verification
Manual Review.
Minterest scored a 10 out of 10 for both documentation and architecture quality. In the initial audit, security engineers found 2 high, 4 medium, and 4 low severity issues. These issues were quickly resolved by the team during the second audit. The security score after the second audit was 10 out of 10.
Here is a breakdown of issues found by the Hacken team pertaining to four different severity levels.
Critical
Security engineers found no critical issues whatsoever.
High
Insufficient vesting balance – The audit has shown that the “Vesting.sol” contract’s code validated that there are enough tokens only for every single vesting. However, there was no validation verifying that the contract balance was enough to fulfil all those vesting records. The contract did not guarantee that all users would receive their funds.
Status: Fixed
Unrestricted function access – The function “updateBorrowIndexesHistory” from the “EmmisionBooster.sol” contract could be called by anyone, which could lead to an undesired contract state.
Status: Fixed
Medium
Missing events emitting – “MemberAdded” events from the “Whitelist.sol” contract were not emitted in the constructor when new addresses were whitelisted. If there was some off-chain logic that depended on the “MemberAdded” event, it could have worked incorrectly.
Status: Fixed
Redundant modifiers – The contract “MToken.sol” has redundant “nonReentrant” modifiers. As soon as no external calls are performed, “nonReentrant” modifier is redundant.
Status: Acknowledged
TODO notices – The code contained a lot of ‘TODO’ notices. This could indicate that the code was not finalised.
Status: Fixed
Costly loops – The code in the contract “EmmisionBooster.sol” did not allow emission boost enabling for different markets in batches and processed everything in a single call. The function could fail if the number of the markets returned by “supervisor.getAllMarkets()” was big enough.
Status: Mitigated
Low
The contract can be declared as abstract – The contract “SupervisorV1Storage.sol” had some functions that should be implemented and never used separately.
Status: Fixed
Misleading naming – The function name “redeemAllowedInternal” in the contract “Supervisor.sol” said that it redeems something. However, it’s a simple view function used for validation purposes.
Status: Fixed
Redundant addition – Adding 30 seconds for the current timestamp in functions “swapTokensForExactTokens, swapExactTokensForTokens” in contract “DeadDrop.sol” is redundant because the swap will be performed during the same call and using “block.timestamp” as the deadline is enough.
Summary
Minterest cares about security, after passing the second security audit with no issues, we are pleased to be delivering a fully-operational platform that you can trust to securely hold your funds.
About Minterest
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects, with the specific aim of putting user benefits at its core. It provides users with a decentralised financial platform that is fair and inclusive.
The Minterest protocol has the world’s first buyback mechanism, which automatically passes on surpluses to participating platform users. This way, users get protocol rewards on top of industry leading borrowing/lending rates, creating the potential for the highest long-term yields in DeFi. The protocol also has an on-chain treasury which captures and passes on liquidation surpluses to users.
Post your question (only one question per user) on Twitter. Make sure to use the #MINTERESTFAQ and #ASKKYN tags, so we can spot your questions and pick the winners
Join us on Twitter Spaces this Friday to get the results. The best community question wins a Minterest Next Level NFT and gets a chance to be included in Minterest’s FAQ section
You can check the Minterest whitepaper and blog to generate your questions.
Twitter Spaces Friday
Minterest’s popular COO, Kyn Chaturvedi will be selecting the best questions from those left under the Twitter post. Winners will be announced during Twitter Spaces this Friday. The winners of the Next Level NFT will be chosen from:
General Channel Tweets. The best question wins Minterest Next Level NFT
SenMin Channel Activity. The best rephrasing of an answer from Friday’s SenMin Party wins Minterest Next Level NFT
Live Q&A during the Twitter Spaces. The best live question wins Minterest Next Level NFT
All your questions have a chance to be officially listed in Minterest’s FAQ section.
Join us on Twitter Spaces this Friday and let the questions begin!
What is Minterest?
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects, with the specific aim of putting user benefits at its core. It provides users with a decentralised financial platform that is fair and inclusive.
The Minterest protocol has the world’s first buyback mechanism, which automatically passes on surpluses to participating platform users. This way, users get protocol rewards on top of industry leading borrowing/lending rates, creating the potential for the highest long-term yields in DeFi. The protocol also has an on-chain treasury which captures and passes on liquidation surpluses to users.
Liquidation is one of the significant risks of leverage in any position, at the time of borrowing. Due to the volatility of many cryptocurrencies, liquidations occur regularly in DeFi.
That’s why the Minterest protocol offers risk analysis tools; they ensure users have more insight over their positions.
Risk Analysis Tools Walk-through
The Minterest Labs team is working to build the best lending/borrowing platform in the DeFi space. Part of this involves a Portfolio Dashboard to give users a clear overview of their positions on Minterest. Even though the dashboard has many attributes, we will focus on three main risk assessment features our users can access.
Feature #1: Notifications
Users want to make the most of a DeFi protocol, taking leveraged loans without excessive risk of being liquidated. The main reason behind any liquidation is a lack of sufficient collateral, which happens when users don’t pay enough attention to their collateral ratio. However, with notifications, users can more easily be aware of any changes in their risk profile due to market movements.
The Minterest notifications feature is designed to help users reduce the risk of being liquidated while also saving them time. In addition, notifications can remind users when they need to participate in protocol governance. Users can set notification alerts in two ways — via e-mail or Telegram. Custom notifications will let them stay ahead of the game whenever their attention is required.
Imagine if a user set up a Liquidation Risk Alert and their risk on collateral changed significantly. Timely notification would allow them to increase their collateral ratio to avoid liquidation or take other reasonable steps to preserve capital.
Feature #2: Collateral Ratio Gauge
The Collateral Ratio Gauge feature is like a forward-looking radar that estimates the collateral ratio that will result if the user takes a lend or borrow action, before they take that action. For example, if a user wants to open a position but the challenge is that they don’t know how a new position will impact their portfolio. Instead of taking chances, they can use the collateral ratio gauge tool before making a decision. It will display how their collateral ratio may change depending on the position they want to open.
Feature #3: Liquidation Risk Gauge
The Liquidation Risk Gauge is another feature, it works like a forward-looking radar, an index estimating the probability that a user will have a liquidation event over the course of the next year. The Liquidation Risk Gauge is based on the user’s current portfolio, using the prior year’s market movement data for the assets utilised, to calculate the probability for a potential liquidation event in the user’s portfolio. The user can see this Risk Gauge before they take any lend or borrow action, helping them to “look forward” and anticipate how their portfolio could be impacted by typical market movements.
Feature #4: Portfolio Back-test Risk Analysis
Using a Portfolio Back-test methodology, Minterest users will also be able to see how their current portfolio would have fared through the market movements of the past year, giving a useful indication of how it might fare in the coming year, helping users to make solid and informed decisions. Historical back-test portfolio analysis is a unique feature not available elsewhere in DeFi.
Join our Twitter Spaces on Friday, Apr 22 with our CPO David Esser to learn more about our risk analysis tools.
About Minterest
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects, with the specific aim of putting user benefits at its core. It provides users with a decentralised financial platform that is fair and inclusive.
The Minterest protocol has the world’s first buyback mechanism, which automatically passes on surpluses to participating platform users. This way, users get protocol rewards on top of industry leading borrowing/lending rates, creating the potential for the highest long-term yields in DeFi. The protocol also has an on-chain treasury which captures and passes on liquidation surpluses to users.
Quiz #1 was officially launched on April 4 and our community had a chance to participate until 10:00 PM UTC on April 6.
The results are out! Please check your emails and Discord level. If you’re not on our Discord already, please join here.
If you didn’t receive an email or a discord message, don’t get discouraged, these contests are just a stepping stone to help you learn more about the Minterest protocol. You can still take Quiz #2 and #3 to get special tags on the Minterest public Discord channel.
If you missed the mark on this one, you’ll have the opportunity to enter many more in the future, including the upcoming Community Education Event.
Next Steps Towards Becoming a Senior Mintrepreneur
We hope that you enjoyed participating! If you received an email, you’re officially 1/3 of your way to joining our exclusive Discord channel. Don’t forget to take Quiz #2 on Thursday and Quiz #3 next Monday, to get early access to Minterest merch, news, special events and NFT drops.
This article will help you find answers to the most frequently asked questions related to the Minterest LBP token event.
Where can I track my investment and NFT level?
You can use the Minterest LBP dashboard to track your investment and NFT level. You can connect your Metamask wallet on the dashboard to see how many MNT tokens you have, their total value, and your current NFT level.
Did I win a Next Level NFT during the LBP?
To check whether you have won an NFT, you can go to the Minterest LBP dashboardand connect your Metamask wallet. Your NFT level will be displayed under ‘Your Status’ window on the right hand side of the screen.
NFTs were allocated during the LBP event depending on how much each participant contributed. Your NFT level depends on your position relative to other LBP participants on the leaderboard.
When and where will I receive my NFT?
All the NFTs will be released after the TGE by the end of Q1 2022 during the private launch of the protocol. The Minterest NFT collection will also be tradeable on NFTrade, the upcoming multi-chain NFT marketplace on Moonbeam. More information about the Minterest and NFTrade collaboration can be found here.
AMA/Telegram/Discord/Twitter
If you win an NFT during an AMA or on social media, you will receive all further instructions on how to obtain your NFT. We will never ask you to transfer funds, nor will we ask you for private information such as your Metamask wallet password or seed phrase.
If you won an NFT during the LBP, you don’t have to take any further actions. The NFT will automatically be transferred to your Metamask wallet on the Moonbeam network during the Token Generation Event in Q1 2022.
When will the private launch of the Minterest Protocol take place?
Minterest protocol will be launched by the end of Q1 2022. The exact date will be announced a little later on our Twitter, Telegram, and Discord.
Once again, we wish to thank and congratulate all CAE and LBP participants, supporters, and community members. We couldn’t have done this without you! We are looking forward to what the future has in store for Minterest.
About Minterest
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects, with the specific aim of putting user benefits at its core. It provides users with a decentralised financial platform that is fair and inclusive.
The Minterest protocol has the world’s first buyback mechanism, which automatically passes on surpluses to contributing platform users. This way, users get protocol rewards on top of industry leading borrowing/lending rates, creating the potential for the highest long-term yields in DeFi. The protocol also has an on-chain treasury which captures and shares liquidation surpluses with users.
When will I receive the NFT I won participating in Telegram/Discord/Twitter or an AMA?
Those that have won an NFT through an AMA, Telegram, Discord, or Twitter, will be notified by Minterest team members. Make sure that you have provided your Telegram and Twitter handles, as well as your email address as per the instructions.
Your NFT reward will be airdropped at the time of TGE to your MetaMask wallet on the Moonbeam network.
When and where will Minterest launch?
Minterest is expected to have a private launch soon by the end of Q1 2022.
Once again, we wish to thank and congratulate all CAE and LBP participants, supporters, and community members. We couldn’t have done this without you! We are looking forward to what the future has in store for Minterest.
About Minterest
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects, with the specific aim of putting user benefits at its core. It provides users with a decentralised financial platform that is fair and inclusive.
The Minterest protocol has the world’s first buyback mechanism, which automatically passes on surpluses to contributing platform users. This way, users receive protocol rewards on top of industry leading borrowing/lending rates, creating the potential for the highest long-term yields in DeFi. The protocol also has an on-chain treasury which captures and shares liquidation surpluses with users
Josh Rogers, Founder of Minterest, is available for interview.
About Minterest
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects, with the specific aim of putting user benefits at its core. It provides users with a decentralised financial platform that is fair and inclusive.
The Minterest protocol has the world’s first buyback mechanism, which automatically passes on surpluses to contributing platform users. This way, users receive protocol rewards on top of industry leading borrowing/lending rates, creating the potential for the highest long-term yields in DeFi. The protocol also has an on-chain treasury which captures and shares liquidation surpluses with users.
NFTrade is the first cross-chain and blockchain-agnostic NFT platform. The project is an aggregator of all NFT marketplaces and hosts the complete NFT lifecycle, allowing anyone to seamlessly create, obtain, sell, swap, farm, and leverage NFTs across different blockchains.
How does it all work?
The Minterest Next Level NFTs will be air-dropped to winners’ wallets just prior to Minterest’s private launch at the end of March 2022. Holders of the NFTs will then be able to trade them on the NFTrade marketplace on the day of our TGE (end Q1 2022).
This is great news for users seeking access to the protocol’s private launch, but do not have an NFT. An NFT is essential in order to access the protocol’s super-high bootstrapped emissions until Minterest’s private launch in March 2022. You can calculate the emission rewards here: Minterest Yield Calculator.
Those participants who want the massive APY boost but didn’t get a high tier can acquire one from NFTrade marketplace. All Minterest Next Level NFTs will be tradable after the TGE as soon as NFTrade platform goes live on Moonbeam. Sellers can then list their NFTs after the TGE and start receiving bids from potential participants after setting up a 24 hour auction.
Sign up for the whitelisting and join our Telegram and Discord channels to become a part of our growing community!
What is Minterest?
Minterest is a DeFi lending and borrowing protocol operating its own on-chain liquidation and buyback mechanisms. The protocol automatically passes on the value it captures from interest rate, flash loan and liquidation fees to users. It does this via MNT tokens that it acquires on-market, ensuring highest long-term yields.
We created a user-friendly Minterest dashboard for a simple and transparent experience to track investment, NFT level, and the real-time changes in the price.
Minterest is a ground-breaking lending protocol built by industry leaders to challenge existing DeFi incumbents and service billions in liquidity by providing its users the highest long-term yield in DeFi.
The Minterest protocol introduces DeFi 2.0; bringing more capital efficiency that allows users to access decentralised token money markets and passes on 100% of the rewards generated to its community of active participants.
The Minterest protocol will be launching it’s only public offering starting from 8th of February 2022 – the LBP token event on Copper. The process of participating in the Minterest LBP token event is explained in this short guide.
Before we proceed, please check out these resources to learn more about our LBP token event:
UPDATE: MNT tokens acquired through the LBP are the only ones without a lockup. All other parties are subject to a minimum block by block vesting of 1 year, making the LBP participants the only ones able to participate in MNT or LP staking.
Minterest LBP Token Event
The Minterest LBP token event is the first public offering of MNT tokens, and the only opportunity for the community to secure an allocation in the public offering prior to product launch.
The LBP on Copper is set up with the following metrics:
Where: Minterest.com LBP Pools: Copper Start: 08th of February 2022 – 2 pm GMT End: 10th of February 2022 – 2 pm GMT MNT Max Supply: 2,500,000 MNT MNT (2.5% total supply) LBP Base Pair: USDC/MNT Initial MNT liquidity provided: 2,500,000 MNT Initial USDC liquidity provided: 300,000 USDC LBP Weights: Starting at 98/2 and will gradually adjust to 50/50 LBP Starting price: 5.88 USDC
If this is your first time participating in an LBP on Copper, the first thing you need is to set up an Ethereum wallet. Copper supports two popular Ethereum wallets: MetaMask and Gnosis. For the purpose of this guide, we will be using the popular MetaMask wallet.
MetaMask wallet can be used as a browser extension, or it can be downloaded as a mobile wallet on both Android or iOS. However, in order to participate in the LBP on Copper, you’ll need a browser extension that you can download from here.
2. Get ETH and ERC20 USDC
To participate in the LBP token event, you will need ERC20 USDC tokens to exchange for MNT, and ETH to fund the gas fee for the transaction. Please use your preferred CEX or DEX to acquire USDC and ETH. You can acquire both on major exchanges such as Binance, Coinbase, FTX, or Kucoin etc, and transfer them to the MetaMask wallet you just created. It is recommended to do this step in advance as some CEXes process the first withdrawal within 12-48 hours.
Please make sure you have some ETH in your MetaMask wallet to fund the gas fees on the network and avoid failed transactions due to insufficient funds. To estimate the gas fees for a token swap, please have a look at the swap fees for Uniswap here. You should always have slightly more ETH in your wallet (more than your estimate) because the gas fees depend on network congestion and the smart contract you’re interacting with.
3. Connect your wallet
Once you have ETH and USDC ready in your MetaMask wallet, go to Copper and select ‘Connect Wallet’ from the top right corner and choose MetaMask.
Note: Minterest or Copper will never ask for your private key or seed phrase.
4. Participate in the LBP token event
When the MetaMask wallet is successfully connected, you can participate in the LBP.
Note: Please keep in mind that trading ERC20 tokens (such as USDC or MNT) on Copper requires two separate transactions: In the first transaction, you give Copper approval to withdraw USDC from your wallet and the actual swap happens in the second transaction.
4.1 Approve USDC usage
To approve the usage of USDC, simply click on ‘Approve USDC usage’ and the MetaMask browser extension will ask for the permission to confirm the approval request transaction. This approval transaction (once completed) will incur a small amount of gas fees depending on the network congestion at the time (anywhere between $10 – $20).
4.2 Acquire MNT
Once the approval request for the usage of USDC by the pool contract is completed, you can input the amount of USDC you would like to swap into the field and Copper will estimate the amount of MNT tokens you will receive.
Please note that the value of MNT can change quickly during the LBP and is reflected real-time on the chart and in the input field box.
If you wish to proceed with the token allocation, click on ‘Get MNT’ and your MetaMask browser wallet will ask for confirmation along with the estimated gas fees for the swap transaction. After you confirm the transaction, you’ll see a success message on the screen.
After the success message, the transaction will be available under the ‘History’ tab of the event, and you’ll be able to see your current MNT balance in the swap window.
To learn more about the Minterest LBP token event, join our dedicated Discord channel where we publish regular updates.
4.3 Minterest dashboard for a user-friendly experience
LBP participants will have access to a user-friendly Minterest dashboard for a simple and transparent experience, hosting an overview and a leaderboard detailing live the USDC spent by various participants in the LBP. They can also track their invested amount and NFT level, along with the real-time changes in the price.
Minterest is a decentralised lending protocol. It comes with a unique economic model where the protocol itself captures 100% of the value it creates from interest income, flash loan fees, and auto-liquidation fees which it distributes to its users in return for their active participation in governance.
A few weeks ago we announced to you that we are postponing the Minterest Community Allocation Event (CAE). All CAE participants from the Minterest community spent time, effort, and capital so it is only fair that we thank you in return.
All the supporters who successfully deposited their funds in our previous CAE earned an extra 5 NFT “APY Boost” lottery tickets. Our Founder and CEO, Josh Rogers, went live on Telegram every day from 13th to 18th of December and randomly picked the winning four names and described the NFTs that will be awarded.
Here are the winners of Minterest’s CAE “Thank You” Lottery week, which ran from 13th to 18th of December.
Winners will automatically receive the respective NFTs in their Whitelisted wallets after Minterest launches.
Date of Activity
Level Awarded
TW handle
13-Dec-21
7
@rkeinwold
13-Dec-21
7
@Rv13A
13-Dec-21
7
@squeekie1
14-Dec-21
8
@Donutz_p
14-Dec-21
8
@BeeCeehh
14-Dec-21
8
@Alex5_56
14-Dec-21
8
@AomoiThetan
15-Dec-21
9
@IceFrosTv2
15-Dec-21
9
@__Django__
15-Dec-21
9
@Shukazavr
15-Dec-21
9
@autonomyyy
16-Dec-21
10
@Kuljira29557299
16-Dec-21
10
@LucarioRauld
16-Dec-21
10
@coin_zefa
16-Dec-21
10
@you425you
17-Dec-21
10
@sora0167
17-Dec-21
10
@wallaceplayfrog
17-Dec-21
10
@C120M1
17-Dec-21
10
@Baotruong210794
17-Dec-21
11
@Vlad50372221
10-Jan-22
11
@andyfairweather
10-Jan-22
5
@Will64174363
10-Jan-22
10
@Ton_Gans
21-Jan-22
12
@SamsunG_3971
21-Jan-22
11
@winner_winner_8
21-Jan-22
10
@blakk00
26-Jan-22
12
@rynardt_olivier
26-Jan-22
11
@My_Father_is_ Apst_johnson _suleman
26-Jan-22
10
@xiaohuli112
21-Jan-22
11
@BuyNoEvil
21-Jan-22
12
@Maxverleye8
21-Jan-22
11
@TerraMarllo
21-Jan-22
12
@andyfairweather
21-Jan-22
11
@Celen_Dhyll
11-Jan-22
12
@apestudies
11-Jan-22
11
@siranop4
11-Jan-22
12
@33_boogie
28-Jan-22
12
@qqqqqzd
28-Jan-22
12
@pansgraphy
28-Jan-22
12
@alamsya15372517
28-Jan-22
11
@Hopeluck
28-Jan-22
11
@usyksttw
28-Jan-22
11
@Algojali
28-Jan-22
11
@llrioll
10 Jan – 3 Feb
10
@kobel_maria
10 Jan – 3 Feb
10
@_Glaidor_
10 Jan – 3 Feb
10
@you425you
10 Jan – 3 Feb
10
@YUa0Y3cxFRdESDT
10 Jan – 3 Feb
10
@TerraMarllo
10 Jan – 3 Feb
10
@Mirror_73
10 Jan – 3 Feb
10
@cjk20636
10 Jan – 3 Feb
10
@hilzero1
10 Jan – 3 Feb
10
@luckygirlwowow
10 Jan – 3 Feb
10
@FantasyPolka
8 Feb-2022
11
@BuyNoEvil
NFT APY Boost Lottery Winners
Below are the NFT APY Boost lottery winners announced on Feb 15th 2022
Twitter handle
Last 5 characters of wallet ID
Levels awarded
MalisDima
81DDD
12
edervr84
E00eF
12
1F28d
12
ojofirme
4b552
12
JeongSunKim3
7756F
12
hangome_sol
78d59
12
DD2007Z
fa897
12
AlexandrBelyan1
d0Cd6
12
Yois32015394
2213E
12
okay_k__
90c46
12
@kokomploker
567Cf
11
you425you
30 e40
11
FFjQheaZweYXVGN
46AEc
11
cryptoice2
74B42
11
LaDucHoan
83c6c
11
JackyHa36068678
708Ef
11
46C12
11
Hamsal1
A9C0b
11
@xemo89
F9595
11
renwirya
1EE11
11
Below are the NFT APY Boost lottery winners announced on Feb 16th 2022
Twitter handle
Last 5 characters of wallet ID
Levels awarded
KryptoManiaK400
3f886
12
1cF6C
12
ALatyp
1c702
12
NhanAres
d31Db
12
erncrest82
eE093
12
ef314
12
shekharmishra51
B7f4a
12
balevser
9c340
12
pontashiki
be57e
12
@keimabi
9A838
12
ncatalinpop
5CC93
12
@kobel_maria
C4340
12
kittipooh_
c094f
12
icx100
80A3D
12
51F2C
12
Thanach40713989
D511D
11
@MarianaUdroiu
adCcB
11
bothu123
bE520
11
wook6850
FFA55
11
blitzlabsPat
420da
11
e32BF
11
@Mr_Slicey
2bC2b
11
@avasilyevv
6DDC7
11
I_am_KRiCH
866c7
11
yesmola0704
1175E
11
Below are the NFT APY Boost lottery winners announced on Feb 17th 2022
Twitter handle
Last 5 characters of wallet ID
Levels awarded
@KohlrabiLike
16051
10
@JohnnyM42758084
0D556
10
@otto_artena9
ae30d
10
40eD0
10
@CruptoG
76B90
10
@johnnyhhhhhhhh
b1dB6
10
@LaDucHoan
83c6c
10
F41f8
10
@Peter_Yang97
314d7
10
@737709674Com
73aC4
10
51F2C
10
@Henryjhh_eth
67757
10
@Przemys56212944
65fC5
10
@MetaJay0
beF76
10
@glCVjvaDJDhgTwO
04214
10
865e1
9
F156d
9
@ichohan2002
8cd99
9
@damiddong
5A8f8
9
a4B57
9
@kennop91
c1A9a
9
@ice_wine_tea
9F32A
9
@itanishqgupta
aed9A
9
@ANDREI85432322
1f248
9
@GPayeer
84b0C
9
Below are the NFT APY Boost lottery winners announced on Feb 18th 2022
Twitter handle
Last 5 characters of wallet ID
Levels awarded
@cryptofan311
c021c
8
@NuiAC125
85090
8
@Mr_Crypto5
E3243
8
@joepurackal
21D2A
8
@mikededurable
A88A2
8
@sallytorilak
86A67
7
5D75e
7
091Ac
7
@kbnoh6
6c001
7
@cos_pai
0026e
6
81463
6
@moonsik77
134A5
6
@coolstick7
df585
5
@9UFoTo5TQdv7NrE
50191
5
@CriptoCeelo
d0Bac
4
CAE and LBP Quiz Winners
Below are the CAE quiz winners
Serial Number
Discord ID
1
guardianangel73#5149
2
scoobygti#6158
3
tblaze#2311
4
eat10#2184
5
jesam84#4130
6
kajuvra77#5307
7
HUNO#0785
8
borand88#7866
9
BM#3453
10
Baldie9111#7598
Below are the LBP quiz winners
Serial Number
Discord ID
1
francesco#1023
2
Dautik#3241
3
quintets#3623
4
narcis93#7666
5
Grigore#5006
6
Princess Binnie#4127
7
bartek0210#5843
8
BeeFault#9337
9
SG_Crypto_Dad#0376
10
Name: Michael
Christmas NFT Giveaway
Below are the NFT Giveaway winners announced on Dec 22nd 2022
Serial Number
NFT Level
Wallet adress
1
Level 8
1411a
2
Level 8
6570e
3
Level 8
c88fa
4
Level 8
be520
5
Level 7
be2dd
6
Level 7
f03eb
7
Level 7
2a7c1
8
Level 6
48836
9
Level 6
3903b
10
Level 5
ed8b0
About Minterest
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects, with the specific aim of putting user benefits at its core. It provides users with a decentralised financial platform that is fair and inclusive.
The Minterest protocol has the world’s first buyback mechanism, which automatically passes on surpluses to contributing platform users. This way, users receive protocol rewards on top of industry leading borrowing/lending rates, creating the potential for the highest long-term yields in DeFi. The protocol also has an on-chain treasury which captures and shares liquidation surpluses with users.
Introducing the most revenue efficient protocol and its architecture
The Minterest protocol is up to 200% more capital efficient than the traditional top 3 DeFi lending solutions like Aave or Compound, while being just as secure. The protocol accomplishes this with two industry-first R&D innovations:
The on-chain Buyback: A treasury algorithm passing all protocol surplus to protocol users instead of the traditional 10-15%, maximizing Minterest user APY drastically.
The on-chain Liquidation Engine: Up to 40% of protocol value is traditionally lost to liquidations because of 3rd parties conducting them off-chain. Minterest executes liquidations on-chain and captures all liquidation fees lost by other protocols, keeping hundreds of millions USD on-chain, increasing user APY.
If you want to learn more about the current and upcoming Minterest innovations, make sure to visit Minterest Docs, the Technology Paper, and our Discord.
Benefits of a DeFi 2.0 Genesis Investor
The LBP is the first public opportunity to invest, the first step in the protocol token launch. LBP Participants can expect an extraordinary APY in the high end of 3-figure and beyond based on 5 key factors:
To understand the potential value of the token driven by the industry-first Buyback Mechanism, let’s look at Compound. The protocol had a TVL of $0.5B and grew to a $15B valuation; 30 times growth! But what happened to the value of their token? It only rose by 2 times: from $160 to $320. All because the token value didn’t correlate with Compound’s TVL by design.
The Minterest protocol is the first protocol to link the value of it’s token to TVL. The Buyback automatically uses all protocol surplus to acquire the MNT tokens on the open market and distributes them to the protocol users, being the largest and most consistent buyer. Therefore, when the protocol moves from $100M in TVL during genesis to $10B in TVL, genesis investors who stake MNT can expect tremendous yield.
More TVL > more protocol surplus > more tokens returned to the protocol > more yield.
The NFTs hold tremendous value, unlocking APY boosts up to 50% for as long as three years. Considering 70% of Compound’s TVL is held by 20 wallets, you might conclude that for one of those holders, a 50% APY boost on all TVL deployed will translate into a significant 7-figure value add over years.
Minterest dashboard for a user-friendly experience
LBP participants will have access to a user-friendly Minterest dashboard for a simple and transparent experience, hosting an overview and a leaderboard detailing live the USDC contributed by various participants in the LBP. They can also track their amounts and NFT level, along with the real-time changes in the price.
Minterest NFT holders get exclusive access to the private liquidity mining event. The protocol’s private launch is scheduled for the end of Q1 2022. For one month, the protocol will only be accessible to participants who hold an NFT from the LBP, their entry ticket to the pre-mine phase.
Exclusive access to MNT and LP staking
The tokens acquired through the LBP are the only fully-vested tokens, all non-LBP tokens are locked for a minimum of 1 year in a block by block vesting schedule. This is a massive advantage since the LBP MNT tokens are instantly tradeable during the DEX launch and eligible for the LP staking program.
The other option is to stake the MNT LBP token in the Minterest protocol itself, earning all the Buyback rewards distributed to the limited number of stakers.
Both the liquidity mining and MNT/ LP staking together are designed to drive massive APYs at the high end of 3-figures and more for the LBP participants.
LBP – Frequently asked questions
Why do we hold an LBP token event?
The Minterest LBP is a response to increasing requests for access to MNT tokens. The mechanism protects our community from front running by large accounts and bots, built to incentivize a fair distribution of tokens across the 2-day event duration instead of being sold out in no time. To learn more about the “why” and “how-to” Minterest LBP, please read the article here.
What are the LBP Specs?
The LBP on Copper is set up with the following metrics:
Where: Minterest.com LBP Pools: Copper Start: 08th of February 2022 – 2 pm GMT End: 10th of February 2022 – 2 pm GMT MNT Max Supply: 2,500,000 MNT MNT (2.5% total supply) LBP Base Pair: USDC/MNT Initial MNT liquidity provided: 2,500,000 MNT Initial USDC liquidity provided: 300,000 USDC LBP Weights: Starting at 98/2 and will gradually adjust to 50/50
LBP Starting price: 5.88 USDCFor more information, please visit Copper.
When is the token private launch on DEXs and CEXs?
Token TGE and private launch on DEXs and CEXs will take place after the Minterest Protocol launches.
What are the vesting terms?
There will be no vesting for the tokens in the public offering. All tokens will be fully unlocked upon the launch of the Minterest Protocol (scheduled for March 2022). They will be fully liquid to trade on exchanges, to stake on Minterest, and to provide liquidity on DEXs.
Minterest is a decentralised lending protocol. It comes with a unique economic model where the protocol itself captures 100% of the value it creates from interest income, flash loan fees, and auto-liquidation fees which it distributes to its users in return for their active participation in governance.
In this short guide, we will explain the process of participating in the Community Allocation Event 2 and how you can become a part of the protocol’s growth journey.
Community allocation rewards
Just a recap from our previous guide; in the Community Allocation phase, people who signed up with the Minterest Sign-up Bot in Telegram will have a guaranteed allocation of between 100 USD and 500 USD.
The Community Allocation Event offers the following rewards:
Guaranteed allocation with the lowest average price in the subsequent LBP. Learn more about how this value is calculated here.
Activation of all NFT lottery tickets held, the CAE 2 participation being the gateways to win an NFT with APY boosts exceeding 7-figure value-add and access to exclusive pre-mining during the private launch of the Minterest protocol in Q1 2022.
How to participate in the Community Allocation Event (CAE 2)
Step 1: Whitelisting (Opens 10th January 2022)
Access the whitelisting via confirmation email
10.01.2022 – People who signed up with the Minterest Sign-up Bot in Telegram in December 2021 will receive an email from nextlevel@minterest.com. Please make sure to double check the email address once you receive it to avoid phishing attacks or scammers trying to get access to your funds. We will never request funds via email. This email will only ask you to complete the whitelisting steps in our whitelisting software.
10.01.2022 – 24.01.2022 – The email will contain a link to the whitelisting interface. Please make sure the whitelisting email was sent from nextlevel@minterest.com. Then click the link and continue with the whitelisting. To participate in the event, participants must input their email, their sending/receiving MetaMask wallet address and follow us on Twitter.
Once you complete the whitelisting you will receive a confirmation email from noreply+minterest@gleam.io confirming it. This email will contain your unique referral code and a link to the whitelisting page to confirm your participation status.
Refer and earn
We are excited to see our community grow, and you help introducing the #NextLevelDeFi by referring your friends and getting rewards! You’ll get a chance to win 1 more NFT lottery ticket for each referral. Read about the 7-figure NFT lottery prize pool here.
Step 2: Depositing in the CAE 2 (Opens 24th January 2022)
Community Allocation Event access
24.01.2022 – 31.01.2020 – On the 24th of January 4pm GMT+2 you will receive an email that contains a link to the Community Allocation Event Deposit Interface. The event will be open for one week, and you can deposit up to 500 USDC.
You will be able to make a deposit via Metamask. We support both ETH and BSC networks. Read the following instructions on how to set up your Metamask wallet for a low gas fee transaction via the BSC network. Click here.
Your depositing address will also be your Moonbeam network receiving address (since Moonbeam shares the same wallet address structure as Ethereum and BSC) and will be automatically documented when you connect your Metamask wallet.
Final confirmation
24.01.2022 – 31.01.2020 – When your funds are deposited, you will receive a confirmation email, informing you that your funds have safely reached Minterest.
Confirmation of token price
To know exactly how many tokens you will receive through your CAE 2 deposit, you need to wait until the end of the LBP token event on the 11th of February 2022. This day you will receive an email informing you about the number of MNT tokens you have secured in the CAE 2, priced at the lowest average price in the LBP, securing you the best price token price in the whole public event. Read more on how this price is calculated here.
Liquidity bootstrapping pool
More information will follow in a separate article on how to participate in the LBP.
Sign up for the whitelisting and join our Telegram and Discord channels to become a part of our growing community!
What is Minterest?
Minterest is a decentralised lending protocol. It comes with a unique economic model where the protocol itself captures 100% of the value it creates from interest income, flash loan fees, and auto-liquidation fees which it passes on to its users in return for their active participation in governance.
Firstly we have created an environment whereby everyone who signs up for the whitelisting is guaranteed an allocation. Secondly we launched a ground-breaking NFT lottery with 7 figure APY boosts that the entire community can access, instead of a wealthy few!
Why NFTs?
The NFTs are designed to incentivise investors with large TVL and to foster long-term loyalty. The NFTs will give the top level investors the ability to earn up to 50% more APY for a three-year period on unlimited TVL. For the largest professional users, this NFT unlocks protocol functionality that can result in millions of dollars of additional rewards. Further, the NFTs work as “keys” to exclusive protocol functionality, e.g. early access to the protocol beta launch.
The NFTs could generate tremendous value for anyone who holds them, and the entire Minterest community will have the opportunity to access them. Each NFT features custom artwork in the image of a blockchain superstar, crafted by noted illustrators. View all unveiled NFTs and marvel at the range of artistic expression at our NFT gallery here: NFT gallery.
How it works
The lottery has 85 NFTs – all providing different boosts over different time periods for unlimited TVL. The 85 NFTs will produce a protocol functionality value-add which will exceed 7-figures – Our Level 1 NFT, featuring Satoshi Nakamoto, provides a rewards boost of 50% over 36 months, plus early access to the Minterest protocol beta launch.
NFT lottery tickets can be collected throughout the Minterest Next Level Community Allocation Event (CAE), benefiting early supporters and rewarding referrals.
The NFT Levels & functionality
The Minterest APY boost NFTs have different functionalities based on their levels. As we mentioned in a previous article, the value-add of one NFT can exceed 7 figures. Please visit here for more information: NFT lottery. We are making sure that all our community benefits from the tremendous value of these NFTs, locking away 85 of those in the lottery pool!
The major lottery for Minterest NFTs will take place on the 14th of February. To be eligible you must make a deposit in CAE or LBP. Earn NFT “APY Boost” lottery tickets by referring a friend in the Whitelisting interface. Each person referred will result in an additional lottery ticket for you and them! Please ensure that you complete all mandatory steps in the Whitelisting.
Tier
NFT Totals
Emission Boost
Expiry (Mth)
NFT in Lottery Pool
1
1
50
36
2
9
45
30
3
15
42.5
28
4
30
40
26
1
5
60
37.5
24
2
6
90
35
22
3
7
120
30
20
4
8
150
27.5
18
5
9
175
22.5
12
10
10
350
20
9
15
11
960
20
6
20
12
1040
20
3
25
According to the Whitepaper 1.2 updates, the validity boost has been changed.
Tier
NFT Totals
Emission Boost
Expiry (Mth)
1
1
50
38
2
9
45
32
3
15
42.5
30
4
30
40
28
5
60
37.5
26
6
90
35
24
7
120
30
22
8
150
27.5
20
9
175
22.5
14
10
350
20
11
11
960
20
8
12
1040
20
5
What do I need to do to participate
You can simply follow this link and complete the whitelisting steps.
You can earn NFT ‘APY Boost’ lottery tickets by referring a friend in the whitelisting interface. If a referral completes at least one action, both of you will receive an additional lottery ticket.
To be eligible to participate in the NFT ‘APY Boost’ lottery, you must make a deposit in CAE 2.
Did you Whitelist in the December 2021 CAE and are curious about whether you need to Whitelist again?
If you participated in the earlier CAE in December 2021 and opted to keep your deposit with Minterest, you are not required to Whitelist again. However, Whitelisting again with the same email address can earn you more lottery tickets through referring friends. Note, all of your previously earned lottery tickets have been rolled-over into this CAE!
Received a refund or did not make a deposit at all, you are required to Whitelist again using the same email address. Any previously earned lottery tickets will roll-over into this CAE too!
Have a look at our event pagefor more information and Don’t forget to follow us on Twitter or join our Telegram and Discord channels to ask any questions and stay up to date with our current events.
About Minterest
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects, with the specific aim of putting user benefits at its core. It provides users with a decentralised financial platform that is fair and inclusive.
The Minterest protocol has the world’s first buyback mechanism, which automatically passes on rewards to contributing platform users. This way, users receive protocol rewards on top of industry leading borrowing/lending rates, creating the potential for the highest long-term yields in DeFi. The protocol also has an on-chain treasury which captures and shares liquidation rewards with users.
A few days ago we announced to you, our valued supporters, that we were postponing the Minterest Community Allocation Event (CAE).
In the spirit of the Minterest ethos it was an easy decision to automatically return your funds plus gas fees on Friday, 10th December 2021. We also set up a process to allow you, the community, to opt-in to leave your funds with Minterest through the rescheduled date for LBP from 8th February 2022 to 11th February 2022.
The opt-in process is now closed, and we are overwhelmed and humbled by your response, with the majority of you deciding to keep your deposits in place. We did not take your decision lightly, and we profoundly appreciate the trust and confidence you have placed in Minterest.
All CAE participants from the Minterest community spent time, effort, and capital so it is only fair that we thank you in return. Here is what we are going to do for every person who successfully made deposits during the CAE:A few days ago we announced to you, our valued supporters, that we were postponing the Minterest Community Allocation Event (CAE).
In the spirit of the Minterest ethos it was an easy decision to automatically return your funds plus gas fees on Friday, 10th December 2021. We also set up a process to allow you, the community, to opt-in to leave your funds with Minterest through the rescheduled date for LBP from 8th February 2022 to 11th February 2022.
The opt-in process is now closed, and we are overwhelmed and humbled by your response, with the majority of you deciding to keep your deposits in place. We did not take your decision lightly, and we profoundly appreciate the trust and confidence you have placed in Minterest.
All CAE participants from the Minterest community spent time, effort, and capital so it is only fair that we thank you in return. Here is what we are going to do for every person who successfully made deposits during the CAE:
You will receive 5 extra lottery ticketsAll supporters who successfully deposited funds will earn an extra 5 NFT “APY Boost” lottery tickets.
You will participate in the exclusive CAE “Thank you” lottery for 20 NFTsA total of 20 NFTs will be distributed to community members daily, from Monday, 13th December until Friday, 17th December at 12:00pm GMT
You also keep all lottery tickets earned for the next major lottery after the LBPAll of your earned lottery tickets will also be applied to the next major lottery held on the 15th February 2022 after the LBP. These actions are simply to say a heartfelt thank you for your support and understanding.
Understanding the value of an NFT
The value of these NFTs has been described as very significant. Depending on the level, the NFT holders could be looking at a 7 figure asset. Not only will the NFT provide a massive APY boost, it will work as a “key” to valuable protocol functionality, providing exclusive access for example, to a pre-mining phase of the protocol private launch.
The lottery includes 20x NFTs from levels 7 through 10, each with their own special APY emissions boost rewards. Each day 4x new NFTs will be awarded as follows:
Meet our CEO and founder as he draws the winning tickets live on Telegram
Each day of the event, our Founder and CEO, Josh Rogers, will be live on Telegram at 12pm GMT to randomly draw the winning four names and describe the NFTs that will be awarded. The daily results will be published on Twitter, in case you do not manage to join the live event.
Within 24 hours of the daily ticket announcements, winners will receive an email from Minterest providing instructions on how to claim their NFT.
We wish you the best of luck and we are excited to see who will be walking away with these incredible crypto assets.
TLDR: Minterest CAE “Thank you” Lottery
What: 20 NFTs will be given away to CAE participants
When: Daily, from Monday, 13th December until Friday, 17th December at 12:00pm GMT
Who: All Community Allocation Event (CAE) participants
Results of the Minterest CAE “Thank You” Lottery
Here are the winners of Minterest’s CAE “Thank You” Lottery week, which ran from 13th to 18th December.
Winners are identifiable via the last five digits of their wallet addresses used to deposit USDC during the CAE. Due to privacy reasons, emails and names will not be shown.
Day 1 Level 7 NFTsEd40a 057df 42a35 c5e98
Day 2 Level 8 NFTs5556A 5Ad9B 5148D 666a8
Day 3 Level 9 NFTs45C89 1dd23 3c0Db 89fd1
Day 4 Level 10 NFTs8daB4 a4660 d2531 30e40
Day 5 Level 10 NFTs7F603 54aA1 189f9 9F961
Congratulations to all winners! You will have received an email from us, detailing next steps on how to claim your awarded NFT.
So welcome to Minterest, in your best interest
About Minterest
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects, with the specific aim of putting user benefits at its core. It provides users with a decentralised financial platform that is fair and inclusive.
The Minterest protocol has the world’s first buyback mechanism, which automatically passes on revenue to contributing platform users. This way, users receive protocol revenue on top of industry leading borrowing/lending rates, creating the potential for the highest long-term yields in DeFi. The protocol also has an on-chain treasury which captures and shares liquidation revenues with users.
Supporters that incurred an error during their deposit might face a delay, and we will work to resolve this as soon as possible.
Bonus NFT Lottery TicketsAs a thank you for your understanding and patience, all Community Allocation Event participants who deposited will be awarded 5 additional NFT “APY Boost” lottery tickets.
Thank-You NFT Lottery WeekAll those who have lottery tickets AND have participated in the Community Allocation Event will participate in an additional “Thank-You” lottery to win NFTs during the week of 13th December. The lottery is simply to express our gratitude to our early supporters and their experienced inconvenience.
LBP NFT Lottery WeekIn addition, all existing lottery tickets will carry over to the next major lottery after the LBP. The subsequent lottery will take place during the week of 15th February 2022.
Questions
Please reach out to us via the following channels:Telegram& Discord
What is Minterest?
Minterest is a decentralised lending protocol. It comes with a unique economic model where the protocol itself captures 100% of the value it creates from interest income, flash loan fees, and auto-liquidation fees which it passes on to its users in return for their active participation in governance.
Ellipti is a Seoul, South Korea based company that focuses on building sustainable ecosystems for blockchain companies to navigate the markets. It does this by setting up the most effective and efficient Go-To-Market strategies, for community expansion/growth, marketing and business development. Ellipti continuously monitors markets to provide insights to their clients, ensuring their business plans remain relevant and current in today’s fast changing environment.
The Ellipti team implements their strategies by covering community growth, marketing, and PR, but they also focus on business development. They seek out potentially synergistic opportunities by leveraging their network pool for the benefit of all the participants.
They also host quality on-line & off-line events for companies who wish to establish their brands. The types of events they host are varied, to align with the diverse needs of their clients.
Founded in 2018, Ellipti is led by industry luminaries aiming to guide their investments towards sustainable growth by supplying cutting edge market analysis. The team assists with product execution by supporting engagements from beginning to end, helping the companies they work with achieve their full potential.
John Kwak, Founder of Ellipti, says
“Sustainable token model & treasury management are crucial for DeFi protocols that are set to become NEO banks in the future. Minterest initially intrigued us because of the sustainable token model they are building. This one of a kind model will solve so many issues facing DeFi today, and we are excited to be a part of the project from its inception. The future is bright for Minterest, and we are proud to be a part of its story.”
Kyn Chaturvedi, Chief Operating Officer of Minterest, said,
“The team at Ellipti has been extremely supportive of Minterest. They are always on-hand to assist, helping to ensure that we pursue the most effective strategy and present Minterest in the best possible light. We are honored to have them onboard, and appreciate their continued efforts to expand the awareness and use of the Minterest protocol in the Korean market.”
So welcome to Minterest, in your best interest
About Minterest
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects. It is a decentralised financial platform that is fair and inclusive, with the specific aim of putting user benefits at its core.
The Minterest protocol has the world’s first buyback mechanism, which automatically passes on protocol surplus to contributing platform users. This way, users receive protocol surplus on top of industry leading borrowing/lending rates, creating the potential for the highest long-term yields in DeFi. The protocol also has an on-chain treasury which captures and shares liquidation revenues with users.
We’re excited to announce that Minterest—a value-capturing lending and borrowing protocol designed to make DeFi fairer—is integrating Chainlink Price Feeds on Moonbeam. The integration will allow Minterest to fetch high-quality price data during core protocol functions such as taking out and redeeming loans, and triggering liquidations of undercollateralized positions. Integrating the industry-leading oracle solution will help ensure that the prices referenced within Minterest are reliable and tamper-proof, protecting users against oracle manipulation attacks and other outlier events, such as flash crashes, flash loan attacks, and exchange downtime.
Minterest is a lending protocol on Moonbeam built to service billions in TVL and challenge existing DeFi incumbents. The protocol offers a decentralized money market, combined with an incentive structure that will facilitate and promote the widespread adoption of DeFi. By utilizing its own buyback mechanism, the protocol passes on 100% of generated surplus to its community of active participants.
Minterest captures value from the combination of interest rate, flash loan, and liquidation fees which are then passed on to Minterest users participating in the protocol’s governance over time. This results in high long-term yields and incentivizes long-term liquidity for the protocol.
A fast and secure oracle mechanism delivering reliable price feeds to determine borrowing rates and collateralization ratios is critical for the Minterest platform to operate in a safe and reliable manner. Relying on any solution that uses a single source for data delivery could result in it being compromised, unresponsive, or otherwise providing faulty information — putting the entire protocol at risk.
We decided to integrate Chainlink because it is the most time-tested decentralized oracle solution, backed by high-quality data, secure node operators, and a robust reputation framework for proving the security and performance of its systems. With Chainlink, prices referenced by Minterest are secured by a decentralized network of independent, Sybil-resistant oracle nodes run by leading blockchain DevOps with a proven track record of high availability and tamper-proofness in their delivery of data on-chain. These Chainlink nodes source data from numerous independent, high-quality data aggregators like BraveNewCoin and Amberdata, meaning there are multiple data sources that each represent a volume-weighted price aggregated from all relevant centralized and decentralized exchanges. This sourcing method is key because it prevents outlier price data on single exchanges from corrupting the aggregated price referenced by Minterest during core protocol functions. As a result, Minterest will consistently issue loans and trigger liquidations at fair market value and keep the protocol fully collateralized and solvent.
“With the integration of Chainlink Price Feeds, we can be certain that we’re using the leading oracle infrastructure available on the market, and our users have a highly reliable market data solution securing their loans,” stated Josh Rogers, CEO of Minterest. “As we continue to expand our lending platform and increase DeFi adoption on Moonbeam, a reliable oracle mechanism allows us to get closer to our mission of increasing fairness and transparency in the world of finance.”
“The launch of Minterest gives Moonbeam users a best-in-class lending experience with an easy-to-use interface and an emphasis on long-term yield,” said David Post, Managing Director of Corporate Development and Strategy at Chainlink Labs. “We’re excited to support Minterest with our decentralized price feed solution in increasing DeFi adoption in the Polkadot ecosystem with a long-term mindset.”
So welcome to Minterest, in your best interest
About Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
CMS Holdings LLC is a principal investment firm that focuses on making investments across the crypto asset ecosystem. Incorporated in Delaware, U.S., they look to deploy capital in liquid and illiquid crypto tokens, and take up equity stakes in selected companies. CMS carefully chooses to partner with some of the most exciting up and coming technical protocols and projects in the industry.
Led by industry experts, CMS Holdings LLC is now one of the most prominent investors supporting blockchain and DeFi projects in the crypto ecosystem.
CMS Holdings LLC said,
“We were initially inspired to invest in Minterest because they have engineered a majorly innovative improvement in the current DeFi ecosystem by solving some of the fundamental issues facing legacy DeFi protocols. We were compelled by their unique token buyback mechanism, which is the first of its kind in DeFi and a truly sustainable and long-term model. It’s this kind of innovation that really attracts us as investors, and we couldn’t be happier to be on this journey.”
Kyn Chaturvedi, Chief Operating Officer of Minterest, said,
“CMS Holdings LLC has built a wealth of expertise through investments in key pillars of the blockchain space. Their impressive track record carries with it strategic insights and an unparalleled network — the results of which have already borne fruit for us. We anticipate this relationship as core to Minterest’s success in creating a fairer and more sustainable ecosystem in DeFi.”
So welcome to Minterest, in your best interest
About Minterest
Minterest is a unique borrowing/lending protocol built by industry leaders to service billions in Total Value Locked (TVL) in DeFi lending projects, with the specific aim of putting user benefits at its core. It has been engineered to ensure that users have access to a fair and inclusive decentralised DeFi platform.
The Minterest protocol has the world’s first buyback mechanism, which automatically passes on rewards to platform users and it’s unique on-chain treasury captures and shares the value created by liquidation processes with users. This means that users participate in rewards generated by the protocol, in addition to earning industry leading borrowing/lending rates. This results in potentially the highest long-term yields in DeFi.
Aside from our major community allocation event, the team has also finalised the development of two more smart contracts: The Vesting contract and The Whitelist contract.
Vesting Contract: This contract deals with the allocation of MNT tokens to a wallet address, but with a vesting mechanism that limits the available amount and slowly releases the MNT tokens during a set period of time. Vesting is a common mechanism that limits the selling pressure on the token, especially during the early stages of the protocol launch.
Whitelist Contract: This contract deals with the permissions, and limits who can use the Minterest protocol. When the protocol will be at its initial stages with limited functionality, only whitelisted users will be able to use the Minterest protocol.
3) Access Control System
During this week, the team also built an access control system on top of admin functions of the Minterest protocol. With the new access control system, only a consensus of council of Minterest executives can apply changes to the protocol economy and setup, e.g., adding new currencies or disabling them before the whitelist mode can only be done once 3 out of 5 executives sign the transaction.
So welcome to Minterest, in your best interest
About Minterest
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects, with the specific aim of putting user benefits at its core. It provides users with a decentralised financial platform that is fair and inclusive.
The Minterest protocol has the world’s first buyback mechanism, which automatically passes on surpluses to contributing platform users. This way, users receive protocol rewards on top of industry leading borrowing/lending rates, creating the potential for the highest long-term yields in DeFi. The protocol also has an on-chain treasury which captures and passes on liquidation surpluses with users.
In this short guide, we will explain the process of participating in the Community Allocation Event and how you can become a part of the protocol’s growth journey.
Community allocation rewards
Just a recap from our previous guide; in the Community Allocation phase, people who signed up with the Minterest Sign-up Bot in Telegram will have a guaranteed allocation of between 100 USD and 500 USD.
The Community Allocation Event offers the following rewards:
Guaranteed allocation with the lowest average price in the subsequent LBP. Learn more about how this value is calculated here.
NFT lottery entry to win an NFT with APY boosts exceeding 7-figure value-add and access to exclusive pre-mining during the private launch of the Minterest protocol in Q1 2022.
How to participate in the community allocation event
WHITELISTING
Access the whitelisting via confirmation email
10.01.2022 – People who signed up with the Minterest Sign-up Bot in Telegram will receive a confirmation email from nextlevel@minterest.com – please make sure to double check the email address once you receive it to avoid phishing attacks or scammers trying to get access to your funds. This email is not to request funds. This email will only ask you to complete whitelisting steps.
Access the whitelisting via direct access
10.01.2022 – 24.01.2022 – If you have not signed up with the Minterest Sign-up Bot in Telegram – the sign-up is still open here:
Whitelisting process
10.01.2022 – 24.01.2022 – The email will contain a link for the whitelisting process from nextlevel@minterest.com. Please double check the email address that the whitelisting email was sent fromnextlevel@minterest.com before clicking on anything.
Then click the link and fill in the whitelisting requirements. To participate in the event, participants must input their email, their sending/receiving wallet address and follow us on Twitter.
Refer and earn: We are excited to see our #NextLevelDeFi community grow, and you can be a part of the journey by referring your friends. You’ll also get a chance to win 1 more NFT lottery tickets for each referral. Read about the 7-figure NFT lottery prize pool here.
Once you complete the whitelisting you will receive a confirmation email from noreply+minterest@gleam.io confirming it. This email will contain your unique referral code and a link to the whitelisting page to confirm your participation status.
NFT lottery updates during whitelisting process
You will receive email updates every second day regarding the total amount of lottery tickets you have earned.
COMMUNITY ALLOCATION EVENT
Community Allocation Event access
24.01.2022 – 27.01.2022 – You will soon receive an email that contains a link to the Community Allocation Event. The event will be open for three consecutive days, and you can deposit up to 500 USDC. Your depositing address will also be your Moonbeam network receiving address (since Moonbeam shares the same wallet address structure as Ethereum and BSC) and will be automatically documented when you connect your Metamask wallet.
You will be able to make a deposit via Metamask. We support both ETH and BSC networks. Read the following instructions on how to setup up your Metamask wallet for a low gas fee transaction via the BSC network. Click here.
Final confirmation
When your funds are deposited, you will receive a final confirmation email. After the LBP token event is completed, you will receive another email notification informing you about the number of MNT tokens secured at the lowest average price in the LBP. Read more on how this price is calculated here.
Liquidity bootstrapping pool
More information will follow in a separate article on how to participate in the LBP.
Sign up for the whitelisting and join our Telegram and Discord channels to become a part of our growing community!
What is Minterest?
Minterest is a decentralised lending protocol. It comes with a unique economic model where the protocol itself captures 100% of the value it creates from interest income, flash loan fees, and auto-liquidation fees which it passes on to its users in return for their active participation in governance.
Firstly we have created an environment whereby everyone who signs up for the whitelisting is guaranteed an allocation. Secondly we launched a ground-breaking NFT lottery with 7 figure APY boosts that the entire community can access, instead of a wealthy few!
Why NFTs?
The NFTs are designed to incentivise investors with large TVL and to foster long-term loyalty. The NFTs will give the top level investors the ability to earn up to 50% more APY for a three-year period on unlimited TVL. For the largest professional users, this NFT unlocks protocol functionality that can result in millions of dollars of additional rewards. Further, the NFTs work as “keys” to exclusive protocol functionality, e.g. early access to the protocol beta launch.
The NFTs could generate tremendous value for anyone who holds them, and the entire Minterest community will have the opportunity to access them. Each NFT features custom artwork in the image of a blockchain superstar, crafted by noted illustrators. View all unveiled NFTs and marvel at the range of artistic expression at our NFT gallery here: NFT gallery
How it works
The lottery has 85 NFTs – all providing different boosts over different time periods for unlimited TVL. The 85 NFTs will produce a protocol functionality value-add which will exceed 7-figures – Our Level 1 NFT, featuring Satoshi Nakamoto, provides a rewards boost of 50% over 36 months, plus early access to the Minterest protocol beta launch.
NFT lottery tickets can be collected throughout the Minterest Next Level Community Allocation Event (CAE), benefiting early supporters and rewarding referrals.
The NFT Levels & functionality
The Minterest APY boost NFTs have different functionalities based on their levels. As we mentioned in a previous article, the value-add of one NFT can exceed 7 figures. Please visit here for more information: NFT lottery. We are making sure that all our community benefits from the tremendous value of these NFTs, locking away 85 of those in the lottery pool!
The major lottery for Minterest NFTs will take place on the 14th ofFebruary. To be eligible you must make a deposit in CAE or LBP. arn NFT “APY Boost ” lottery tickets by referring a friend in the Whitelisting interface. Each person referred will result in an additional lottery ticket for you and them! Please ensure that you complete all mandatory steps in the Whitelisting.
What do I need to do to participate
You can simply follow this link and complete the whitelisting steps.
You can earn NFT ‘APY Boost’ lottery tickets by referring a friend in the whitelisting interface. If a referral completes at least one action, both of you will receive an additional lottery ticket.
To be eligible to participate in the NFT ‘APY Boost’ lottery, you must make a deposit in CAE 2.
Did you Whitelist in the December 2021 CAE and are curious about whether you need to Whitelist again?
If you participated in the earlier CAE in December 2021 and
Opted to keep your deposit with Minterest, you are not required to Whitelist again. However, Whitelisting again with the same email address can earn you more lottery tickets through referring friends. Note, all of your previously earned lottery tickets have been rolled-over into this CAE!
Received a refund or did not make a deposit at all, you are required to Whitelist again using the same email address. Any previously earned lottery tickets will roll-over into this CAE too!
Have a look at our event page for more information and Don’t forget to follow us on Twitter or join our Telegram and Discord channels to ask any questions and stay up to date with our current events.
What is Minterest?
Minterest is a decentralised lending protocol. It comes with a unique economic model where the protocol itself captures 100% of the value it creates from interest income, flash loan fees, and auto-liquidation fees which it passes on to its users in return for their active participation in governance.
Both phases are intended to be completed by Q1 2022. In parallel, the protocol will be assessed by leading security firms, getting ready for the private launch and TGE later this year.
Phase 1: Minterest Community Allocation Event
The community allocation event is intended to ensure a maximum allocation of 500 USD to any and all members of Minterest’s community.
Who is eligible to participate in the Minterest Public Distribution?
The Minterest Public Distribution is open to anyone except for citizens, residents, and incorporated entities of the United States and the following sanctioned countries: Cuba, Iran, Crimea Region of Ukraine, North Korea, Syria.
How do I sign up for the Minterest Community Allocation event?
If you signed up during the earlier #nextleveldefi event, your allocation is confirmed. If you did not, please check the following link to sign up: here.
For those who are interested in participating in the community allocation event we created a short guide here.
What is the price of the Minterest token (MNT)?
The price is determined based on phase 2: the Next Level liquidity bootstrapping pool (LBP). All participants in Minterest’s community allocation event will receive MNT at the lowest average price set in the Next Level LBP. Please see the details in Phase 2 below.
What is an LBP and how does this all work?
Please see the details in Phase 2 below.
Why is there a guaranteed allocation?
The public offering was designed to uphold the community-centric principles upon which Minterest was designed throughout its fund raising process. The community allocation event is designed to:
Enable early supporters to secure an allocation prior to the Next Level LBP.
Provide early supporters with confidence regarding their pricing.
Ensure gas prices are minimized for those who may be impacted during the Next Level LBP.
Why do you receive the lowest average price in the Next Level LBP?
Minterest’s goal is to be fair and equitable while ensuring a wide distribution of the native MNT token. Irrespective of any outcomes in the Next Level LBP, the participants in the Minterest community allocation event are assured of the lowest average price that occurs during this process. In the following section we describe the Next Level LBP in detail and how LBP architecture is used to derive a fair market structure through price discovery.
What are the Community Allocation Event terms?
The allocation starts from min. 100 USD to max. 500 USD. The maximum allocation can be increased later, based on the response from the community. Anything below the minimum and above the maximum amount will be forwarded to the treasury.
The price is the average lowest price in the subsequent LBP (read more below).
The funds can be sent through the Ethereum or Binance Smart Chain network (to reduce gas fees). We will support Metamask integration, please read here how you can add the BSC network on Metamask.
There will be no vesting for the tokens in the public offering. All tokens will be fully unlocked upon the launch of the Minterest Protocol (scheduled for March 2022). They will be fully liquid to trade on exchanges, to stake on Minterest, and to provide liquidity on DEXs.
What are the funds used for?
The funds raised will be used for bootstrapping the Treasury of the Minterest DAO.
Were there other investment rounds before the community allocation event?
Yes, Minterest Labs raised $6.5 million from key investment partners like KR1, CMS, DFG, NGC and others. All related information is disclosed here: Minterest’s village of supporters. There is another pool for industry leading marketing partners and we will provide an update here soon.
Phase 2: Next Level LBP
Why LBP?
In LBP events, supporters are able to participate in a variant to the ‘dutch auction’ process. Dutch auctions are a mechanism where instead of participants getting an offering at a fixed value, the process allows anyone to bid their own chosen quantity and decide on the value they are willing to attribute. Unlike traditional auctions where bidders bid the value up, the value of the asset will fall over time until participants acquire tokens at the volumes they are seeking.
To read more about how an LBP works, please read this great guide by Balancer.
The Minterest LBP will be conducted on Balancer where people can directly buy MNT tokens using USDC (ERC-20); more details for the LBP specifics will be disclosed later. Participants will have access to a Minterest interface for a simple and transparent experience, hosting an overview and a leaderboard detailing live the USDC spent by various participants in the LBP. The leaderboard provides valuable transparent insight for those purchasers seeking, as part of their purchase of MNT tokens, to secure a specific level of Minterest NFTs; read more about Minterest NFTs here.
How do community allocation event participants get the guaranteed lowest price in LBP?
LBPs usually have a constant downward price pressure from a high initial price. According to a series of simulations run by Perpetual Protocol, the LBP price curve can have different shapes and forms depending on various parameters.
Some of the price charts from the simulations by Perpetual Protocol
However, the most common pattern is a V-shaped price curve where the initial price is high, followed by a sudden dip (the bottom point in the price curve), and then an upward continuation. To illustrate this better, let’s examine the LBP curves of some recent LBPs: Gro and Merit Circle.
$GRO LBP Price Curve
Gro is an example of a rather common price curve. The initial price for the LBP started high at $10.57, followed by a sudden fall towards $4.48, then some consolidation, and finally an upward continuation. The minimum value during the LBP was $4.48 and the end price was $9.28.
$MC Price Curve
There also exist some edge cases outside of what was described above. Also in those we have our community covered. An example to illustrate this, is the record-breaking Merit Circle LBP. Right after the LBP auction, the price of $MC touched $2.016, followed by a sudden fall towards $1.071. The closing price in the LBP was $3.20; a phenomenal ~3x from the dip during the LBP.
How is the “lowest average price” for community allocation event participants calculated?
Minterest community allocation event participants will get the lowest average price in the LBP. The price is a function of the average of the lowest LBP prices paid by total funds accumulated in the community allocation event.
Let’s assume that all participants accumulate 500,000 USD in the community allocation event. The value in the community allocation event is determined retroactively as the average value of the lowest 500,000 USD acquired through the LBP.
In more detail: Let’s assume that in the LBP there are 5,000,000 USD collected at the end of the event, where all LBP participants paid a different price. Sort all 5,000,000 USD provided by the token price paid from high to low, and take the average price of 500,000 USD from the bottom and average it. This is the average lowest price in the community allocation event.
How do I participate in the Next Level LBP token event?
For those who are interested to participate in the Next Level LBP event, we created a short guide here. Once you sign up, there will be a whitelisting process where you will receive all the instructions via email.
Next Level community allocation event:
The NFT lottery
The Minterest NFTs carry a significant boost in the protocol’s emissions rewards and allow early access to the private launch of the Minterest protocol (expected Q1 2022). Minterest NFTs offer up to 50% boost in a user’s MNT Emissions Rewards.
A total of 3000 NFTs will be issued across 12 different levels, with each represented by 1 of 100 unique images. Each level has more types of NFTs, with higher boosts in Emissions Rewards and periods of validity being applied to rarer NFTs.
Please read about Minterest’s NFT functionality here: NFT Lottery.
The NFT bonus rewards will be distributed among the participants that are at the top of the leaderboard based on the total amount of net USDC token acquisition amounts.
To enable community members with smaller wallets a chance at an NFT, the NFT lottery contest was launched for early signups to the #nextleveldefi event. To date, we have secured over 25K signups.
Sign up for the whitelisting in our Telegram Channel and feel free to ask any questions to the team directly in Discord!
What is Minterest?
Minterest is a decentralised lending protocol. It comes with a unique economic model where the protocol itself captures 100% of the value it creates from interest income, flash loan fees, and auto-liquidation fees which it passes on to its users in return for their active participation in governance.
This is an event where all sign ups are guaranteed an allocation! In addition, people get the opportunity to win a Minterest NFT in the NFT lottery, which provides its holder significant boosts in APY, and which can be used or traded to others for whom such a feature is highly valuable.
Such NFTs will grant the holder an APY boost with potentially very significant value-add depending on their supply of liquidity to the protocol. NFT holders will earn a higher yield without impacting the rewards of other participants.
Each whitelisted participant will receive a number of lottery tickets proportional to how early they sign up. Find more details on the NFT lottery here.
Sign up to get guaranteed allocation & APY boost lottery tickets.
Community weekly highlights
We have just hit the 20,000+ signups milestone on our community allocation event! The team behind Minterest are very active in the channel, ready to answer questions and provide regular updates.
Here are some of the highlights from last week’s activity:
Minterest is partnering with Moonbeam, and where the protocol will be launching on their EVM-compatible smart contracting parachain on Polkadot. Moonbeam will provide recognised world-class technical support to assist with the protocol’s migration, and Minterest will act as a magnet for attracting liquidity onto Moonbeam’s parachain. Read more about the Minterest-Moonbeam partnership here.
We conducted our first community AMA featuring Korean community CryptoNeedle (@Blocktoday) and CEO & Founder Josh Rogers. Josh explained how the token holders will benefit from Minterest’s unique autoliquidation functionality, compared to other lending platforms where liquidation fees are lost to external third parties.
Minterest was featured in the Altcoin Buzz News – ‘Minterest is set to go live on Moonbeam Network , providing the best of both Ethereum and Polkadot to the decentralized finance space’.
Minterest was featured in The Fintech Times – ‘In order for DeFi to remain relevant and ensure longevity, creating a fairer financial system for all, innovation must put the user at the core, says Minterest’.
CTO Denis Romanovsky discussed recent exploits in DeFi with community members, and how Minterest’s engineering culture is geared to not suffer similar events and prioritise protocol security.
CMO Alexander Funck clarified and discussed the workings of the NFT lottery, as well as the friend referral signup for the Community Allocation Event.
CTO Denis Romanovsky addressed the source of APY boost tokens for NFT holders, which is designed to give NFT holders a higher yield without impacting the rewards of other participants.
Join our Telegram Channel today and become a part of our growing family!
So welcome to Minterest, in your best interest
About Minterest
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects, with the specific aim of putting user benefits at its core. It provides users with a decentralised financial platform that is fair and inclusive.
The Minterest protocol has the world’s first buyback mechanism, which automatically passes on surpluses to contributing platform users. This way, users receive protocol rewards on top of industry leading borrowing/lending rates, creating the potential for the highest long-term yields in DeFi. The protocol also has an on-chain treasury which captures and shares liquidation surpluses with users.
Bitscale Capital is an investment firm based in Switzerland. The team specialises in blockchain, with a portfolio of more than 80 projects. Its investment focus is varied and includes cybersecurity, blockchain startups and NFT related projects. They also have considerable expertise in scalable infrastructure.
As well as offering crucial early-stage investment and guidance, Bitscale Capital has specific expertise in investor relations, helping its portfolio companies to connect with industry heavyweights and top-tier funds across the globe.
Zurab Kazhiloti, CEO and Founder of Bitscale Capital, said,
“We invested in Minterest because we believe it is a high-quality concept that is built to last. The next generation of decentralised tech is upon us, and we expect Minterest to be in the vanguard of this new wave. The team has the experience, vision and the technical foundation to create something special which is long-lasting.”
Kyn Chaturvedi, Chief Operating Officer of Minterest, said,
“We are excited to work with Bitscale Capital as we develop out the Minterest protocol. The team’s research-led methodology and deep expertise in key sectors really attracted us to them, and we’ve quickly developed the foundation of a strong, long term relationship.”
So welcome to Minterest, in your best interest
About Minterest
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects, with the specific aim of putting user benefits at its core. It provides users with a decentralised financial platform that is fair and inclusive.
The Minterest protocol has the world’s first buyback mechanism, which automatically passes on surpluses to contributing platform users. This way, users receive rewards on top of industry leading borrowing/lending rates, creating the potential for the highest long-term yields in DeFi. The protocol also has an on-chain treasury which captures and shares liquidation surpluses with users.
Tallinn, Estonia – November 3rd, 2021 – Minterest, a value-capturing lending and borrowing protocol designed to make DeFi fairer for users, has announced that it will be deployed on Moonbeam, an Ethereum-compatible smart contract parachain on Polkadot.
Moonbeam will provide recognised world-class technical support to assist with the protocol’s migration, while, in turn, Minterest will act as a magnet for attracting liquidity onto Moonbeam’s parachain. In joining the Moonbeam ecosystem, Minterest is also committing to creating opportunities specific to the Moonbeam community, allowing them to engage with, and benefit from, the protocol.
Josh Rogers, CEO and Founder of Minterest said, “We have made a significant step forward in choosing to build on Moonbeam. After undertaking an extensive and strategic assessment of Minterest’s options, it became clear that Moonbeam was the perfect deployment destination, and by far the best fit for the next phase of the protocol’s development. Moonbeam’s developer-friendly approach and ability to provide a gateway to Polkadot and all of its native assets are just some of the reasons we chose Moonbeam.”
Created by industry leaders to service billions in total value locked (TVL), Minterest is the world’s first lending protocol that captures 100% of value from interest, flash loan and liquidation fees which then get passed on to users. Unique features include an automated on-chain liquidation process and a buy-back mechanism which automatically passes on surpluses to contributing platform users.
Moonbeam has made significant contributions towards the development of Polkadot’s EVM and boasts an impressive ecosystem, with over 70 projects committed to building on the platform.
Rogers said, “By launching on Moonbeam, we are able to offer our users a product that combines the best of both worlds. Since Moonbeam is built on Polkadot, we gain instant access to world class network security, low gas fees, and all the functionality that Polkadot brings. At the same time, Moonbeam’s compatibility also enables our users to seamlessly access the protocol via existing Web3.0 wallets.”
“As DeFi protocols mature, they are being measured with some of the same financial metrics used to measure traditional company performance,” said Derek Yoo, Founder of Moonbeam. Minterest’s approach to pass all protocol surpluses back to token holders is both unique and in keeping with the spirit of Web3. We are looking forward to supporting the Minterest team in growing their DeFi ecosystem on Moonbeam.”
“So welcome to Minterest, in your best interest”
About Minterest
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects, with the specific aim of putting user benefits at its core. It provides users with a decentralised financial platform that is fair and inclusive.
The Minterest protocol has the world’s first buyback mechanism which automatically captures and passes on rewards to platform users via its unique on-chain liquidation process. This means that users participate in rewards generated by the protocol, in addition to earning industry leading borrowing/lending rates. This results in potentially the highest long-term yields in DeFi.
We believe that users are the ones who give protocols their value, so we have designed the community offering to reflect our ethos of fairer finance and inclusivity, and to address the specific requests of our supporters.
Our community comes first
We listened to our community’s biggest request: By signing up for the whitelist you will receive a guaranteed allocation in the community allocation event!**
To maximize community value, we are excited to further present the Minterest “APY boost” NFT lottery! The pool of the lottery holds NFTs, which provide access to 7-figure APY boosts.*
All whitelisted participants automatically receive tickets for the lottery. The amount of lottery tickets awarded depends on how early a participant signs up to our community event. So, a day-one sign up will earn you 20 tickets. Sign up rewards will then be reduced by one each day until the end of the event. See the amount of days left on the countdown on our community allocation event page here or check in the table below.
Sign up now to maximize the amount of lottery tickets you can receive!
Lottery tickets per signup
Signup date
Lottery tickets per signup
Signup date
Lottery tickets per signup
Signup date
20
03/11/2021
13
10/11/2021
6
17/11/2021
19
04/11/2021
12
11/11/2021
5
18/11/2021
18
05/11/2021
11
12/11/2021
4
19/11/2021
17
06/11/2021
10
13/11/2021
3
20/11/2021
16
07/11/2021
9
14/11/2021
2
22/11/2021
15
08/11/2021
8
15/11/2021
1
22/11/2021
14
09/11/2021
7
16/11/2021
0
23/11/2021
NFT value explained
The NFTs provide access to protocol functionality that can generate millions of dollars in APY boosts. There are a limited number of NFTs available, which is why Minterest is committed to ensuring full tradeability of the NFTs so participants can interchange their NFTs based on their needs.
Here’s one example: Over 72% of all TVL in Compound is held by only a few wallets, according to Dune Analytics. It is no surprise that the rare and valuable NFTs are especially attractive for large asset holders. The top tier NFT will enable any holder to earn up to 50% more APY* for a five-year period on unlimited TVL. For our largest professional users, this NFT unlocks protocol functionality that can result in millions of dollars of additional rewards. Further, the NFTs work as “keys” to exclusive protocol functionality, e.g. early access to the protocol beta launch.
It makes sense that the NFTs could generate tremendous value to anyone who holds them. And, we want to provide opportunities to the Minterest community to gain access to these benefits. The lottery will give our supporters a first chance of winning such NFTs!
Why Minterest has introduced the NFT functionality
Long-term liquidity providers are essential to the health of the Minterest protocol. The NFTs are designed directly to reward long-term supporters.
The purpose of NFTs is to detach value-added benefits from individual accounts and make them transferable among the community directly or through NFT marketplaces. Imagine exclusive credit card rewards detached from an individual and thereby transferable to others, and you get the basic idea. We believe this level of flexibility will encourage sustainable and healthy growth of the protocol.
Refer your friends and receive an extra lottery ticket each
At the end of the sign up process you will get an individual referral link. Every friend you refer that uses the link to sign-up, will receive one additional lottery ticket, and so will you. For a guaranteed allocation in the community allocation event, and to get the maximum amount of lottery tickets, sign up here today.
Anti bot disclaimer
All lottery tickets will have a simple but very effective anti-bot prevention mechanism. The lottery winners will be announced only after the community allocation event. The lottery will therefore be held among participants of the community allocation event, ensuring the sign-up email belongs to a human and not a bot.
If you have any questions you can reach us on Telegram or Discord.
So welcome to Minterest, in your best interest
About Minterest
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects, with the specific aim of putting user benefits at its core. It provides users with a decentralised financial platform that is fair and inclusive.
The Minterest protocol has the world’s first buyback mechanism, which automatically passes on surpluses to contributing platform users. This way, users receive protocol rewards on top of industry leading borrowing/lending rates, creating the potential for the highest long-term yields in DeFi. The protocol also has an on-chain treasury which captures and shares liquidation surpluses with users.
Digital Finance Group (DFG) is a global investment firm whose core focus is empowering blockchain and Web 3.0 projects. Founded in 2015, the firm has more than $1 billion assets under management. Represented across global emerging technology and financial capitals, DFG has employees around the world. The company invests across seed, early stage, and later stage projects in the blockchain, payment, infrastructure, and wider digital asset space.
The group’s impressive portfolio includes equity stakes in LedgerX (recently sold to FTX), Bloq, Circle, Brave, and Big Time Studios, as well as investments in Polkadot, Ethereum and Solana. DFG is also the parent company of Matrix, the first fully licensed regulated cryptocurrency exchange under the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
As well as its broad investment outlook, DFG recently announced a $20 million fund dedicated to projects on the Polkadot blockchain. This brought Minterest to the group’s attention, leading them to become an important strategic investor.
James Wo, Founder and CEO of DFG, said,
“Minterest has engineered a major improvement in the current DeFi ecosystem by solving issues that exist in legacy DeFi protocols. Its unique token buy-back mechanism using the protocol’s own value means that Minterest passes on protocol rewards to users for their participation in its governance. It’s the first of its kind in DeFi, and a truly sustainable, long-term, model. It’s this kind of innovation that really attracts us as investors.”
Kyn Chaturvedi, Chief Operating Officer of Minterest, said,
“Bringing DFG onboard gives us crucial international expertise as we scale our project. The team has seen massive success at every stage of business across the world’s blockchain markets, and their expertise in Polkadot is also incredibly valuable.”
So welcome to Minterest, in your best interest
About Minterest
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects, with the specific aim of putting user benefits at its core. It provides users with a decentralised financial platform that is fair and inclusive.
The Minterest protocol has the world’s first buyback mechanism, which automatically captures and passes on rewards to platform users via its unique on-chain liquidation process. This means that users participate in rewards generated by the protocol, in addition to earning industry leading borrowing/lending rates. This results in potentially the highest long-term yields in DeFi.
The Minterest protocol allows users to access decentralised token money markets, combined with a uniquely fair incentive structure that will facilitate and promote widespread adoption of DeFi. What sets it apart from DeFi incumbents is that it’s engineered from the ground up to capture the value it generates. By utilising its own buyback mechanism, the protocol passes on 100% of surpluses generated to its community of active participants. A key component of this architecture is its unique liquidation mechanism which is entirely managed by the protocol rather than being delegated to external parties.
Lending protocols generate significant value, but traditionally such value has not been passed on to users. Existing lending protocols reward users in two key ways. Firstly, through various forms of token issuance via liquidity mining to incentivise use. Secondly, through the liquidation process which is available only to a very small and sophisticated group of users who take out the positions of under-collateralised borrowers at a market discount.
In an industry first approach, the Minterest protocol undertakes liquidation processes automatically, without the need for external liquidators, and so captures all fees , including interest, flash loan and liquidation fees On other lending protocols this value is usually extracted from the network for the benefit of a privileged few.
Uniquely, Minterest uses its operating surplus to auto-acquire the protocol’s native MNT token on-market and then passes it on to its users. This means the protocol user’s rewards from surpluses generated by the utility of the protocol combine to potentially give the highest long-term yields in DeFi.
Josh Rogers, Founder and CEO of Minterest said: “The success of the blockchain industry continues to take everyone by surprise. Increasingly, however, we are seeing players lose sight of the original motivation and what caused such success in decentralised digital economies. The Minterest protocol recaptures crypto’s vision of creating a fairer, more egalitarian financial system with a new DeFi model that generates value for the entire user ecosystem, instead of extracting it only for the few, and in doing so, it intentionally challenges existing sector leaders.
“DeFi’s current total TVL of nearly 170 billion USD accounts for approximately as little as around 5% of the world’s crypto assets. With significant and sustained crypto growth and the vast majority of crypto value yet to earn returns, DeFi is very much in its infancy and represents a massive opportunity for crypto investors. Today’s DeFi lending and borrowing protocols have inflationary token models, don’t capture or pass on the value the protocol generates, often lack cross-chain capabilities, and offer an overly complex user experience. Minterest changes that. Through their interactions, users create the value on the platform therefore making their participation equitable and rewarding. Without its community, any protocol would be obsolete, and our model places our community at the centre of the value-creation cycle.”
Minterest Protocol’s design operates on the principle of flywheel tokenomics, building a self-reinforcing cycle of value into the platform. The more value created and captured within the protocol, the more value is passed on to users, improving total Annual Percentage Yield (APY). This makes it more attractive to become a liquidity provider to Minterest, thereby attracting new users and over time, exponentially increasing the overall value of the protocol.
The Minterest protocol will be audited by highly regarded auditors in the blockchain space prior to its early access phase, underpinning network security and giving users the confidence required to fully participate.
James Wo, Founder and CEO of investor DFG (Digital Finance Group) said: “Minterest has engineered a major improvement in the current DeFi ecosystem by solving issues that exist in legacy DeFi protocols. Its unique token buy-back mechanism using the protocol’s own surpluses means Minterest passes on protocol rewards to users for their participation in its governance. It’s the first of its kind in DeFi, and a truly sustainable, long-term, model. It’s this kind of innovation that really attracts us as investors.”
Eric Weiss, Partner at Digital Strategies highlighted: “We love that Minterest has taken the original DeFi ecosystem and made it fairer and more inclusive for its users. In doing so, they ensure that the true beneficiaries are the users who share in all surpluses generated by the protocol. These unique features make it an appealing platform for everyone in the sector. We are excited to be on the journey with the team and supporting the protocol’s evolution and growth.”
Minterest was founded by Josh Rogers, a serial technology entrepreneur with over 25 years’ experience as a founder or as part of founding start-up teams for projects including COMindico, the world’s first point-to-point IP telco; Oriel Communications, the world’s first micro-billing content engine; Mitchell Morgan, an advisory and fintech conglomerate encompassing a digital agency for online digital platforms; Freelancer, the world’s largest freelancing marketplace; and HeyYou, Australia’s largest hospitality app. The Minterest team looks like the who’s who of industry luminaries, with leadership backgrounds from Cardano, Prysm Group, Chainlink and IBM as well as members with elite academic and technology credentials.
Josh Rogers, Founder of Minterest, is available for interview
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects, with the specific aim of putting user benefits at its core. It provides users with a decentralised financial platform that is fair and inclusive.
The Minterest protocol has the world’s first buyback mechanism, which automatically passes on the protocol surpluses to contributing platform users. This way, users receive protocol rewards on top of industry leading borrowing/lending rates, creating the potential for the highest long-term yields in DeFi. The protocol also has an on-chain treasury which captures and passes on liquidation rewards with users.
At Minterest we never stop building. Here we are sharing latest product releases
20, March 2023
Release v2.1.11
Bug-fix: Dashboard: Portfolio distribution chart – Design fixes
Fixed the Title position and pie chart alignment within the block.
16, March 2023
Risk Endpoint Testing
We introduced an API endpoint functionality that calculates the probability of default for a given portfolio using collateral and borrowing data. The tool enables monitoring the overall health of a selected portfolio by assessing the risk over the next three days.
16, March 2023
Release v2.1.10
Feature updates: Dashboard: Portfolio Distribution chart
Users can now see their Portfolio distribution on both Supply and Borrow side, shown as pie chart.
15, March 2023
Release v2.1.9
Bug-fix: User session disconnected upon refresh with Safari and WalletConnect
Users who connected to Minterest with Safari and WalletConnect were disconnected from App after manual refresh.
15, March 2023
Release v2.1.9
Feature updates: Gauges: Market details page – Replaced Token amounts visible in the gauges
On market details page – in gauges area now it shows “Your Total supply or Borrow” amount, instead of Your <Token> amount.
Users can now see disclaimer that NFT boost is not enabled during Private launch.
09, March 2023
Release v.2.1.8
Feature updates:Dashboard: NFT block – Updated the link to correct address on Opensea
Minterest updated Opensea NFT collection link from opensea.io/collection/minterest-nft to opensea.io/collection/minterest
09, March 2023
Release v.2.1.8
Feature updates:Global number display rules – Updated USD values in compact view to X.XX format
All compact numbers globally are now converted to X.XX format at all times.
08, March 2023
Release v.2.1.7
Bug-fix: Dashboard: MNT Rewards – Display of Governance reward APY
Users who only supplied to different markets once and had Governance participation turned on did not see Governance reward APY.
08, March 2023
Release v.2.1.7
Bug-fix: Transaction details – Behaviour of Approval on USDT market
The USDT token smart-contract does not allow approve operations if the spender already has an allowance greater than zero.
08, March 2023
Release v.2.1.7
Bug-fix: NET APY Gauge – Removed % sign after NFT tier
The % sign was accidentally added, and has now been removed, on the NFT boost displaying the Tier.
08, March 2023
Release v.2.1.7
Bug-fix: Supply-Borrow-Repay-Withdraw modal within the Gauges – Hide Gas cost prediction
The gas prediction modal has been hidden while the team works to improve its accuracy.
08, March 2023
Release v.2.1.7
Feature updates: App Navbar – New menu “More” added
Users can now see quick links to the most important pages, like FAQ, community channels, code repository and Terms of Use.
07, March 2023
Release v.2.1.6
Bug-fix: Dashboard and Markets table views – Removed NFT boost % from the APY blockBug-fix:
Standard Emissions APY and NFT Emissions (“NFT boost”) APY are now displayed separately for clearer messaging.
07, March 2023
Release v.2.1.6
Feature updates: Supply-Borrow-Repay-Withdraw modal within the Gauges – Enable collateral message
A message will appear to enable supplied assets as collateral to increase borrow capacity if it is not currently enabled.
07, March 2023
Release v.2.1.6
Feature updates: Supply-Borrow-Repay-Withdraw modal within the Gauges – Enable governance participation message
A message will appear to enable governance participation to receive staking rewards if it is not currently enabled.
07, March 2023
Release v.2.1.6
Feature updates: NET APY Gauge – Display % sign with larger font and white color
Users can now see the % sign more clearly inside the NET APY gauge, including displaying the % sign when hovering on elements like “Emissions.”
06, March 2023
Release v.2.1.5
Bug-fix: Markets Overview: Fixed separator colour between the header and body
Fixed minor UI issue on the markets overview page that affected the layout for tablet users only.
06, March 2023
Release v.2.1.5
Bug-fix: Fixed Collateral bug after withdrawing all supply from the protocol (dust bug)
UI improvements have been made for users who withdraw all of their positions since they will still have fractional amounts of assets (dust) left in the protocol.
During Private Launch phase, users without NFTs will be provided a tooltip message on the Supply and Borrow buttons that a Minterest NFT is required in order to use protocol features.
06, March 2023
Release v2.1.5
Bug-fix: Market Details: Fixed the display of Net APY per market where the user has only borrowed
Users can now see each market Net APY on the respective market page when solely borrowing (not supplying).
06, March 2023
Release v2.1.5
Feature Update: Front Page: Added Total Supply & Borrow values on top of table header
Users connecting their wallets can now see protocol total supply and total borrow amounts in USD.
06, March 2023
Release v2.1.5
Feature Update: Dashboard: Display Total MNT Rewards in “MNT rewards” block
Users can now see the amount of total MNT Rewards earned including both withdrawable and locked MNT rewards.
The tooltips inform users that both Stake and Withdraw MNT features are disabled during the Private Launch phase.
03, March 2023
Release v2.1.4
Feature Update: Navbar: Added “NFTs on OpenSea” Button
Minterest NFTs are needed to use the protocol during the Private Launch phase so the button links to Minterest’s OpenSea NFT marketplace.
03, March 2023
Release v2.1.4
Feature Update: Dashboard: Hide Total Returns and Net APY graphs
The charts require significant updates to provide more meaningful information to users so they have been hidden for the time being.
02, March 2023
Codebase Optimizations
Integrated Manual Swap Manager into all inquisition services and adjusted the codebases to increase the efficiency of the protocol.
28, February 2023
Integrated Gas Price Prediction
Bring in gas price prediction to set the correct gas for swap/transfer transactions and prevent tx from hanging.
23, February 2023
Improved Transaction Success Modals
Improved performance of modals related to transaction success. The update affects all modals that display transaction success messages with transaction details: Supply, Borrow, Withdraw, and Repay. Made the Transaction ID clickable for a better user experience.
21, February 2023
Redesigned Autostaking On/Off
Renovated the autostaking feature design in accordance with the latest Minterest UX/UI guidelines. We’ve updated error, success, and other modals related to autostaking.
16, February 2023
Loading speed optimizations
Compressed images used in the app to impact loading speed and improve search engine performance.
14, February 2023
Loyalty Reward System Updates
Revamped the loyalty reward logic to incentivise a wider range of users, substitute the buyback discount curve, and allow users to withdraw some amount of their income without losing the loyalty factor.
09, February 2023
Risk Index Prototype
Developed a prototype to test tools that will allow users understand their portfolio risk in a better way and borrow safely.
07, February 2023
Optimization
Made some improvements on the app loading speed
02, February 2023
Wallet Connection
Rolled out Blocknative integration to connect wallets
31, January 2023
Automated liquidations
Updated the logic of receiving oracle prices and filtering out suspicious results
26, January 2023
Automated liquidations
Made some more progress, got borrower tracking running reliably
24, January 2023
UI Improvements
Updated the design of the Connect Wallet modal dialog for connecting the wallet with the Minterest application across all the devices, including Desktop, Tablet, and Mobile.
19, January 2023
Safari & Mozilla UI Fixes
Optimized rendering for on-site charts in Safari and Mozilla Firefox browsers. Streamlined UI experience related to the Total Returns and Total Net APY charts.
17, January 2023
Minterest Widget Modifications
Revamped the vesting widget with new designs. The new layout explicitly displays how updated tokenomics applies to all vestings.
12, January 2023
The MNT Rewards Panel Design Revamp
Updated the following modal windows: Enable Collateral, MNT Staking and MNT Withdraw. Optimized the modals for Desktop, Tablet, and Mobile access.
10, January 2023
Interface Logic Improvements
Specified internal and external interface classes to ensure that our contracts meet current industry standards and provide the necessary security for all parties.
20, December 2022
Total Net APY Chart Re-Work
Added some improvements to the Total Net APY chart data with newer optimisations.
16, December 2022
Fixed Metamask bug In Firefox Browser
Fixed a bug with connecting Metamask from the Firefox browser. An error message was shown before when the user tried to connect their wallet via metamask in Firefox.
13, December 2022
Update Main Navigation
We have added a new navigation UI on the website that makes it easy to access all the Minterest-specific product offerings and information.
08, December 2022
Fixed Loading Issue On Safari
Asset logo images used to load extremely slowly on the Safari browser. This issue has been fixed by re-working the frontend code and design assets.
06, December 2022
Liquidations Tracker v2.0
We are constantly improving and adding new features to our automated liquidations mechanism, this time with the liquidations tracker v2.0. More details will be shared in future tech insights.
02, December 2022
Indexer API Performance Monitoring
Added the performance monitoring to some of our internal services for Indexer API. The system triggers an alarm in abnormal cases.
30, November 2022
Security Improvements
We have made some more security improvements to the new isolated production infrastructure by moving production hosted zone into the corresponding environment.
25, November 2022
Delay Emission & BDR Boosting
The current logic works in such a way that during the delay period, the boosts from the NFT or BDR are divided into a delay and a normal part.
At the moment of transition from delay period to claimable period – we use the final MNT index of the market in order to separate the delay part for the period, but delayEndIndex is taken from the market storage, i.e. no boosts will affect it, and as a result, the delay part is calculated only for diff = delayEndIndex – lastMntUserIndex, and the boost is calculated without any correction factors.
22, November 2022
Set Up Isolated Infrastructure For Production Environment
We are moving our services to the private subnet in order to follow security guidelines. ECS and Lambda services will be able to reach the database from the private subnet via the private endpoint (restricted IP addresses).
17, November 2022
Update Production Deployment Scripts
We have fixed the deploy scripts, deploy configs, and deploy checks according to current Solidity Architecture. We have also enabled CI pipelines for deployment checks.
15, November 2022
CD process for updating ECS service
We have set up the CI/CD for production off-chain services. The new CD pipeline will update the containers with each commit along with a Slack notification.
10, November 2022
Vesting Schedule
We have added the relative time instead of absolute time for the vesting schedule with a condition that vesting schedule has not been started in the past.
08, November 2022
API Changes
We have added some backend API changes as it was necessary for the new contract architecture. The changes will soon be reflected in the new documentation.
21, October 2022
Prepare MNT contract for AML
We are adding AML integration to the MNT contract using a dedicated API that will allow the AML contract to define whether or not the user is blocked specifically for MNT operations such as transfers.
20, October 2022
Sign “Approve + Supply” in one Transaction
Currently, the Approve and Supply needs two separate transactions. We plan to do both of these in one single transaction using a Multicall feature that uses signed data within the Supply transaction to approve the allowance.
19, October 2022
Allow closing the Connect Wallet modal
Customers can now close the Connect Wallet modal if they opened with a direct link. For logged in customers, the app page is loaded and the Connect Wallet modal opens automatically.
27, September 2022
Liquidation transaction costs
We have added a dedicated transaction cost calculation mechanism for liquidation transactions. There are three different transaction costs involved, i.e., the weight of the liquidation transaction + exchange transaction + protocolInterest replenishment transaction. The new mechanism will involve the subsequent adjustment of the algorithm to make it more efficient.
12, September 2022
Create pagination on transaction history
We have added infinite scrolling with a scroll bar in the table that displays all the transaction history of the user in case the data doesn’t fit on a single page. Instead of moving across several pages, users can see everything in one place.
08, September 2022
Refinement of the Net APY formula
We are refining the Net APY formula in the protocol calculations to include net annual rate across all the markets and added a filter that displays the correct value on the front-end UI.
05, September 2022
Crypto denominated positions
In addition to USD denominated positions, users can now see their positions in any of their designated crypto assets, which include BTC, ETH, or any supported asset in users’ portfolio.
01, September 2022
Dynamic time selector
We have added a dynamic time selector for three charts: Market Historical Yield, Total Returns, and Total Net APY. Users can switch between yearly, monthly, and daily charts, based on the availability of data.
29, August 2022
Integrations
To make Minterest protocol easier to interact with and used by other devs and tools, we build APIs with comprehensive documentation.
25, August 2022
Improve indexer API logging
We are improving our indexer API logging to allow us to have all the useful information upon calling different endpoints. The new indexer-API service will print information about all the requests.
22, August 2022
Fixing IPFS errors on NFT indexer
We have added a failsafe mechanism in our indexer that pulls NFT data from IPFS to avoid getting errors that occur occasionally during the parsing of NFT data.
18, August 2022
MNT price on mainnet
We are adding admin modifiers to the Chainlink oracle feed contract that allows us to implement a fallback oracle provider to get MNT price on the mainnet.
16, August 2022
Chart enhancements
We have added a new feature into our charts where Y-axis will display negative values and an UI enhancement where larger values do not go beyond the chart labels to make them better readable.
11, August 2022
Responsive UI for Markets Overview page
Our markets overview page is now responsive in accordance with the design changes that is more seamless and intuitive for customers on mobile and tablet.
08, August 2022
Setting borrowing limits for markets
We have added a new borrowing model that adds a hard cap on the borrowing limit. When a customer enters a larger amount, he is restricted to the MAX borrowing limit set by the protocol on a pool-by-pool basis.
04, August 2022
Portfolio UX improvements
We have added a new feature under the portfolio dashboard where we will display smaller amounts (less than $1,000,000) up to 2 decimal places and completely omit the decimal places if the amount is larger than $1,000,000.
01, August 2022
Improved deployment for production environment
We are improving the flow for our production environment by setting up CI/CD pipelines to automate the stages of the production environment that will give us better control from integration and testing phases to delivery and deployment.
28, July 2022
New rules for assets sorting
We have added three new sorting rules where customers can see larger markets on top. Customers can sort by Total Lent, Total Borrowed, and under their portfolio dashboard, they can sort by LENT so they can see bigger markets first.
25, July 2022
Disabling borrow for selected markets
The Minterest admin role can now disable borrowing functionality for selected markets to allow for liquidity build up within those markets before borrowing action is performed.
21, July 2022
WalletConnect integration
WalletConnect has been integrated as part of our wallet integration roadmap. Undertaking wallet-triggered blockchain transactions with WalletConnect to verify the flow.
18, July 2022
Rewriting the swap router algorithm
The swap router algorithm has been re-written to improve swapping of exchange pairs more efficient. Undertaking current unit testing.
11, July 2022
Enabling withdrawals of different MNT balances
A new feature has been added that allows the withdrawal of all the possible MNT sources, which include available MNT wallet tokens, staked tokens, and vested tokens
04, July 2022
UX improvements on the Desktop version of the app
Major UX improvements have been made in the desktop version of the app for a more snappy and intuitive experience.
01, July 2022
Ledger Wallet Integration
Ledger Wallet has been integrated as part of our wallet integration roadmap. More wallet integrations to be announced soon.
