$cmETH is a LRT – liquid restaking token on Mantle Network. $cmETH to $mETH token is pegged 1:1. This new addition enables users to earn yields from various restaking protocols without the need to switch between them including Eigen Layer, Symbiotic, Karak Points and Veda Points. Users also accrue Powder rewards for Mantle Network’s governance token $COOK.
Borrowing and Lending Dynamics on Minterest
As $cmETH integrates into the Minterest lending protocol, borrowing will initially be capped at a conservative percentage, allowing us to monitor and grow liquidity pools for $cmETH. This approach is designed to strengthen stability for all users, ensuring a gradual and reliable market entry as liquidity pools deepen. You can easily get started by supplying $cmETH to earn competitive APYs, with more substantial borrowing limits coming soon as the pools grow.
Methamorphosis Season 2: Earn Rewards as You Supply
With Methamorphosis Season 2 that has just begun, both $cmETH and $mETH are set to gain exclusive Powder incentives. For the first 30 days, each $cmETH and $mETH token on Minterest will accrue 20 Powder per unit per day, providing early users a chance to earn Powder points at a significant rate. This also gives users substantial time to switch over from $mETH to $cmETH while both positions are indexed for Powder accrual. After this period, for the remaining 80 days, only $cmETH will continue to earn these incentives. You can switch from $mETH to $cmETH during this without losing any rewards.
Powder points aren’t just about boosting your rewards—holding Powder makes you eligible to earn $COOK, Mantle’s governance token. Through $COOK, you’ll be able to participate in future decisions for the Mantle ecosystem and play a role in shaping its path forward.
Where Can You Get $cmETH?
You can swap any asset for $cmETH on partner DEXes – Agni Finance and Merchant Moe amongst others. Soon, you’d also be able to swap $mETH to $cmETH right here.
Why Supply $cmETH on Minterest?
Optimised Returns: With APYs tailored for DeFi growth, early participants can leverage favourable lending rates and Powder accumulation for additional rewards.
Long-Term Engagement: Holding $cmETH opens up avenues for ongoing Powder rewards and potential $COOK earnings, making it a compelling option for users invested in the Mantle ecosystem.
Dynamic Ecosystem: By supplying $cmETH, you’re actively supporting the expansion of Mantle’s interconnected markets, and contributing to a robust liquidity pool while accruing benefits.
Start Your $cmETH Journey Today
We’re thrilled to bring $cmETH into the Minterest stable and can’t wait to see the impact it has on our community. With Methamorphosis Season 2, now is the perfect time to explore the benefits of $cmETH and join a transformative journey in decentralised finance. Supply $cmETH on Minterest, earn rewards, and become an active part of building the future with Minterest and Mantle Network!
Thank you for your continued trust and support as we work towards building the future of DeFi together.
12, September 2024
Minterest is excited to have a new token market FBTC—a wrapped version of Bitcoin that operates seamlessly across multiple chains available on Mantle chain. Early adopters can participate in the Sparkle Campaign, an exclusive opportunity to earn additional rewards simply by supplying FBTC on Minterest.
What is FBTC?
FBTC is an omnichain Bitcoin asset pegged 1:1 with BTC, offering enhanced accessibility and utility across various blockchain networks. You can read more about FBTC here. By converting idle BTC into FBTC and supplying on Minterest, earn multiple yields – in MNT & MINTY while also securing lucrative benefits in the Sparkle campaign.
The Sparkle Campaign
Through Sparkle Campaign, early adopters are rewarded with a share of 5,000,000 Sparks and the chance to secure a rare Early Igniter NFT. By supplying FBTC, you become eligible for these exclusive rewards while benefiting from Minterest’s optimised APYs, driven by its innovative fee-capture mechanism and emission rewards.
How to Participate in the Sparkle Campaign
Supply FBTC on Minterest and maintain a daily average holding of ≥0.001 FBTC during the campaign period, which runs until September 22, 2024.
Receive 4x Sparks per 0.001 $FBTC daily.
A dashboard will be available soon by Ignition where you can see your sparks grow. Check here for more info.
Participants also share in a pool of extra 5,000,000 Sparks, with rewards distributed based on the number of Sparks you hold relative to the total Sparks.
Join the Sparkle Campaign Today!
Don’t miss out on this exciting opportunity to earn extra rewards while exploring the benefits of FBTC. Supply your FBTC on Minterest today, and become a part of the Sparkle campaign. Whether you’re new to DeFi or a seasoned pro, this is your chance to shine!
For any questions, feel free to contact our mods on Discord/Telegram or email us at nextlevel@minterest.com.
Let’s talk about what this exciting new market entails.
What is FBTC?
$FBTC is a wrapped version of Bitcoin (BTC) that operates on omnichain. Pegged 1:1 to BTC, it is aimed at elevating Bitcoin’s accessibility and utility, paving the way for a low-friction and interoperable future. Initially launching on the Ethereum and Mantle Network, FBTC will soon expand to major EVM and non-EVM networks
FBTC is backed by an equivalent amount of BTC and securely held by industry leading custodians, who handle the minting and burning of FBTC. With FBTC, Bitcoin holders can seamlessly enter the DeFi space by converting between Bitcoin and FBTC to leverage their BTC across various blockchain networks.
By adding FBTC to the token market, Minterest continues to expand the range of assets available to users, ensuring that everyone—from Bitcoin maximalists to DeFi aficionados—can find more value and opportunity.
FBTC is now live and ready to be supplied on Minterest. Note that borrow capability will be offered in due course as we assess adequate depth of liquidity available on partner DEXs.
For any questions, feel free to contact mods on Discord/Telegram or email us at nextlevel@minterest.com.
The Minterest Protocol recently underwent a comprehensive security audit conducted by PeckShield. PeckShield is a leading cybersecurity firm specialising in blockchain technology and smart contract auditing. This audit examined the MUSDY contract and extended to the MToken, MEther, and Supervisor contracts that are essential for the functionality of all token markets on the platform. The Minterest team has thoroughly addressed the findings, confirming the platform’s readiness for a secure and reliable reopening. You can read the summary of the audit report here.
Minterest Reopens with 2x Emissions
To mark the reopening, Minterest is offering a three-week period of increased MINTY & MNT emission rewards for all suppliers and borrowers:
August 3 – August 9: +100% emission rewards
August 10 – August 16: +75% emission rewards
August 17 – August 23: +50% emission rewards
+40% Emissions Boost for Affected WETH and mETH Suppliers
In addition, a further +40% boost in emissions is provided for three months (until 2nd November 2024) to all impacted WETH and mETH suppliers who had $50 or more in supply before the incident.
Token Markets Include Audit Verified Badges: All token markets now feature a verified audit badge for added transparency. You can read more about the recent security audit completed by PeckShield here.
Base Interest Rates Return: Base interest rates, which were paused for the past 2 weeks, have now returned to normal. Borrowers are again paying interest to suppliers, ensuring the continued health of the platform.
You can also find all the pertinent information catalogued in GitBook here.
During the initial reopening phase, there may be periods of increased volatility as users rebalance their portfolios, which could temporarily influence interest rates and withdrawal processes. We ask for your patience during this phase as market dynamics help bring Minterest back to equilibrium.
Thank you for your understanding and support over the past few weeks as we worked through the reopening process. We’re excited to return to normal operations and focus on our upcoming plans, including new token markets, partnerships, and potential new deployments. The entire team is committed to driving the platform forward and achieving new heights.
For any questions, feel free to contact our mods on Discord/Telegram or email us at nextlevel@minterest.com.
07, August 2024
Minterest has successfully completed a security audit for the USDY contract, conducted by PeckShield, delivered on August 4, 2024. PeckShield is a leading cybersecurity firm specialising in blockchain technology and smart contract auditing. This audit is part of our ongoing commitment to ensure the security and integrity of our platform. Below, you will find a summary of the findings, recommendations, and resolutions.
Audit Overview
Coverage of Audit
This audit covers the MUSDY market support, i.e., the MUSDYToken contract, focusing on ensuring contract security, efficiency, and robustness against potential vulnerabilities. The investigation also includes holistic auditing coverage across all Minterest token markets on supported chains (Ethereum, Mantle Network, Taiko) by examining the related contracts required to support the MUSDYToken market, including MToken, MEther and Supervisor.
MToken Contract Audit
The MToken contract, covered in the audit, is the parent smart contract to the MUSDYToken.sol contract. This base contract is integral to the majority of the other token markets, including:
Mantle Network: USDT, USDC, mETH, and WETH
Taiko: TAIKO and USDC
Ethereum: USDC, USDT, and WBTC
MEther Contract Audit
The MEther.sol contract, covered in the audit, is specifically used for native tokens on chains that can be wrapped into ERC20 token standards and then unwrapped back. This includes the following token markets:
Mantle Network: MNT/WMNT
Ethereum: ETH/WETH
PeckShield’s Audit Approach
PeckShield’s audit process is thorough, starting with automated scans for common vulnerabilities, followed by an in-depth manual review to identify more complex issues. Their methodology includes cross-comparison with industry standards and testing against a wide range of attack vectors. Findings are ranked from critical to informational, with the final result reflecting the overall security status of the contract.
Audit Findings
The following are the key findings from PeckShield’s audit of the USDY contract:
Audit Summary
The PeckShield team performed a thorough analysis of the MUSDY market implementation within the Minterest protocol. The audit process involved both automated and manual reviews of the smart contract code, examining the business logic, system operations, and potential vulnerabilities. The findings are categorised based on their severity:
Critical: 0
High: 0
Medium: 1
Low: 2
Informational: 0
Total: 3
Key Findings and Resolutions
1. Possible Precision Issue in Token::redeemFresh()/autoLiquidationSeize() Severity: Medium Description: A precision issue in the redeem logic could lead to small numerical errors, potentially exploited under certain conditions. Recommendation: Revise the routine to prevent precision loss and ensure markets are never empty by minting small MToken balances at market creation. Status: Resolved. The team has ensured that all new markets start with a zero utilisation factor and provides an initial supply that will not be redeemed.
2. Inconsistent Non-Reentrancy Enforcement in Supervisor Severity: Low Description: Inconsistent use of the nonReentrant modifier in the Supervisor contract’s routines could lead to reentrancy issues. Recommendation: Add the nonReentrant modifier to the beforeLend() implementation for consistency. Status: Resolved. This issue was fixed in commit d57385c2.
3. Improved Ether Transfer with Necessary Reentrancy Guard Severity: Low Description: The use of the transfer() routine in MEther could lead to gas limit issues due to EIP-1884, and it is recommended to use call() instead. Recommendation: Transfer ETH using call() to avoid potential gas limit issues and improve security. Status: Resolved. The team has confirmed that the current implementations will remain until new requirements arise, prioritising user experience and preventing potential reentrancy attacks.
Next Steps
We have addressed all key issues identified in the audit. Detailed findings and resolutions have been implemented to enhance the overall security and robustness of our platform.
Thank you for your patience and continued support. For any questions or further information, please contact the mods on Discord/Telegram or send an email to nextlevel@minterest.com.
Consistency in code style is vital to ensure readability. We check that our code follows an internal Code Style guideline based on the official Solidity Style Guide. This includes details from naming conventions to code layout.
Step 4. Analysis Tools
To catch potential issues early, we utilise several industry-leading static analysis tools and benchmarks.
Slither: A powerful static analysis tool that scans Solidity code for vulnerabilities and errors, acting as the primary quality gate in the review process.
Solhint: Used to standardise and format the code, ensuring alignment with the Style guide.
Hardhat: A versatile toolkit that helps maintain unit test coverage at a 98% level, validated by Codecov. Hardhat also supports various testing and deployment workflows, making it an integral part of our development process.
Mocha: A testing framework that helps create benchmark tests.
Finally, the contracts are covered with integration tests that check that changes on the blockchain level do not interfere with the web infrastructure.
Step 5. Simulations
To test how the code would function in a real world setting, simulations are designed to walk through various user behaviour scenarios.
In a general scenario the team defines all potential user groups, including lenders, borrowers, stakers, vesting owners, and parties thereof.
Then, a live protocol simulation test is conducted, where those user groups perform multiple operations like lending, borrowing, staking, and withdrawing.
The outcome is then compared to the expected results to answer one simple question: in real life, could a user experience any challenges or negatively impact the protocol through their actions? If yes, the decision is made on how to modify the code, and the revision loop iterates until we are satisfied with the output.
Step 6. Integration Testing
The final step before peer review involves integration tests. These tests ensure that changes at the blockchain level do not disrupt the web infrastructure or other critical components of the system.
Code Review
Step 1. Peer Review
Once the code creator is satisfied with the initial result, a peer who has familiarity with the architecture and codebase of Minterest is selected to review it. This approach allows for fresh eyes to evaluate the work and catch potential issues.
The selected reviewer mindfully reads the code, tests it and reaffirms that the output serves the end goal.
Step 2. Verification Against Known Issues
The peer reviewer runs the fresh code through a checklist of known issues. We track different levels of vulnerabilities and so-called “smelly code” — bad practices that should be avoided. The team uses a comprehensive Security checklist compiled from credible sources like Beirão, to guide this process.
Independent Peer Review
We are now adding independent peer reviewers as part of the development pipeline to enhance code quality and security. This involves engaging with external experts to provide an unbiased evaluation of the underlying codebase.
Step 1: Engaging External Reviewers
We select reviewers with expertise in blockchain and smart contract security from trusted partners and the broader community. They bring fresh perspectives to identify potential issues.
Step 2: Review Process
These external reviewers thoroughly analyse the code and documentation, focusing on security vulnerabilities and best practices, using the same tools and standards as our internal team.
Step 3: Feedback and Iteration
The feedback is reviewed with our team, necessary revisions are made, and the code is retested until both parties are confident in its security and reliability.
This process adds an extra layer of scrutiny, reinforcing our commitment to delivering secure and reliable smart contracts.
Third-Party Audit
Security Audit Policy
The final line of defence is the third-party audit. Audits are specifically scheduled for code that directly interacts with user assets. This includes code changes that impact money markets, MINTY distribution, or processes related to assets, user roles, or contract ownership.
Other changes are accumulated for periodic full-scale audits, like previously audited integrations with bridges or Internal changes in liquidation engine contracts.
Step 1. Audit Prep: Tag and Organise
Both code creator and a peer reviewer mark the code that requires third-party auditing. This organisation helps streamline the audit process and ensures that no critical changes are overlooked.
Step 2. Audit Scope
We document the changes from the previous audits and intended functionality in fine detail, catering to the auditing firm’s needs.
Then, we prioritise revision areas based on the deployment schedule and coordinate with the audit provider to establish a timeline for deliverables.
Step 3. Audit Kickoff
The batched code and documentation are sent to the third-party audit team. Throughout the audit, our team provides any additional context or explanations needed to help the auditors fully understand the changes.
Step 4. Audit Process
When the audit team is ready to provide results, we review the audit report together with the audit team to make sure we understand all findings.
We then prioritise and implement necessary fixes, re-test the code to ensure no new issues arise, and resubmit the update to the audit team for another round of reviews. This process iterates until the teams agree to sign off.
Finally, the auditor provides a report with the finalised review, findings and recommendations.
Step 5. Go Live
Finally, the code is deployed to the main network. Post-deployment, we monitor the code to ensure stability, performance, and security.
Conclusion
This document is provided to show our commitment to transparency and continuous improvement by sharing Minterest’s development process. If you are a domain expert with feedback, please share it with our team on any of our social channels.
And, thank you to the community for your continued support of Minterest.
Soon we will be adding a referral program which will let you earn extra Mints by bringing your friends to the platform. Mints will be awarded when the friends you refer actively engage in supplying and/or borrowing.
How to check your Mints
To check your ranking and Mints on the leaderboard, follow these steps:
Click on “Connect Wallet” on the Minterest App.
Select your wallet and authorise the connection.
Select your network.
Once connected, go to the “Points” menu to view your current ranking and Mints.
Common questions
How do I start earning Mints?
Simple. Connect your wallet to Minterest and start supplying, borrowing, and taking part in other activities to accumulate Mints. The more you participate, the more Mints you earn.
My Mints are not updating. What should I do?
Ensure your wallet is correctly connected. If the issue persists, contact Minterest support. We’re always happy to help!
Expanding to other chains
While the Points System is currently live on Taiko, we plan to extend it to other chains very soon. This will allow more users across different platforms to benefit from the rewarding system Minterest offers.
Conclusion
The Minterest Points System on Taiko is designed to reward your active participation on the platform. This system not only keeps the community active but also makes your experience more rewarding.
Earn Mints, climb the leaderboard, and unlock rewards like MINTY tokens and exclusive NFTs. Start earning, and see how you can maximise your returns with Minterest.
Minterest NFTs are more than just digital collectibles. They’re integral to the Minterest protocol. They enhance your yields while also acting as cool and unique art pieces.
Let’s take a closer look at how our NFTs can make your experience on Minterest more rewarding.
Overview of Minterest NFTs
Minterest NFTs enhance user engagement and returns. Spanning 12 tiers, the collection includes 3,000 unique NFTs, each meticulously crafted to honor key pioneers and innovators in the blockchain space.
These NFTs vary in rarity and in the functional benefits they offer. From increasing yields to providing exclusive access to new features, each tier adds a layer of value.
The artworks themselves serve as a tribute to the influential figures who have shaped the cryptosphere. Each NFT is a piece of blockchain history. Whether you’re a novice in the digital assets space or a seasoned collector, Minterest NFTs offer a way to commemorate these icons while enhancing your returns on Minterest.
Expiry alert for Level 12 NFTs
Level 12 NFTs are the most attainable of our Minterest NFT collection. They offer yield boosts – of 20%. These premium NFTs supercharge your returns AND stand as digital representations of your commitment to the DeFi space.
However, these NFTs come with an expiry date. Level 12 NFTs are set to expire in July 2024. This means that the exceptional benefits they offer will no longer be accessible after this date.
If you are the lucky holder of a Level 12 Minterest NFT, now is the time to fully utilise those yield-boosts. Max out your NFTs before they expire and enhance your returns. Reap the full benefits of your investment. For every bit of yield you obtain through supplying or borrowing on Minterest, you get a boost through an NFT too.
Levels 8 and 9 NFTs
Looking for longer term benefits? Levels 8 and 9 of Minterest NFTs offer long-lasting benefits to their holders. These tiers strike an ideal balance between yield enhancement and longevity.
Level 8 NFTs come with a yield boost of 27.5% and are valid until October 2025. Level 9 NFTs give you a 22.5% boost and their validity stretches until next April.
These levels are designed for those who want to sustain high returns over an extended period. The longer validity means you can enjoy the benefits deep into 2025, making these NFTs particularly sought after by long-term DeFi strategists.The yield boosts associated with these NFTs significantly enhance the returns on both lending and borrowing activities. They are powerful tools for those looking to maximise their investment outcomes on longer time frames.
You can buy Minterest NFTs from Mintle here or bridge your Minterest NFT from Ethereum.
How to bridge Minterest NFTs to Mantle Network
You can now bridge your Minterest NFTs directly to the Minterest app! Bridge your NFT today to utilise your yield boosts and maximise your yields.
Here’s how to do it:
1. Log in to your Minterest account and navigate to NFT Bridge on the menu in the top right corner.
2. Click on NFT Bridge to open the NFT Bridge widget. This is where you can pick your wallet where the NFT is stored.
3. Go through the permission allowance and transfer process with the wallet of your choice.
4. If your transfer is successful, you will receive a transaction success message like below.
5. Click on See transaction in block explorer to monitor the status of the bridging.
6. When the transfer is complete, the Delivered status will appear.
7. After you have successfully bridged your NFT to Minterest, the NFT will appear on your Dashboard page of the Minterest App when logged into the Mantle Network.
8. On the main page of the Minterest App, the Mantle dashboard will show an activated NFT gauge once the APY boost feature is launched.
Pick up a Minterest NFT on OpenSea or Mintle today to boost your yields and get privileged platform access.
Join the Minterest community on Telegram, Discord and Twitter to meet like-minded people and position yourself for upcoming opportunities.
Minterest NFTs play a key role within our platform. They are unique pieces of art that also offer real functionality. Our collection spans 12 tiers, featuring 3000 NFTs that pay homage to prominent figures in the blockchain world.
These NFTs serve dual purposes within the Minterest community:
Collectibles: Each NFT is a collectible art piece with its own unique value.
Yield-boosters: Beyond their aesthetic value, Minterest NFTs enhance yields.
NFT rarity and yield-boosting capability vary significantly. Depending on their tier, NFTs can boost emissions by up to 50%. Rarer NFTs offer fewer copies of each artwork, higher emission boosts, and longer validity periods, making them highly sought after in the community.
Examples of Minterest NFT yield boosts
Borrowing $mUSD
Consider a scenario where you borrow $mUSD on Minterest. Without NFT boost borrowing, $mUSD yields 27% in MINTY and MNT emissions.
Now, introduce a Tier-12 NFT with a 20% Yield Boost. Suddenly, your total yield jumps to (27% * 1.20) = >33% (after applying the boost)! The additional value is clear.
Borrowing $USDT
When borrowing $USDT, yields see a similar boost. Without the NFT, in this example, you earn 17% in MINTY and MNT. With an NFT Boost, this increases from 17% to (17% * 1.20) = >20%! The significant benefit of incorporating these digital assets speaks for itself.
How to use your Minterest NFTs
Using your NFTs on Minterest is easy. To activate the Yield Boost NFT, make sure it is bridged to the chain you are lending or borrowing on, for example, the Mantle Network. The NFT must be in the same wallet that you are lending and borrowing from. It will appear on your Minterest dashboard and the boost is automatically applied. Please refer to our guide on how to bridge Minterest NFTs to Mantle here.
Conclusion
Minterest offers excellent yields thanks to our unique model that returns 100% of fees to our users. Minterest NFTs let you enhance that yield even further.
Don’t have an NFT yet? Get them now on OpenSea and Mintle.
Stay tuned to Minterest for more upcoming features, new integrations, and community updates on Twitter, Discord, and Telegram.
Minterest delivers dollar-for-dollar the highest yields in DeFi and returns 100% of fees to users. This makes it a great place to start your DeFi journey and maximise your yields.
One of the best ways to maximise your yields on Minterest are Minterest NFTs. Our range of tiered NFTs boost your yields and bring a host of other benefits too.
Here are five reasons you should get your hands on a Minterest NFT on Mantle right now.
1. Boost the yields on the assets you lend
Minterest NFTs act like turbochargers for your financial growth on Minterest. They significantly amplify the rewards you earn from lending and borrowing.
Every transaction on Minterest earns you rewards in the currency you’re lending/borrowing AND the platform’s native token $MINTY. Depending on the tier of your Minterest NFT, it can dramatically increase your yield up to a whopping 50%.
Even lower tier NFTs give impressive yield boosts. For example, holding a tier-10 NFT gives you a 20% boost. For example, if you are earning 40% APY in MINTY tokens, this pushes it up to 48%.
Minterest NFTs also allow autostaking of the emissions you earn, compounding your bonuses further. A very rewarding cycle for Minterest users.
2. Get $MINTY bonuses
Beyond enhancing your yield, Minterest NFTs unlock extra $MINTY bonuses and exclusive benefits. This is part of Minterest’s unique model of redistributing 100% of fees back to users, enhancing the overall profitability of participating in the platform.
$MINTY token holders have the right to participate in governance decisions. This includes voting on proposals and making changes to the protocol. By holding Minterest NFTs and maximising your $MINTY, you can have a bigger say in the development and operational strategies of the Minterest platform.
3. NFTs are time-limited
These yield-boosters are time-limited and their benefits are coming to an end soon. Some lower-tier Minterest NFTs expire in July.
If you’re a Minterest NFT holder or you’re planning to get one, make sure you’re aware of this, and get the most out of its yield-boosting benefits while you still can. Don’t miss your chance to optimise your returns and get the FULL potential out of your Minterest NFTs.
4. Maximise your $MNT yield with Minterest NFTs
Take advantage of Mantle’s growing popularity and the $MNT token. By using Minterest NFTs, you also supercharge your returns in $MNT by up to 50% too and get premium tokens without the extra spend. It’s a smart way to enhance your portfolio and get more benefits from Mantle’s vibrant ecosystem.
5. Exclusive community
By joining the Minterest NFT community you become part of an exclusive circle.
Soon, Minterest will launch a special Discord channel, offering unique insights and benefits only available to NFT holders. And as an early supporter, you get access to NFTs with higher rarity and longer validity but also the opportunity to trade them within the community.
What are you waiting for?
If you’re not already a Minterest NFT holder, it’s time to change that. Get the most out of Minterest by maximising your yields and getting exclusive alpha from our NFT community.
Pick up a Minterest NFT on OpenSea for Ethereum and Mintle for Mantle Network today.
This approach maximises efficiency in value capture, increasing rewards for lending while reducing the effective cost of borrowing. By redirecting all captured fees to Minterest users, we encourage them to remain active on the platform.
TVL drives rewards
As Minterest’s TVL grows it can create a positive feedback loop since increasing TVL generates more fees, fees generate greater buy back, greater buy back provides greater rewards for users, and thus attracts further liquidity. This cycle of growth improves the net yields for both lenders and borrowers, drives sustainable tokenomics, and increases rewards to strengthen users’ loyalty to Minterest.
Governance rewards
Governance rewards are the key to protocol value in the Minterest model. Minterest governance rewards are directly connected and sourced from the buyback mechanism. The longer users stake $MINTY, the more incentives and governance weight they receive in voting rights based on a loyalty boost, rewarding long term active participation in the governance process.
This voting right and reward system enriches the governance process and ensures that true Minterest supporters are given generous yields and bonuses.
Strategic reserve
The Strategic Reserve is a treasury of $MINTY tokens to be utilised by the future Minterest DAO to support the protocol’s growth.
A portion of the Strategic Reserve is staked and grows. The rewards can be used by the Minterest DAO in a multitude of ways via fiscal and monetary policy-inspired levers to benefit the protocol and its users including, but not limited to:
Growth: The DAO can utilise treasury earned from the buyback to fund new developments beneficial to the community.
Token supply management: The DAO can elect to stake and lock any buyback tokens away to reduce on-market supply.
Refresh emissions: As opposed to other lending protocols that run out of token emissions, Minterest can utilise Strategic Reserve earnings to recycle them back into emissions to continue providing greater rewards than other protocols.
Minterest NFTs
Minterest NFTs provide a unique use case in DeFi as a core of the protocol. 3000 NFTs span across 12 levels, each granting a holder a different perk. The main utility of the NFT is the emission booster granted to the holder, increasing yields by up to 50% depending on the tier.
NFTs attract early adopters to Minterest, bootstrap liquidity, encourage education and loyalty to the protocol. Minterest NFTs fulfil a multi-layered mission as they increase emission rewards, effectively boosting the amount of $MINTY staked in governance, which in turn increases governance rewards received from the buyback mechanism.
Learn more about Minterest NFTs here, check out the beautiful Minterest NFT Gallery and get started on your collection on OpenSea and stay tuned for the upcoming Minterest NFT collection launch on Mintle.
Wrapping up
Minterest creates an economic model that rewards long-term engagement and participation. Through its solvency engine, governance rewards, strategic reserve, and the resulting token scarcity, Minterest has developed a seamless ecosystem that incentivises users to invest in the platform’s future.
For the uninitiated, Minterest NFTs are not just an awesome work of art, they have inherent utility too. Holding one of Minterest’s limited edition 3000 NFTs in 100 unique characters enables you to get a boost on yield from 20-50% for 5-38 months.
Minterest NFTs also serve as a great snapshot in time of the 100 most influential names in Blockchain.
The NFT’s are available now on Mantle Network and a limited collection is available on Mintle to acquire. The APY boosts for holding a Minterest NFT in your wallet while supplying and borrowing begins from 18 March 2024.
To celebrate the launch of Minterest NFTs on Mantle Network, we ran a Galxe campaign led giveaway. The winners shall receive the NFTs on the wallet address provided. Without further ado, here are all the winners – Congratulations
In addition to the Galxe campaign, Minterest gave ample opportunities to our awesome community to win one of these yield boosting NFTs. The winners are –
Mantle Discord Stage Live Giveaway Winners
Last 5 characters of wallet ID
Levels awarded
be5d3
Tier-9
6Ce11
Tier-9
772D3
Tier-9
6AB50
Tier-9
Mantle x Minterest Space on X Giveaway Winners
Last 5 characters of wallet ID
Levels awarded
86652
Tier-12
aF607
Tier-12
55db1
Tier-12
Winners of Giveaway hosted by Crypto Lark
Last 5 characters of wallet ID
Levels awarded
3f1f5
Tier-11
ce906
Tier-11
232CC
Tier-11
Bf616
Tier-11
c9Dd7
Tier-7
Winners of Giveaway hosted by Crypto Zombie
Last 5 characters of wallet ID
Levels awarded
e985D
Tier-11
C4a26
Tier-11
345BE
Tier-11
8527a
Tier-11
60986
Tier-7
Winners of Giveaway hosted by Viktor
Last 5 characters of wallet ID
Levels awarded
1154d
Tier-11
E7d65
Tier-11
b9dFc
Tier-11
13c3a
Tier-11
a78c7
Tier-7
Winners of Giveaway hosted by Coach K
Last 5 characters of wallet ID
Levels awarded
c7ED4
Tier-11
7B00e
Tier-11
7E917
Tier-11
0fCbB
Tier-11
b5A79
Tier-7
Winners of Giveaway hosted by arndxt
Last 5 characters of wallet ID
Levels awarded
6f363
Tier-11
59656
Tier-11
2312b
Tier-11
4e514
Tier-11
c9b1E
Tier-7
Find Minterest NFTs on NFT Marketplace, Mintle. And, keep your eyes peeled for more opportunities to win more Minterest NFTs and boost your yield!
We also have exciting announcements in store for those who hold a Minterest NFT on Ethereum for bridging and utilising them on Mantle Network. Stay tuned!
There is no way to hide our excitement, Minterest NFTs – now coming to Mantle Network. Minterest NFT collection includes 3,000 unique NFTs divided into 12 tiers, 1 being the highest & 12 – lowest. Each NFT presents a unique artwork featuring prominent figures in Web3 and offers emission boosts of 20- 50% for supplying and borrowing for a duration of 5 to 38 months.
To celebrate the launch of Minterest NFTs on Mintle, the leading NFT marketplace on Mantle, we’re hosting a massive competition on Galxe in partnership with Mantle Network & Mintle launching on Tuesday, February 27.
Keep reading this blog post and be among the first to win Minterest’s limited edition yield boosting NFTs on Mantle Network.
Campaign structure
Our competition will be hosted on Galxe and offer a combination of social and on-chain tasks for crypto beginners and Web3 natives.
X space
We’ll kick off the campaign with a dedicated X Space hosted by Mantle where you can win 3 Level-12 NFTs. Don’t miss the chance to get answers to all your burning questions and start climbing the leaderboard. Book the date:here
Social (off-chain) tasks
Social campaigns will be split into two equal phases:
Phase 1: February 27 – March 4.
Phase 2: March 5 – March 11.
In both phases, you’ll be able to enjoy similar quests such as interacting with our social communities, inviting friends to join the contest, as well as tweeting about your experience with Minterest NFTs. By splitting the campaign into 2 equal stages, we’re giving away double the amount of prizes! All you have to do is complete all the (super simple, might we add) tasks and you enter the raffle.
At the end of each phase, we’ll pick 25 winners totalling to 50 who supercharged our socials through a raffle. Each lucky community member will be rewarded with a Level-12 NFT. If you don’t win an NFT in the raffle of Phase 1, you will be added to the raffle of Phase 2.
On-chain tasks
If you want to take it up a notch and aim for NFT tiers offering higher boosts and longer validity, participate in the on-chain tasks. Unlike social and referral quests, on-chain activities will not renew and stay the same for the entire duration of the competition: from February 27 to March 11.
XP points
When you choose to do on-chain activities, you’ll be earning experience (XP) points. Your experience points will stop accumulating on March 11, 11:59 UTC. We’ll take a snapshot of the leaderboard wherein Top 100 contestants enter a raffle to split a prize pool of 25 Level-11 NFTs, 15 Level-10 NFTs, 9 Level-9 NFTs, or even a Level-4 NFT. In case of tie, all participants with equal XP up till position 100 on leaderboard shall be entered in the raffle.
Benefiting Citizens of Mantle NFT holders
Issued by Mantle Network, Citizens of Mantle is a NFT collection developed in collaboration with famed international visual artist Chen Man, whose signature style merges elements from both Eastern and Western traditions, enhanced by 3-D rendering and image manipulation techniques.
If you already hold Citizen of Mantle (CoM) NFT, this is your one-of-a-kind opportunity to super boost your gains on Minterest on Mantle Network. Take part in this pool to win a Minterest NFT and get higher yield for all supplying and borrowing activities.
To support Citizens of Mantle holders, we’ll give away additional 50 Minterest NFTs of different tiers to Galxe participants who complete the tasks in this quest.
Final surprise
In addition to the X space and Galxe campaign, we’re teaming up with top Key Opinion Leaders to give away more NFTs. Turn the bell on for the Minterest X, formerly Twitter account and stay tuned for daily alpha and a lineup of opportunities to bag an NFT.
Keys to one-of-a-kind emission boosters of up to 50%, depending on the tier, and privileged access for both supply and borrowing activities during the Private and Public Launches.
Not all NFTs are created equal: the collection varies by rarity and yield-boosting capabilities. With each NFT represented by 1 of 100 unique artwork, rarer NFTs have fewer copies of each artwork, have higher Emission Boost, and longer validity periods.
Minterest NFTs are rewards to active users during community events like AMAs, giveaways, lotteries, and other activities, and were initially awarded to Minterest LBP participants. They are also sold by community members across various NFT marketplaces, including on OpenSea, so that users can trade NFTs and transfer ownership of the corresponding boost, with previously earned MINTY kept by the original owner.
How to bridge Minterest NFTs to Mantle Network
We are proud to introduce NFT Bridging directly to the Minterest app! The NFT Boost will be activated on March 18, 2024, so hurry up to bridge your NFT before then and be ready to maximise your yields.
Follow the process below to migrate your Minterest NFTs to the protocol:
1. Log in to your Minterest account and navigate to NFT Bridge on the menu in the top right corner.
2. Click on NFT Bridge to open the NFT Bridge widget. This is where you can pick your wallet where the NFT is stored.
3. Go through the permission allowance and transfer process with the wallet of your choice.
4. If your transfer is successful, you will receive a transaction success message like below.
5. Click on “See transaction in block explorer” to monitor the status of the bridging.
6. When the transfer is complete, the Delivered status will appear.
7. After you have successfully bridged your NFT to Minterest, the NFT will appear on your Dashboard page of the Minterest App when logged into the Mantle Network.
8. On the main page of the Minterest App, the Mantle dashboard will show an activated NFT gauge once the APY boost feature is launched.
5 reasons to get Minterest NFTs NOW
The Public Launch is just around the corner, and many Minterest NFTs have already been distributed, but you still don’t have one. Why should you get Minterest NFTs?
With multi-layered utility and unique use case, there are 5 main reasons why the best time to get a Minterest NFT is now:
Minterest NFTs boost your yields on lending and borrowing by up to 50%, making your capital work harder and smarter in the protocol.
Minterest will soon open an exclusive Discord Channel for the community of Minterest NFT holders with unique benefits and alpha.
As an early community supporter, you have a chance to access NFTs of higher rarity. A higher tier means bigger boosts and a longer expiration period so that you can enjoy the super-yield bonuses you deserve.
Minterest NFTs can work across all chains Minterest deploys on, including the Mantle Network. Take your yield-boosting NFTs wherever Minterest deploys and boost your earnings.
Trade Minterest NFTs within the community to diversify your collection, get rewarded, and get the yield-boosters you need.
Get your Minterest NFT on OpenSea and stay tuned for the upcoming Minterest NFT collection launch on Mintle.
Jump into our community on Telegram, Discord and Twitter, and be the first to grab the next chance to claim your Minterest NFT.
Crypto borrowing is a DeFi feature that allows investors to take loans using their crypto assets as collateral. Collateral means using your crypto holdings as a security against your loan.
By being alternatives to traditional banks, decentralised platforms play the role of intermediaries in connecting borrowers with lenders directly. In crypto borrowing, transactions are governed by smart contracts. With their terms coded in, these self-executing contracts make every transaction transparent with all information recorded and easily verifiable on the blockchain. While such contracts don’t set the rules themselves, they enforce the predefined terms of borrowing and lending automatically.
Borrowers have access to a variety of loan options. Collateralised loans are the most common in the industry and require over-collateralisation to mitigate risk. This structure means you can borrow only a fraction of your collateral’s value. For those who prefer flexibility, crypto lines of credit offer more funds, with interest rates applied only to the amount you use. Another type, uncollateralised loans, depends on creditworthiness and trust, but they are rarely offered in crypto due to the high risks involved.
Benefits of crypto borrowing
Crypto borrowing offers numerous benefits and provides an efficient way to manage your finances. Here are the key advantages as opposed to TradFi loans:
Access to liquidity: Borrowers can get cash by taking out a loan against their crypto. It allows them to keep their assets and any potential future increase in their value.
Investment leverage: By using crypto as collateral, investors can access funds to diversify or increase their investment portfolio.
Hedge against volatility: Crypto borrowing can help reduce the risks that come with market value changes.
Efficiency and accessibility: The process avoids the credit checks and paperwork of traditional banking and offers a faster borrowing experience.
Competitive rates: The interest rates for crypto borrowing are often more profitable compared to traditional banks.
Crypto borrowing on Minterest
Minterest is the first decentralised lending protocol that returns 100% of fees to its users. As opposed to lending protocols like Aave, Compound, and others, the protocol design is deflationary and benefits both lenders and borrowers. It’s engineered to attract and reward long-term liquidity providers and holders. The platform gives back the value it earns to users and those holding $MINTY tokens.
Borrowing
Borrowing on Minterest is flexible. The amount that can be borrowed depends on the value of assets you have supplied as collateral and the available liquidity in the protocol. If there isn’t enough liquidity or if your health factor drops below its threshold, you won’t be able to borrow. You can check the liquidity and borrowing parameters for each market on the market details page of the app.
Interest rates and $MINTY rewards
On Minterest, the interest rate for borrowing is dynamic and it adjusts based on the demand for the asset you want to borrow. You can always see the current rate right on your dashboard.
When you borrow on Minterest, you’ll be paying interest on what you borrow, but you’ll also be earning $MINTY rewards based on how much you’ve borrowed. Both the interest rates and $MINTY rewards change often, and you can find all the latest details, like APR and any rate changes, on the market details page in the app.
How to avoid liquidation
Keeping a good health factor well above “1” is key to avoid liquidation on Minterest. If it drops below “1” into the red zone, the protocol will use some of your collateral to pay off your loan. To prevent this, you can do two things: pay back a portion of your loan early, which is usually a preferable choice, or supply more collateral to improve your health factor.
Minterest offers a variety of tools and features to help you keep track of your loan, lower the chance of your collateral being used, and ensure your borrowing experience is safe and stable.
How to get started
Getting started with Minterest borrowing is easy. To borrow an asset on Minterest, follow these steps:
1. Begin by supplying an asset to the platform, which will be used as collateral for your loan.
2. After supplying your asset, go to either the “Markets” or “Dashboard” page on Minterest.
3. Enable collateral for all token markets you want to borrow against.
4. Choose the “Borrow” button for the specific asset you wish to borrow.
5. Decide on the amount you want to borrow.
6. Finalise your borrowing decision by confirming the transaction.
7. Interest payments will automatically commence once your borrow is registered, based on that asset’s current borrowing interest rate.
Conclusion
Crypto borrowing on Minterest opens a new chapter in DeFi. Minterest unlocks the highest sustainable yields and best borrowing terms as the only DeFi lending protocol returning 100% of fees to its users.
Don’t miss out on the latest in DeFi and crypto borrowing: follow Minterest on Telegram, Discord and Twitter.
06, February 2024
Minterest is thrilled to announce the launch of two new next-generation assets on our protocol: $USDY/$mUSD, powered by ONDO Finance, and $mETH, powered by the Mantle Network! As we pave the way for a new era in lending and borrowing, we invite you for an exciting journey into the native yield-bearing $USDY/$mUSD and $mETH markets.
Lending $USDY/$muSD and $mETH earns you a variety of yield too:
Base interest.
$MINTY.
$MNT.
Yield-bearing APY.
In this article, we’ll dive into the details of our partnerships and provide a guide on how to be the first to access the new assets on the platform.
What is $USDY/$mUSD?
$USDY and $mUSD are native assets on ONDO Finance backed by real-world assets that generate native yield.
Here’s a brief overview of each:
$USDY: $USDY is an accumulating token. Holders of $USDY experience a direct increase in their token’s value. The yield is generated from underlying assets in the form of increasing redemption value. In simpler terms, the value of 1 USDY will automatically increase over time as interest is accumulated. $USDY can be purchased on any of the supporting DEXs: FusionX, iZUMi.finance, and Agni.Finance.
$mUSD: At its core, $mUSD is a tokenized bearer note designed to maintain a $1 peg. Its unique mechanism allows it to rebase, with interest distributed through the issuance of new token units. This ensures that $mUSD holders enjoy stability and benefit from the accumulated interest.
Which asset does Minterest support?
Minterest now supports deposits in both $USDY and $mUSD within the same token asset market.
The two assets are utilised interchangeably. Minterest utilises USDY so mUSD deposits will be converted to USDY automatically. Tokens can also be withdrawn to either asset type. All native interest generated will continue to be earned on the chosen asset.
mETH is a permissionless ERC-20 receipt token offered by Mantle, enabling users to stake ETH and receive mETH in return.
It serves as a value-accumulating token that can be seamlessly integrated into applications, representing the underlying staked ETH and accumulated rewards. This innovative token is part of Mantle’s Liquid Staking Protocol (LSP), aligning with the goal of mass adoption of DeFi.
More markets, more crypto, and more opportunities to lend and borrow with the only lending protocol that redistributes 100% of fees back to its users.
Stay tuned for more announcements and community updates on Twitter, Discord, and Telegram.
29, January 2024
We’re excited to announce that Minterest is now integrated with API3, a leading blockchain oracle provider. This partnership bridges the gap between off-chain data and on-chain applications like Minterest with maximum security and minimal latency.
Our collaboration combines API3’s advanced data services with Minterest’s next-gen lending protocol. Minterest is now seamlessly integrated into the robust Mantle Network to unlock lending and borrowing in $mETH and $MUSD.
Together with API3 and the Mantle Network, we’re creating a DeFi space that is more secure and user-focused. This partnership will introduce new opportunities and much-anticipated mETH and mUSD markets, expanding our potential in the DeFi landscape. Read more to uncover the details of our collaboration.
What is API3?
API3 is a leading blockchain oracle provider bridging traditional third-party oracle networks to first-party oracle solutions.
API3 offers a range of tools for developers who are creating advanced applications, including:
Airnode, which lets API providers connect directly to the blockchain.
Decentralized data feeds (dAPIs) available on the API3 Market.
QRNG services that generate genuinely random numbers on the blockchain.
OEV Share, is a feature that helps decentralized apps (dApps) enhance their performance and benefit from Oracle Extractable Value.
And much more.
API3 builds an interconnected, sustainable ecosystem with verifiable, decentralized, and secure oracle solutions.
What is Minterest?
Minterest is the only decentralized lending protocol that captures 100% of fees and then redistributes those fees back to users through a buy back of the $MINTY governance token. Minterest is also able to tap into greater fee capture through its unique Solvency Engine which manages liquidations at the protocol level instead of relying on third parties.
The protocol’s architecture attracts and retains long-term liquidity over inflationary mechanisms and ensures that Minterest community and $MINTY token holders benefit from our value-centric ecosystem.
Minterest redistributes the maximum value from the protocol back to users and $MINTY token holders. As a result, Minterest is effectively able to offer improved lending and borrowing interest rates that are sustainable.
Minterest partners with API3 to unlock mETH and mUSD
By integrating API3’s data services, Minterest can offer a broader range of tokens and cryptocurrencies, including the long-awaited lending and borrowing features for Mantle’s LSP.
This integration enables Minterest to launch the mETH and mUSD markets for lending and borrowing. This collaboration will spark a high APY generation event for Minterest, presenting an attractive opportunity for liquidity providers.
Minterest’s collaboration with API3 is central to the protocol’s growth strategy and marks a crucial step in its roadmap to broaden cross-chain interactions, minimize liquidity fragmentation, and usher in a new wave of accessibility for DeFi users.
What’s next for Minterest?
The partnership between Minterest and API3 revolutionizes DeFi by combining API3’s data expertise with Minterest’s lending innovations, creating a more integrated, efficient, and user-centric platform.
Opening Minterest to mETH and mUSD markets is a huge milestone in our roadmap, and the API3 integration will continue to bridge our protocol to the most lucrative opportunities for users. Celebrate the announcement on Twitter and join the community for upcoming updates.
A prize pool of 66,000 MINTY and additional rewards were up for grabs to participants who completed the tasks, such as setting up a Galxe account, minting a Mantle Soulbound NFT, and completing quests!
The campaign was an overwhelming success:
$2.7M in total value locked (TVL) on Minterest.
7,000+ On-Chain Suppliers
4,874 Galxe users interacting with Minterest
Minterest entered the Top 10 on Mantle Network by Users
Following this remarkable success, let’s delve deeper into the strategic elements and collaborations that propelled Minterest’s Moonshot campaign, starting with its partnership with Mantle, the insights from a recent AMA session, and a recap of the campaign stats.
Minterest and Mantle: A Strategic Partnership
Minterest’s collaboration with Mantle is central to the protocol’s growth strategy and marks a crucial step in its roadmap to broaden cross-chain interactions, minimise liquidity fragmentation, and usher in a new wave of accessibility for DeFi users.
Mantle stands out as one of the industry-leading L2 solutions due to a range of features:
Optimistic Rollups: Accelerates transactions and slashes fees, enhancing the efficiency of DeFi lending and borrowing for Minterest users.
EVM Compatible L2: Ensures seamless access to the Minterest platform using familiar tools while inheriting the robust security of Ethereum’s base layer.
Liquidity Boost: More liquidity on Minterest’s platform post-integration means improved lending and borrowing rates.
Enhanced Network Capacity: Mantle’s capability to handle high transaction volumes supports Minterest’s scalability.
Interoperability: The integration aligns with Minterest’s strategy to bridge DeFi liquidity gaps across multiple blockchains.
Leveraging Mantle’s efficient transaction processing and modular architecture has enhanced Minterest’s offerings in DeFi lending and borrowing.
Minterest launches on Mantle at quite the opportune time, taking advantage of a recent climb in total value locked (TVL) or the dollar value of all assets on the Mantle Network. TVL is an important metric for a lending protocol like Minterest because as the money on Mantle grows, it will continue to look for more opportunities to earn yield. Mantle Network TVL is pictured below:
Minterest, with its MINTY token, is the only lending protocol to return 100% of protocol fees to users, meaning the yields you can earn on Minterest are high and sustainable. As the TVL in Minterest grows, it creates a flywheel effect, increasing MINTY’s price and returning more fees to users!
Galxe Users, TVL, and Minterest App
The Galxe campaign was a resounding success, with total users crossing 4,800 as the final day of the Mantle Moonshot campaign commenced. All these users have contributed to the impressive TVL statistic of $2.7M by the end of the campaign (viewable on the app) and enjoyed MINTY and MNT rewards. You can see a live update of the yields that are being paid to suppliers on the home page of the Minterest app, pictured below:
Thanks to our Galxe quest, users were encouraged to turn on “Governance Rewards,” which auto-compounds earned MINTY into more staked MINTY. In this audio clip, you can learn about the MINTY flywheel and how protocol fees are redirected to MINTY buybacks from Minterest CEO, Kyn Chaturvedi.
Mantle x Minterest x iZUMi Finance AMA
During the Moonshot campaign, Kyn (CEO of Minterest) had the chance to catch up with the Mantle and iZUMi teams for an AMA session. Topics covered strategic partnerships, the introduction of innovative protocols, plans for cross-chain liquidity development, and a focus on community feedback and transparent evolution.
Here’s a recap in case you missed it:
Minterest’s Confidence in Mantle: Minterest selected Mantle from over 30 L1s and L2s for its openness to innovative growth strategies, highlighting a mutual commitment to long-term viability.
Innovative Moonshot Protocols: The campaign’s eight protocols, including the Citizens of Mantle NFT upgrade, were discussed, emphasising Minterest’s approach to dynamic user engagement.
Earning Yield Through Mantle Moonshot: The AMA addressed how Minterest retains users post-campaign with over 25% yield offerings, illustrating its user-centric approach.
Building a Cross-Chain Liquidity Pool: Collaboration with Layer Zero and Stargate to enable cross-chain lending and borrowing was a focal point, indicating a step towards a more interconnected DeFi ecosystem.
2024 Growth Protocol and User Base Expansion: Minterest’s future direction, including exploring NFTs and token governance, was outlined.
ByBit x Minterest x Mantle x iZUMi Finance AMA
Minterest also participated in an exclusive X Space with ByBit and provided some alpha on Minterest’s upcoming roadmap on Mantle Network.
Key points in this recap:
Minterest’ Purpose of Participating in the Moonshot: DeFi Lending is largely new to most Web3 users. The Moonshot campaign provided a platform to educate the community about the value of lending and how simple it is.
Minterest’s Goal to Drive Liquidity to Mantle Network: Minterest’s direction is a multi-chain one allowing users to lend on one chain and borrow on another. Minterest seeks to support liquidity growth on Mantle Network by allowing it to tap into other networks that Minterest plans to deploy to in the future.
mUSD & mETH Coming Soon: Mantle Network native interest-bearing assets mUSD and mETH are arriving soon to Minterest!
Wrapping Up
Minterest’s Mantle launch and Moonshot campaign have led to substantial protocol growth and have helped position it as a pioneering force in the DeFi lending and borrowing sector.
With a focus on strategic partnerships, technological advancements, and community-centric growth, 2024 is set to be a big year for the $MINTY community.
For the latest news and updates, visit the blog, and don’t forget to join Minterest and Mantle Network on social media and our community channels to connect and discuss!
Connect your web3 wallet and select the Mantle blockchain.
Click the Mint Mantle Journey Soulbound Token (MJSBT) link.
Click the Mint MJSBT button and sign the transaction in your wallet. Please note that minting requires a small amount of $MNT to pay gas fees.
Once you’ve received your Soulbound NFT you can verify your social media account or accounts and customise your user profile.
You’re all set up and ready to start earning MJ Miles!
Journey mile points are awarded based on the completion of tasking. Simple tasks – such as executing transactions on Mantle – earn fewer points than more advanced tasks, such as participating in governance or interacting with verified protocols.
A full list of MJ tasks and their associated points can be found on the Mantle Journey website.
Discord Verification
Now that you’ve minted your Soulbound NFT, you must verify yourself as a holder on the Mantle Discord channel. After accepting the Discord invite, complete the verification process by connecting the web3 wallet that your NFT is stored in.
There are currently 89,557 verified Soulbound NFT holders, so you’ll be in good company!
Social Media Verification
Time to share what you’ve been up to!
Connect your Twitter (X) account and click the ‘Tweet’ button. A popup will open with a pre-configured post verifying your account and providing your GalxeID.
Share the post, paste the link, and you’re good to go.
Minterest’s Galxe Quests
Congratulations, you’ve successfully completed the required tasks and are ready to start ticking off Minterest’s Galxe quests and earning rewards and yield!
Minterest has 8 Galxe tasks, ranging from social media engagement to governance participation and on-chain deposits. Here are some example tasks to get you started.
Social Media Engagement
To help provide its community with as much valuable information as possible, Minterest actively shares all protocol updates, announcements and key information on Twitter, Discord and Telegram.
By following Minterest on Twitter and liking and retweeting posts, you’ll stay up to date and tick off Galxe quests along the way!
You can see all the relevant posts to engage with here on the Galxe campaign page.
On-Chain Deposit
Deposits and borrows are now live on Minterest via the Mantle Network. Depositing into the wMNT market on Minterest is quick, easy, and a great way to earn high yields.
To access the site from Galxe, click on the “Detail” hyperlink pictured below for each on-chain task. This will take you directly to the Minterest application on Mantle.
Click on the ‘Deposit in wMNT market’ link on Minterest’s Galxe quest page
Select the wMNT market on the interface
Click “Supply” in the top right-hand corner
Confirm the amount you want to deposit
See your deposit on the homepage UI
Here is a quick video guide on going through the lending process on Minterest.
That’s it; you’re now earning yield and have ticked off another Galxe quest!
Activating Governance Participation
Another quest on the Minterest list is to activate governance participation, which is as simple as toggling the slider when you deposit. Doing this makes you eligible to earn MINTY as a part of the buyback process.
With Minterest, 100% of protocol fees are used to buy back MINTY on the market. By staking your MINTY, you can receive these buyback rewards, which means more MINTY!
The video below shows a simple guide to toggle and approve the transaction.
FusionX is a leading DEX within the Mantle Network. Recognised for its cost-effective transaction model, FusionX provides users with a platform for trading at significantly lower fees compared to traditional networks like Ethereum mainnet.
This efficiency is a key factor in FusionX’s appeal, offering users a dual advantage of reduced costs and enhanced trading experiences, as well as complete decentralisation.
Minterest: Setting New Standards in Yield Generation
Minterest is a DeFi lending protocol that introduces several innovative features to the lending and borrowing sector, as well as a comprehensive multi-chain roadmap aimed at bridging the lending and borrowing gap.
Its Buyback Engine sets a new DeFi standard by redistributing 100% of its fee value to users. The model used by Minterest ties the protocol’s success directly to its users’ benefits — as protocol TVL increases, users reap greater $MINTY rewards.
The Minterest Solvency Engine offers a comprehensive solution to the issue of insolvent loan liquidations. By placing a premium on precision, efficiency, and automated solutions, the engine minimises the risk of toxic debt and maximises the benefits for its users.
A Partnership Poised to Transform DeFi
The partnership between Minterest and FusionX is a fusion of technical innovation and cost efficiency that is set to redefine user experience in the DeFi ecosystem.
Minterest will integrate FusionX into its Solvency Engine pipeline to ensure the health of all Minterest protocol users while driving transaction volume to FusionX and increasing fees generated for its LPs. By merging Minterest’s exceptional yield-generation capabilities with FusionX’s efficient and decentralised trading environment, users will enjoy the benefits of high yields and low-cost decentralised transactions.
Stay tuned for further development updates and to learn more about the opportunities this collaboration brings!
Join the Minterest and FusionX communities on Discord, Twitter and Telegram.
These challenges became more pronounced through 2022 – 2023, as DeFi’s TVL decreased by 75%. While this was largely due to a string of adverse black swan events, such as the Terra crash and the bankruptcy of FTX and 3AC, many investors simply saw better opportunities outside DeFi. They moved their capital to more stable or risk-averse investments and said goodbye to the risks of DeFi.
The problem of rotating capital and a lack of sticky liquidity (investments that are held long-term) highlight the need for more safe and reliable DeFi investment options. Although stablecoins are well-positioned to solve this issue by offering stability and predictability, their integration into existing DeFi platforms has limitations.
The Current Limitations of Stablecoins in DeFi
One key issue is in generating substantial returns. Many platforms offer lower yields on stablecoin deposits, making them less attractive for long-term investors.
Another challenge is the user experience in DeFi platforms. The complexity of products is often daunting – especially for newcomers. The technicalities involved in lending, borrowing, and yield farming with stablecoins require a steep learning curve, deterring potential users from fully engaging with these platforms.
Lastly, there’s a question of trust and security. The DeFi space has witnessed its share of security breaches and failed projects, shaking investor confidence. Users are increasingly seeking platforms that not only offer the stability of stablecoins but also provide advanced security measures and transparent operations.
These challenges create a gap in the market – a need for a platform that can maximise the potential of stablecoins while offering an accessible, secure, and high-yield environment for both seasoned investors and new entrants.
Minterest: Revolutionising DeFi with Stablecoins
Minterest aims to be a game-changer in the lending and borrowing sector by redefining how stablecoins are used. It tackles the issues head-on, providing a platform that not only embraces the stability of stablecoins but also maximises their potential in a user-friendly environment.
Stablecoin Yield Gets Real
All lending positions on Minterest are met with additional yield in the form of $MINTY tokens – given as a reward for supplying liquidity to borrowers. Borrowers also receive $MINTY yield, which can help negate the costs associated with taking a borrowing position.
This attracts capital and retains it, providing an effective counter to the trend of mercenary capital, where investors move in and out for quick gains.
User-Friendly DeFi Experience
Understanding the complexities involved in DeFi, Minterest simplifies the experience. It offers a platform where new users can easily navigate stablecoin lending and borrowing across multiple blockchains and gauge the health of their position – all without the fear of unfair liquidations, thanks to the Solvency Engine.
Minterest’s user-centric UI and UX is key to attracting and retaining a broader user base, bridging the gap between traditional and decentralised finance.
Security and Trust
In an environment where trust is paramount, Minterest prioritises security and transparency.
Minterest has demonstrated a commitment to maintaining the highest security standards. The protocol has successfully completed seven audits to date by leading firms, including Trail of Bits, Hacken, and PeckShield.
With the most recent Zokyo audit scoring of 94/100 and a proactive stance on addressing findings, Minterest continues to solidify its position amongst the most reliable and trustworthy DeFi platforms.
Charting a Stable Future with Minterest
As the DeFi landscape evolves, the growing need for stable, low-risk assets like stablecoins is reshaping the lending and borrowing sector, offering a reliable alternative to the high volatility typically associated with cryptocurrencies.
By capitalising on this trend, Minterest is addressing the immediate needs of investors and setting a precedent for the future of DeFi.
Its high-yield offerings on stablecoin investments present a compelling case for retail and institutional investors, distinguishing the platform from competitor products offering significantly lower returns.
The platform’s approach goes beyond providing attractive yields; it’s about building a sustainable and stable DeFi ecosystem. By incentivising long-term engagement and providing a haven during market fluctuations, Minterest is playing a crucial role in retaining capital within the DeFi space. All this will be done while helping the $MINTY community gain access to high yields and a user-friendly and trustworthy lending and borrowing experience.
To learn more about what Minterest is building and how you can get involved, check out the roadmap, join the $MINTY community on Twitter, and drop by the Telegram or Discord channel for a chat!
Please Note: Minterest is live on Mainnet Ethereum in a Private Launch phase and scheduled to be deployed on Mantle in January 2024.
What is Minterest
Minterest is a decentralized lending platform that provides users with some of the highest sustainable returns on their assets while protecting them from predatory liquidations.
We’ll get into exactly what that means in a moment, but the first thing you should know about Minterest is what it will look like to be a user. Minterest has a best-in-class app dashboard (currently live; check it out at https://app.minterest.com/) that shows your current positions, position health, and what you’re earning on your assets. Borrowers and Lenders both have the same UI.
The next important topic for depositors or lenders is Minterest’s Health Gauge. Like others, this mechanism helps keep track of position and protocol solvency. The real magic happens with the actual handling of the insolvent Minterest positions.
Solvency Engine
The Solvency Engine is arguably the most important piece to the Minterest ecosystem. With the user’s interests at heart, the protocol can attract the liquidity it needs to succeed. Minterest’s solvency engine solves exactly that. By creating and maintaining the solvency engine in-house, there is no need to incentivize third parties to liquidate a position. This is beneficial for two reasons
It prevents the predatory aspect of liquidations: Liquidators profit from the distressed positions of borrowers and often take far more than is required to get these positions back into a healthy state. The Solvency Engine’s sole focus is rescuing positions, not profiting from them.
Minterest redistributes any fees collected back to the protocol users, aligning incentives directly with liquidity providers. That’s right, 100% of fees are rewarded to $MINTY ecosystem participants.
A Cross-Chain Future
Minterest will tap into the $25B of currently fragmented liquidity, offering users a deep pool of liquidity to borrow irrespective of the chain. Here’s how the cross-chain integrations with industry-leading builders LayerZero and Swing work. Our first non-Ethereum deployment will be on Mantle, a new optimistic Layer 2 that uses the first modular data availability solution.
Get ready for Mantle and Minterest to go live in January 2024!
MINTY Flywheel
Every protocol needs its kingmaker, and that’s the MINTY flywheel. With unique incentives around supplying and borrowing, Minterest incentivises users to stay on the platform, continue to collect their share of fees and build their stake, which invariably attracts new users. This is about building a self-sustaining ecosystem that allows Minterest to become an unstoppable liquidity train.
Security is Paramount
Security is one of our biggest concerns at Minterest hence we put the protocol through its paces through reputed and renowned auditors, including Trail of Bits, Peckshield, Hacken, and Zokyo. That’s seven audits in total as of November 2023!
Minterest NFTs
Minterest NFTs give (app.minterest.com) is currently operating in a private launch phase on mainnet Ethereum, allowing select whitelist and Minterest NFT participants access to supply and borrow.
Minterest NFTs grant users bonus MINTY rewards; you can see the specific details for how the rewards work here.
But don’t let that stop you from looking around the app today and letting us know what you love AND what you would like to see improved. We’re going to be going LIVE on Mantle Network for their Moonshot campaign on January 4th, so get prepared by checking out the app today!
You can keep up to date with community activities, learn more about the protocol, and get questions answered in our Discord, Twitter, or documentation.
Minterest’s deployment on the Mantle Network, an Ethereum Layer-2 modular blockchain, marks a crucial step in its roadmap to broaden cross-chain interactions, minimise liquidity fragmentation, and usher in a new wave of accessibility for DeFi users. This integration with Mantle Network’s innovative technology embodies Minterest’s commitment to consistently upgrade the user experience.
Innovative Technology at the Core
At the heart of this partnership is the Mantle Network. It utilises Optimistic rollups for efficient transaction processing, significantly boosting speeds and lowering costs while upholding Ethereum’s renowned security features. Mantle Network’s distinct ‘modular’ architecture, in contrast to the conventional ‘monolithic’ structure, enhances efficiency and scalability by separating transaction execution from data storage.
The integration also features the ultramodern Eigen Data Availability (EigenDA) technology, pioneered by EigenLayer. This innovative solution promises to escalate Ethereum’s data handling capabilities to new heights, potentially achieving speeds of up to 1TB per second. Mantle, through its Mantle DA solution, powered by EigenDA technology, is at the forefront of this data availability revolution.
Enriched User Experience With $MINTY x $MNT Integration
The synergy between Minterest and Mantle Network is poised to bring a plethora of benefits to users:
Optimistic Rollups: Accelerates transactions and slashes fees, enhancing the efficiency of DeFi lending and borrowing for Minterest users.
EVM Compatible L2: Ensures seamless access to the Minterest platform using familiar tools, while inheriting the robust security of Ethereum’s base layer.
Liquidity Boost: More liquidity on Minterest’s platform post-integration means improved lending and borrowing rates.
Enhanced Network Capacity: Mantle’s capability to handle high transaction volumes supports Minterest’s scalability.
Interoperability: The integration aligns with Minterest’s strategy to bridge DeFi liquidity gaps across multiple blockchains.
Join the Movement
We’re excited to invite the community to be a part of this transformative journey. Get involved with the Mantle x Minterest Zealy Quests for a unique opportunity to earn $MINTY rewards.
Keep an eye out for upcoming announcements detailing how the $MINTY community can actively participate in and benefit from Minterest’s planned deployment onto Mantle Network. For the latest news and updates, make sure to visit the blog, and don’t forget to join Minterest and Mantle Network on social media and in our community channels to connect and discuss!
Stay tuned to our Telegram and Discord channels every day
Open the daily Christmas Calendar window to reveal the question with us every day at noon UTC time
Answer the question in the respective channel or commenting on X using #JollyMintyXmas
Accumulate correct answers throughout the week to boost your chances of winning a Minterest NFT
🦌 Spread the Joy
Tag your fellow Minterest enthusiasts, invite them to join the fun, and let’s make this holiday season one to remember!
🦌 Campaign Dates
Monday, December 4th and will run through till December the 21st.
Get ready for a month filled with knowledge, festive fun, and cool prizes. The Minterest Jolly Minty Xmas Calendar Campaign is our way of saying thank you for being part of our incredible community.
Centralised lenders such as Celsius Network and BlockFi were a major focus of the 2021-2022 cycle, with the allure of double or even triple-digit yields catching the attention of many investors. However, the downfall of these platforms caused things to come to an abrupt halt, leaving the industry to face a reality check.
Fortunately, the future is looking bright: 2023 is a new year, and investor focus has shifted back to where it should be – DeFi!
Before we look at how decentralised solutions offer a more sustainable, risk-averse way to earn yield, let’s break down what caused these collapses and the things to avoid moving forward.
The Downfall of Centralised Lending
Centralised crypto lending, a once hyped financial frontier, faced significant setbacks over the past couple of years following the collapse of major platforms.
Celsius Network: High Yields, High Risks
Celsius Network operated as a custodial asset manager, offering regulated loans and yield opportunities of over 20% APR. Users deposited coins and tokens like $BTC and $ETH, which Celsius then used for other investments and lending activities.
The downfall of Celsius Network began with its use of risky on-chain leverage and over-exposure to volatile markets.
Millions of dollars of Celsius funds and customer deposits were held on the Terra Blockchain. When Terra’s token, $LUNA, collapsed and its algorithmic stablecoin, terraUST, de-pegged, this resulted in a massive devaluation of Celcius’ assets.
In June 2022, the company froze withdrawals, swaps, and transfers, citing “extreme market conditions“.
This situation, compounded by layoffs and a lawsuit alleging market manipulation, led to Celsius filing for Chapter 11 bankruptcy in July 2022, revealing a $1.3 billion hole in its balance sheet.
BlockFi: Mismanagement Meets Volatility
BlockFi’s model revolved around interest-earning accounts and crypto-backed loans. It allowed users to earn interest on their crypto holdings or borrow USD against their deposited assets.
The platform promised ~10% annual earnings on deposits and offered loans with a maximum initial Loan-To-Value (LTV) ratio of 50%.
BlockFi’s collapse was primarily driven by mismanagement and exposure to market risks. The company’s downfall was accelerated by the fall of crypto exchange FTX and its sister trading firm, Alameda Research. The company had significant exposure to these firms, totalling around $1.2 billion, and filed for bankruptcy in November 2022.
While legal efforts to return customer assets from bankrupt firms such as FTX, Alameda, and Three Arrow Capital have been initiated, recoveries and timeframes remain uncertain.
Implications for the Crypto Lending and Borrowing Sector
These cases highlight the risks of centralised crypto lending: overreliance on market stability, counterparty risk, and a lack of transparency.
This also underlines the importance of risk management and operational transparency in the lending and borrowing sector – transparency offered by decentralised alternatives.
The Advantages of Decentralisation
Decentralised lending and borrowing platforms offer distinct advantages that address the shortcomings of centralised counterparts, like Celsius and BlockFi.
DeFi’s core benefits lie in its inherent design and operational framework:
Transparency and Trust: Decentralised protocols offer transparent, immutable transactions, enabling users to easily track their funds and understand how they’re being used.
Self-Custody and User Control: Web3 wallets and their self-custodial design allow users to maintain total control over their assets, reducing counterparty risk and placing ownership and responsibility directly in the hands of the user.
Programmable and Auditable: Automation through smart contracts enhances efficiency and reduces human error. When using a new protocol, ensure its smart contracts are audited and comprehensively tested by reputable firms and a trusted community of users (Minterest just completed its 7th audit by Zokyo.)
Market Accessibility: DeFi lending and borrowing platforms offer a more inclusive model, opening the door to a broader range of participants from varied financial backgrounds.
Built for Stability and Security: By not taking on debt or engaging in high-risk investment strategies, DeFi lending and borrowing protocols aren’t prone to bankruptcy and cannot misuse customer deposits. This approach, combined with over-collateralisation and algorithm-driven interest rates, ensures solvency even during periods of extreme market volatility.
Minterest: A Leading Solution in DeFi Lending and Borrowing
Minterest is innovating and advancing DeFi lending and borrowing by offering users a platform with high yields, unparalleled smart contract security, and advanced protocol features. Let’s take a look at how it works and the benefits it offers users.
Real Yield Model
Unlike the often misleading high-yield promises of centralised platforms, Minterest offers a sustainable yield generation strategy.
The model redistributes 100% of protocol fees to users. This incentives strategy challenges the cycle of rotating and mercenary capital and growing protocol TVL over the long term.
Buyback Mechanism
At Minterest’s core is the Buyback Mechanism, which transforms fee value into $MINTY tokens for governance participants.
The system dynamically adjusts the distribution based on each user’s contribution, enhancing rewards through loyalty bonuses and compounding future rewards.
Solvency Engine
Minterest’s Solvency Engine offers an innovative approach to liquidations. The engine continually monitors all borrowers for solvency using real-time on-chain price data, ensuring that liquidations are neither excessive nor repetitive.
This eliminates the need for substantial discounts to lure third-party liquidators and creates a cost-effective process that aligns with the interests of the protocol and its users.
Cross-Chain Integrations
Minterest’s integration with Swing and LayerZero brings a new era of multi-chain lending and borrowing.
Swing’s bridge aggregator provides a unified interface for optimal cross-chain transactions, while LayerZero’s omnichain protocol connects with any blockchain, ensuring versatility and long-lasting utility. These integrations will be available in Phase 3 of Minterest’s Roadmap.
Comprehensive Security Audits
Minterest’s commitment to security is evident through its comprehensive and ongoing auditing process – recently passing a fourth audit with Zokyo.
The Future of Crypto Lending and Borrowing
Crypto lending and borrowing is undergoing a transformative shift. The downfall of major centralised platforms and the loss of billions of dollars have laid bare the risks and limitations of CeFi models.
Decentralised alternatives offer transparency, user autonomy, and operational resilience. Minterest builds upon this with features like buybacks, real yield and cross-chain integrations.
The end goal is to offer not just a quick-fix solution to centralised models, but to build DeFi’s highest-yielding, most secure, and user-centric lending and borrowing protocol.
To learn more about what Minterest is building and how you can get involved, check out the roadmap, join the $MINTY community on Twitter, and drop by the Telegram or Discord channel for a chat!
The interest rate is dynamically adjusted through an algorithm that responds to lending and borrowing transactions. In active market conditions, Minterest’s interest rates may undergo frequent updates, driven by the volume of lending and borrowing transactions. However, it’s important to note that these updates are not instantaneous and may take some time to be reflected.
When there’s a shift in the market—such as a sudden increase in deposit volume—the Utilisation Ratio decreases, indicating an excess of liquidity. Minterest’s protocol detects this change and automatically lowers interest rates to encourage borrowing.
Conversely, if the market experiences a surge in borrowing, the Utilisation Ratio increases. Minterest’s system reacts by raising the interest rates to attract more liquidity, ensuring lenders are adequately rewarded for their risk during high-demand phases.
Minterest’s dynamic interest rate model and its underlying technology translate into direct benefits for users.
Minterest’s Dynamic Model in Action
Dan, a user on Minterest, has lent 10 $ETH and is looking to borrow $USDC. Initially, the total $ETH available for lending on the platform is 100, with 20 already borrowed. This sets the Utilisation Ratio at 20%, and the interest rate for borrowing $USDC is 0.84%.
Market Change: A Bullish Report
A bullish market report triggers an increase in borrowing. The total $ETH borrowed jumps to 50, pushing the Utilisation Ratio to 50%. Minterest’s dynamic model responds by adjusting the interest rate for borrowing $USDC to 2.1%.
Impact on Dan: Balancing Lender and Borrower Benefits
As a lender, Dan benefits from the increased interest rates due to the higher borrowing demand, enhancing his returns on the lent $ETH. This responsiveness to market demand ensures that his assets are not only productive but also that his returns are aligned with market conditions.
However, as a borrower of $USDC, he now faces a higher interest rate, reflecting the heightened market activity.
Despite this, the real-time adjustments to interest rates mean that Dan is not subject to static rates that may be out of sync with the market. He can access loans at fair rates that reflect current market liquidity, potentially lowering borrowing costs during periods of high liquidity.
Please Note: This is a hypothetical scenario used for example purposes only.
The balance Minterest maintains between borrower demand and lender supply contributes to a stable DeFi environment. This stability attracts more users, which can lead to an increase in the platform’s TVL, creating a positive feedback loop that benefits all participants.
Wrapping Up
Minterest’s dynamic interest rate model and automated risk management protocols are designed to directly address the needs of borrowers and lenders in the DeFi space. It’s a model that doesn’t just react to the market—it moves with it, ensuring that borrowers and lenders are always engaged in a fair and balanced financial ecosystem.
Borrowers benefit from rates that reflect market liquidity, potentially reducing costs when liquidity is high. Lenders gain from increased returns aligned with market demand, ensuring their assets work effectively for them.
The system’s automated adjustments to collateral and liquidation thresholds help maintain a stable lending environment, mitigating the risks associated with market volatility.
Through these mechanisms, Minterest aims to provide a lending and borrowing platform that is not only efficient and competitive but also secure and user-centric.
To learn more about how Minterest is improving DeFi lending and borrowing, check out some recent articles, follow Minterest on Twitter, and drop by the Telegram or Discord channel for a chat!
The Dripper contract adheres to the formula, with rewards distributed at the end of each period:
R = X*Y
Amount of fees accumulated in a period = X
A predetermined percentage of this amount is allocated for distribution in the next period = Y
The drip amount is determined using the formula: A=D∗(R/H), where A is the $MINTY amount sent to the Buyback contract, D is the number of hourly portions, and H is the number of hours in the period.
Example: The starting setup is 30 days, ending on October 1st. On September 15th, the period length is adjusted to 60 days.
The $MINTY stash is 100 tokens with an 80% distribution rate (Y). On October 1st, a new period is initiated with 80 tokens to be distributed over 60 days at a rate of 0.055 tokens per hour.
Buyback Calculations Details
Rewards within the Buyback system reflect each account’s weighted contribution, considering vested $MINTY, unclaimed rewards, and additional stakes.
For instance, an account with a combined weight of 15 units (from vested and emission rewards) stakes an additional 5 MINTY, increasing their weight and share in the reward pool.
Loyalty bonuses further enhance the weight, amplifying the user’s rewards. The system updates each user’s Buyback weight with every Minterest interaction, such as staking new $MINTY rewards, thereby compounding future rewards.
Consider a 25% loyalty bonus on a 20-unit weight. This would boost the total weight and the user’s share of rewards to 25 units.
Desclamer: The Buyback weight continues to update every time the user performs an operation on Minterest (i.e. supplying).
New $MINTY rewards are staked, updating the Buyback weight of the user, and compounding rewards as the next distribution of rewards from the Buyback incorporates the updated weight.
Distribution Dynamics
The distribution of rewards is determined through a lazy indexing mechanism, used to track $MINTY accumulation per unit of weight.
The reward for each user is calculated by multiplying the delta (the change in index state since the last interaction) by the user’s weight.
Wrapping Up
Minterest’s Buyback system, a central feature of its reward distribution strategy, stands out in the DeFi space by prioritising user incentives over protocol benefits. It combines user participation with calculated rewards based on the protocol’s performance.
By factoring in loyalty bonuses and a transparent distribution methodology, the system ensures a fair and dynamic allocation of earnings, aligning the benefits of the protocol’s growth with its user base.
To learn more about how Minterest is improving DeFi lending and borrowing, check out some recent articles, follow Minterest on Twitter, and drop by the Telegram or Discord channel for a chat!
Let’s examine the scoring process and the key findings from this latest Zokyo audit.
Protocol Updates
This audit concentrated on the Flasher.sol and Liquidation.sol smart contracts. The former is a new addition, enabling the protocol to execute liquidations via flash loans—a mechanism that allows borrowing and repaying within the same transaction.
To support this new feature, the Liquidation.sol contract received updates that ensure the liquidation logic aligns with the instantaneous loan settlement.
Zokyo’s Audit Approach and Scoring Process
Zokyo is a cybersecurity firm specialising in blockchain technology and smart contract auditing. They’ve tested code for hundreds of top-tier web3 protocols, including LayerZero, SushiSwap, 1inch, Polygon and Solana.
Having worked with Zokyo before and given its comprehensive auditing process and proven track record, Minterest decided to engage with them for a fourth audit.
Zokyo’s audit process is extensive, starting with automated scans for common vulnerabilities followed by an in-depth manual review to catch more complex issues. Their methodology also includes cross-comparison with industry leaders and testing against a wide variety of attack vectors.
They rank findings from critical, which could cause significant harm, to informational, which present no immediate risk. The final score reflects the contract’s security status, with a higher score indicating fewer risks.
Flasher.sol: Technical Breakdown
The Flasher.sol contract was the primary focus of Minterest’s latest audit, as this newly written code plays a key role in the protocol’s updated liquidation strategy.
Flasher.sol: This contract enables Minterest to utilise flash loans for liquidations. Flash loans allow for immediate borrowing and repayment within the same transaction block. Flasher.sol ensures liquidations are executed efficiently, with minimal market impact.
Audit Findings
Scope of Review: The audit focused on the newly implemented Flasher.sol contract and the enhancements made to the Liquidation.sol contract, which are central to Minterest’s shift towards flash loan-based liquidations.
Issues and Resolutions: Predominantly minor and informational issues were identified—related to code readability and event logging. These were quickly resolved by the Minterest team.
Security Insights
Scorecard: Minterest’s updated contracts received a high-security score of 94/100, reflecting the absence of any critical vulnerabilities.
Operational Security: The audit highlighted the necessity for dependable backend services and the secure handling of private keys.
Security as a Priority
Minterest’s consistent auditing strategy, with seven audits to date and prior Public Access, including those by Trail of Bits, Hacken, and PeckShield, demonstrates a commitment to maintaining the highest security standards.
With the most recent Zokyo audit scoring of 94/100 and a proactive stance on addressing findings, Minterest continues solidifying its position amongst the most reliable and trustworthy DeFi protocols.
Whether you’re new to DeFi or a lending & borrowing veteran, there’s something for everyone. Through a series of quests, you can earn rewards, such as $MINTY tokens and NFTs.
To encourage active participation and ongoing education, you’re required to successfully complete the quests in the preceding tiers. This incentives model is designed by Minterest to reward consistency and progression.
For example, incentives may be minimal for users who complete beginner level quests. However, as you progress and deepen your understanding of Minterest’s ecosystem, you’ll earn more substantial XP, additional tokens or NFTs, and even be given the opportunity to help influence the platform’s future direction as an ‘OG Mintreprenuer’.
Let’s take a quick tour of The Quest Map!
Tier 0: Base Camp
The journey kicks off at Base Camp.
There are no prerequisites, just simple quests and a straightforward way to accumulate XP, level up, and earn rewards.
By completing tasks like following Minterest on Twitter and joining the Discord and Telegram channels, you’ll earn your first 100 XP and unlock the next questline.
Tier 1: Explorer’s Trail
The Explorer’s Trail is where the adventure begins!
These dynamic quests are regularly updated to keep things interesting and the XP stacking up.
From sharing Minterest blog posts and announcements to participating in community polls, there’s always an opportunity to earn points while staying updated on what’s happening in the $MINTY universe!
Tier 2: Scholar’s Pathway
The Scholar’s Pathway takes things up a notch.
This is where you can showcase your Minterest knowledge through quizzes based on our latest blogs.
Quests to Expect:
Tier 3: Pioneers’ Peak
Pioneers’ Peak is the pinnacle of your $MINTY quest!
This is where you transition from being a member, to a leader. These quests are designed to involve you directly in the Minterest ecosystem, from joining community calls to making transactions on the Minterest platform.
Quests to Expect:
Join a Community Call: Attend a Minterest community call and enter the secret password shared during the call. Your chance to directly engage with the team and community!
Make Your MINTY NFT Your PFP: Show off your $MINTY pride by making your Minterest NFT your Twitter profile picture. If you don’t have one yet, fear not! You can also win one in the quest earning you a massive APY boost too!
Supply an Asset: Transition from observer to active participant by supplying an asset into the Minterest platform.
Borrow an Asset: Need to borrow an asset? Do it through Minterest and bank some XP.
Share Your Positions: Whether you’re borrowing or lending on Minterest, share your positions on Twitter—each share earns XP and offers a great way to showcase your personal journey and insights.
By completing the Pioneers’ Peak quests, you’ll have the opportunity to earn substantial $MINTY tokens, as well as exclusive NFTs that grant you Whitelist Access. Each completed quest earns you 300 XP and a hands-on experience with the platform!
Your Next Move
Minterest’s Zealy quests offer a multi-tiered expedition through $MINTY universe. From initial exploration to active participation and influence—each quest is a stepping stone.
Along the way, earn XP, climb the leaderboard, and unlock exclusive perks and rewards like Whitelist NFTs and $MINTY tokens.
As the DeFi ecosystem has matured, the need for more secure and efficient bridging solutions has become increasingly evident. The latest generation of bridges and cross-chain solutions incorporate advanced features, distinguishing them from their predecessors:
Cryptographically Signed Messages: Modern bridges use signed messages to instruct smart contracts on the destination chain.
Multi-Sig Wallets: Multi-sig wallets sign off on deposits and withdrawals during bridging.
Rollups: Solutions that bundle sidechain transactions into a single transaction and generate a cryptographic proof verified on the mainchain.
Decentralized Relayers: A network of relayers, backed by collateral, ensures accurate cross-chain information transfer.
Cryptographic Proofs: Techniques like zk-SNARKs and rollups validate transactions.
Interoperability Protocols: Layer-0 protocols, like Polkadot’s relay chains, facilitate communication between different blockchains.
Introducing these technologies and many more marks a significant step forward in DeFi, ensuring safer and more reliable cross-chain interactions.
Bridge Aggregators: Introducing Swing
As the DeFi sector grows, navigating new technologies can challenge everyday users.
Bridge aggregator Swing offers a unified interface to simplify this, scanning multiple bridges to find the best routes based on fees, speed, and liquidity.
Swing’s Benefits:
Aggregation: Aggregates 60+ bridges and DEXs for optimal cross-chain transactions.
Efficiency: Eliminates manual bridge searches, automatically finding the best path.
User Experience: Intuitive interface for quick fee and transaction time comparisons.
Security: Integrates only with trusted and audited bridges.
Swing aims to address the complexities of navigating multiple bridges by providing a more streamlined user experience.
LayerZero: Advancing Cross-Chain Communication
Beyond bridge aggregators, omnichain protocols like LayerZero offer a deeper level of integration with multiple blockchains, serving as a universal connector.
LayerZero Highlights:
Omnichain Design: Connects with any blockchain, ensuring versatility and long-lasting utility as different blockchains emerge.
Efficiency: Users can bypass traditional bridges, reducing fees and transaction times.
This approach allows for direct cross-chain interactions, sidestepping the need for several intermediaries.
Minterest’s Swing Integration
As Minterest continues to innovate, it’s integrating leading cross-chain protocols—Swing and LayerZero—to enhance its multi-chain lending and borrowing capabilities.
Minterest’s collaboration with Swing aims to streamline the user experience, eliminating the need for multiple intermediaries and allowing users to transfer assets between chains—all with the click of a button on the Minterest platform!
Let’s look at how the integration works and its benefits to LPs and borrowers.
Traditional Approach:
A user holding $USDC on Polygon wants to capitalise on a high-yield opportunity on Minterest’s Ethereum platform. Typically, they’d undergo multiple steps on an external platform to bridge their $USDC, involving several transactions and intermediaries.
With Minterest & Swing:
Disclaimer: The following is a hypothetical example for illustrative purposes only. Minterest does not have immediate plans to deploy on Polygon.
1. User with $USDC on Polygon sees a lending opportunity on Minterest’s Ethereum.
2. They open the Swing modal for bridging.
3. The modal detects the $USDC on Polygon.
4. With a few clicks, Swing bridges the $USDC to Ethereum.
5. The user can now lend the $USDC on Ethereum.
Thanks to Swing, users enjoy a more streamlined lending and borrowing experience and can quickly capitalise on cross-chain opportunities with reduced steps and costs.
Minterest’s integration with LayerZero’s omnichain protocol offers a direct connection to multiple blockchains. This enables users to tap into opportunities on various chains without the need to move or convert assets. Essentially, users can earn yields on assets in their native form, sidestepping additional costs like bridge and swap fees.
Let’s take a look at an example scenario:
Disclaimer: The following is a hypothetical example for illustrative purposes only. Minterest does not have immediate plans to deploy on Arbitrum.
A DeFi user wants to earn yield on Arbitrum but is holding $WBTC on Ethereum.
Traditional Approach:
1. Lend $WBTC on an Ethereum protocol to earn interest.
2. Borrow $USDC against the $WBTC collateral.
3. Transfer $USDC to Arbitrum using a bridge, incurring fees.
2. Directly borrow $USDC on Arbitrum via LayerZero, eliminating the bridge step.
3. Begin yield farming with $USDC on Arbitrum.
By integrating LayerZero, Minterest allows users to skip the bridging phase, saving on fees and time. This efficient method lets them swiftly tap into cross-chain yield farming opportunities.
Wrapping Up
Cross-chain solutions have evolved from early direct connections with security issues to today’s sophisticated bridges, aggregators, and omnichain protocols.
Minterest’s Multi-Chain Strategy incorporates the advanced technology behind Swing and LayerZero to welcome a new era of multi-chain lending and borrowing.
With Swing, users benefit from a unified interface that aggregates multiple bridges, simplifying cross-chain transfers and ensuring optimal routes for transactions.
LayerZero’s omnichain protocol further streamlines multi-chain lending and borrowing, eliminating the hassles of intricate bridging processes.
Together, these integrations allow users to effortlessly move assets across chains, reducing costs and broadening DeFi opportunities.
For a deeper dive into Minterest’s partnerships, upcoming developments, and Multi-Chain Strategy set to roll out in three stages over the upcoming year, explore the recent articles. Engage with the $MINTY community by following Minterest on Twitter, and don’t hesitate to join the conversation on Telegram or Discord!
This strategy is part of Minterest’s long-term roadmap, which will run in 3 distinct phases. The LayerZero integration is part of phase 3: Unifying Liquidity, which will run from Q4 2023 – Q1 2025.
By unlocking a high tier in user experience and tackling cross-chain complexities such as reliance on centralised exchanges and expensive bridging fees, this alliance unlocks a new level of simple, efficient and cost-effective lending and borrowing across multiple blockchains.
It also opens the door for Minterest’s LPs and borrowers to leverage a broader range of DeFi opportunities, as well as the potential for future protocol collaborations, such as cross-chain liquidations through native asset bridge Stargate.
Let’s take a look at how this integration addresses the challenges of multi-chain lending and borrowing and brings new opportunities to the $MINTY community.
The Challenges of Multi-Chain Lending & Borrowing
Navigating DeFi across multiple blockchains without the appropriate infrastructure presents distinct challenges. These could include costly and time-consuming transactions, the unnecessary use of third parties such as centralised exchanges, and the potential for technical mishaps like sending assets to the wrong chain—to name a few.
The Complexities of Multi-Chain Lending
Consider a user who wants to leverage a yield farming opportunity on Polygon using $MATIC tokens while holding $DAI on Ethereum.
Traditional Approach:
Asset Migration: Swapping $DAI for $MATIC typically involves slippage and exchange fees.
Bridging and Borrowing: Lending $DAI, borrowing $MATIC, and bridging it to Polygon incurs bridging fees and can be time-consuming (several days in some instances).
Missed Opportunities: Delays in asset transfers due to the multiple steps involved might result in missed yield opportunities on Polygon.
Cost vs. Benefit Dilemma: The associated costs can outweigh the gains.
Centralised Exchanges: A DeFi Contradiction
Without access to a direct, decentralised bridge, users often resort to centralised exchanges (CEX) for cross-chain transfers.
This process typically involves transferring assets from a web3 wallet to a CEX and immediately withdrawing those assets to a different chain on the original web3 wallet.
While this approach provides a workaround, it contradicts DeFi’s decentralised nature and introduces several issues:
Security: Centralised platforms pose potential security threats due to a lack of self-custody.
Operational Challenges: Multiple steps, such as withdrawals and deposits, complicate the process.
Fees: Various transactions accrue fees, diminishing profitability.
These challenges underscore the need for a solution that simplifies cross-chain navigation, reduces costs, and enables swift capitalisation on DeFi opportunities.
Minterest Meets LayerZero
Minterest’s LayerZero integration introduces a solution to these challenges, enabling users to leverage opportunities on alternative chains without needing to relocate or convert their assets.
For instance, users can lend assets and earn yields in their native form, avoiding intermediary costs like bridge and swap fees. It also mitigates risks associated with managing multiple wallets and tracking assets across chains.
Real-World Applications
This collaboration is part of phase 3 of Minterest’s multi-chain lending strategy. It extends beyond a technical upgrade, providing tangible benefits and practical applications for everyday DeFi users. Let’s take a look at an example scenario:
Disclaimer: The following is a hypothetical example for illustrative purposes only. Minterest does not have immediate plans to deploy on Arbitrum.
A DeFi user wants to leverage a yield farming opportunity on Arbitrum but is holding $WBTC on Ethereum.
Traditional Approach:
1. Lend $WBTC: Lend $WBTC on an Ethereum-based lending protocol to earn interest.
2. Borrow $USDC: Borrow $USDC against $WBTC collateral.
3. Bridge $USDC to Arbitrum: Use a bridge to transfer $USDC from Ethereum to Arbitrum, incurring bridge fees.
4. Engage in Yield Farming: The $USDC can now be used on Arbitrum for yield farming.
With Minterest and LayerZero:
1. Lend $WBTC: Lend $WBTC on Minterest on Ethereum.
2. Direct Borrowing on Arbitrum: Directly borrow $USDC on Arbitrum via LayerZero, bypassing the need to bridge assets.
3. Engage in Yield Farming: Immediately utilise $USDC on Arbitrum.
This integration means that the user can bypass the bridging step, saving on fees and reducing the time and complexity involved in the process. The streamlined approach allows them to quickly and efficiently capitalise on the chain-chain yield farming opportunity.
Exploring Cross-Chain Liquidations
The Minterest team is also exploring the possibilities of integrating with protocols such as Stargate—the first fully composable native asset bridge built on LayerZero.
Stargate supports unified liquidity pools and instant guaranteed finality, which could enhance Minteret’s capabilities by facilitating cross-chain liquidations.
Though this prospect remains in the research stage, liquidations across various chains have the potential to greatly benefit the Minterest ecosystem by ensuring optimal capital utilisation and minimising user liquidation costs.
Summary
Minterest’s LayerZero integration simplifies the intricacies of multi-chain lending and borrowing and addresses common cross-chain challenges, such as high fees due to swaps, slippage and bridging expenses.
This collaboration builds upon Minterest’s user experience and negates the need for multiple platform interactions and complex asset transfers. It also reduces costs by allowing users to bypass traditional bridges and to lend, borrow, and leverage DeFi opportunities across various chains—without needing to relocate or convert their assets.
Minterest is excited about future advancements and partnerships that will continue to elevate the user experience and expand opportunities within the DeFi space. To learn more about the growing $MINTY ecosystem and how you can get involved, check out some recent articles, follow Minterest on Twitter, and drop by the Telegram or Discord channel for a chat!
This collaboration aims to simplify cross-chain liquidity. With Swing, Minterest can tap into global crypto liquidity, offering users reduced fees, faster transactions, and an intuitive lending and borrowing experience.
Swing & Minterest: Bridging the Divide
Swing aggregates bridges and DEXs to enable seamless asset transfers across blockchains. By integrating Swing, Minterest saves users time and money by bypassing unnecessary transactions and avoiding potential security vulnerabilities that cross-chain lenders and borrowers often face.
In one sentence, Minterest utilises Swing’s advanced features to unlock a little cross-chain magic!
Swing’s Features & Utility:
Connectivity: Links to over 25 blockchains, offering diverse asset management options.
Aggregation: By aggregating 60+ bridges and DEXs, Swing provides a one-stop solution for cross-chain transfers.
Liquidity: Taps into $6 Billion of ready liquidity, optimising transactions for reduced slippage.
Plug-and-Play Functionality: Swing’s user-friendly widget allows users to quickly review their positions and carry out cross-chain migrations without the typical bridging complexities.
Swing stands out as a unique aggregator in the DeFi space. Unlike traditional platforms, it gives users the autonomy to choose the bridge they trust the most. Every transaction depends on the user’s chosen setup—the bridge and the assets involved.
Minterest doesn’t directly display, transfer, or store bridged assets. Instead, it leverages the Swing widget’s plug-and-play functionality, acting as an intermediary. This allows users to quickly review their positions and carry out cross-chain migrations with minimal hassle.
This flexibility ensures that users are not confined to a one-size-fits-all solution but have the freedom to tailor their cross-chain activities based on their preferences and risk appetite.
What does this mean for LPs and borrowers?
Minterest’s goal is to ensure that while the technology behind the scenes may be complex, the user experience remains intuitive, cost-effective and secure.
Let’s illustrate by comparing a traditional opportunity to one utilising Swing on Minterest.
Traditional Approach:
A user wants to take advantage of a time-sensitive, high-yield lending opportunity on Minterest’s Ethereum platform but is holding $USDC tokens on the Polygon blockchain.
Traditionally, they would have to navigate multiple steps on an external platform to bridge their $USDC from Polygon to Ethereum. This process often involves several transactions and intermediaries, leading to increased costs and wasted time.
With Minterest and Swing:
Disclaimer: The following is a hypothetical example for illustrative purposes only. Minterest does not have immediate plans to deploy on Polygon.
With Minterest’s Swing Integration, the process is streamlined:
The user holding $USDC on Polygon identifies the lending opportunity on Minterest’s Ethereum deployment.
Instead of navigating elsewhere, they open the Swing modal to start the bridging process.
The modal instantly detects the $USDC holdings on Polygon.
With a few clicks, Swing facilitates the bridging of $USDC from Polygon to Ethereum.
The $USDC tokens can now be lent on Ethereum to start earning yield.
The result? A simplified and expanded lending and borrowing experience that allows them to take advantage of cross-chain opportunities with fewer steps, saving both time and costs and the usual hassle.
The Future of Multi-Chain Lending & Borrowing
Minterest is gearing up for a significant shift—the introduction of a multi-chain platform by 2025. Central to this is the integration of Swing, which will allow lenders and borrowers efficient and secure asset transfers and unlock opportunities across 25+ blockchains!
Here’s what Kyn Chaturvedi, CEO at Minterest had to say about the Swing integration:
“By incorporating this user-friendly bridging tool within the Minterest application, we’ve made it effortless for users to bridge assets to chains supported by Minterest. This tool not only simplifies the user experience but also encourages more users to engage. As a result, this integration contributes to the expansion of our user base and ensures a more accessible and efficient service for our community.”
Users no longer need to grapple with intricate bridging processes. Instead, they can supply assets on Minterest from one chain to another with just a few clicks!
This collaboration not only broadens the scope of opportunities for users but also underscores Minterest’s commitment to diversifying and enhancing DeFi’s lending and borrowing sector.
For more insights into Minterest’s partnerships, development announcements and how you can be a part of the $MINTY community, check out some recent articles, follow Minterest on Twitter, and drop by the Telegram or Discord channel for a chat!
As Minterest gears up for its public launch early 2024, our team is working diligently to ensure a smooth roll-out. With launch preparations underway, we are ready to reveal a larger strategic roadmap which has been brewing behind the scenes: Minterest’s multi-chain direction.
A New Blockchain Landscape
Between 2022 and 2023, there has been a remarkable surge in the number of Layer 1 and Layer 2 blockchains. With Vitalik, himself, championing an ecosystem of Layer 2s on Ethereum, the emergence of parallel operating L2s like Polygon 2.0 and Optimism, and the availability of rollups-as-a-service that can establish L2s in mere minutes – the blockchain landscape is rapidly changing.
Despite the ambition, these blockchains face a challenge: establishing dynamic ecosystems that draw both substantial user traction and high-value transactions. With most chains being general-purpose, integrating DeFi becomes essential. And, there is a growing demand for reliable lending protocols, with blockchain foundations eagerly scouting for teams and protocols that epitomise security and stability.
Liquidity Fragmentation: The Challenge
Liquidity remains a cornerstone for chains. Yet, over 50% of active liquidity is anchored on Ethereum, while the rest is spread across over 100 chains. This dispersion poses macro inefficiencies and systemic challenges, such as inconsistent token asset pricing across chains to the emergence of incompatible derivative tokens (i.e. multiple wrapped versions of USDT), further fragmenting liquidity.
As more chains emerge, this fragmentation is set to escalate, possibly hampering the expansion of Web3 liquidity. Addressing this issue becomes vital.
Minterest’s Roadmap to Unify Liquidity
We envisage a multi-chain future where diverse chains can seamlessly interact. Minterest is driven to engineer a landscape where chains have access to ample, compatible liquidity regardless of its origin. Liquidity will effectively act as a public good and significantly enhance macro-level market efficiency where chains can then focus on their unique offerings and treat access to liquidity as a given.
The aspiration is to expand Minterest’s architecture to ensure authentic cross-chain interoperability. This approach enables lending on one chain while borrowing on another, seamless liquidity migration, swapping of debt assets across chains, and holistic protocol health maintained via the Minterest Solvency Engine that expands to handle cross-chain liquidations among other features.
Minterest’s roadmap now expands into 2025 encompassing three distinct phases.
Phase 1: Public Launch – Q1-Q2 2024
Minterest’s Public Launch on Ethereum and Mantle Network. $MINTY tokens and Minterest NFTs can move across supported Minterest deployments while retaining the same benefits as on the Ethereum deployment.
Phase 2: Multi-Chain Expansion – Q2-Q4 2024
Sequential deployments of Minterest across chosen blockchains. Here, lending and borrowing activities are chain-specific.
Phase 3: Cross-Chain Lending – Q1 2025
Introducing genuine cross-chain lending and enhancing the solvency engine for cross-chain liquidations.
Each Minterest deployment seeks to unify liquidity, enabling partner chains to tap into an ever-growing liquidity network. The aim is to create a liquidity flywheel effect where liquidity attracts liquidity.
Stay tuned for additional details on Minterest’s cross-chain design, roadmap, and key partnership announcements.
Phase 1 Roadmap Revision
The comprehensive Minterest roadmap will be publicly updated to incorporate the multi-chain initiative. Additionally, after taking feedback from our community and partners into account we are adjusting the elements leading up to Public Launch to support the broader objectives for community growth and onboarding liquidity.
As communicated earlier, Public Launch and listing will occur at the same time and are scheduled for Early 2024. We are actively working with key partners to set a firm date. Earlyaccess campaigns will roll out several weeks ahead in order to drive awareness and traction before the grand launch.
Why the campaign dates are being adjusted is related to a number of recent engagements with liquidity providers. Many have shifted to a monthly P&L framework necessitating meticulous capital allocation plans that prefer a liquid $MINTY token. Streamlining the campaigns will now align closely to Public Launch. This phased approach is strategic, enabling Minterest to leverage $MINTY emissions to amplify rewards and onboard TVL rapidly.
$MINTY Fresh Community Campaign Teaser
We acknowledge that many in the Minterest community cannot contribute liquidity to Minterest due to the cost prohibitive nature of Ethereum so our team has been ideating solutions to reward proactive members in the run-up to the Public Launch.
November 2023, we’re launching an incentivised community campaign: $MINTY Fresh. This campaign will promote community growth, engagement, and education of Minterest. Exciting rewards, including a generous pool of $MINTY and potential NFT drops, await. More details to come shortly!
Closing Off
We are proud to finally share the future multi-chain vision of Minterest. Be on the lookout for a number of related announcements over the next several weeks that provide greater context and clarity.
The Minterest team is operating with best laid plans for the success of the Minterest protocol and testing it methodically at every quarter. Some adjustments along the way are to be expected, but we will continue to progress forward with the intention of fulfilling Minterest’s mission to be the leading decentralised money market in Web3.
Minterest’s Balanced and Sustainable Economic Model
Minterest is not just about accumulating assets; it’s about creating a balanced and sustainable economic model that prioritises long-term value and user benefits over misleading metrics and short-term gains.
It addresses overlooked challenges in the sector, such as insufficient incentives and the detrimental cycle of rotating capital. This is achieved through features like $MINTY utility tokens with a buyback mechanism, a dynamic interest rate model, and a unique approach to liquidations and solvency management.
To learn more about the Minterest ecosystem and how you can get involved, check out the official documentation, follow us on Twitter, and drop by the Discord channel for a chat with the $MINTY community!
Minterest’s architecture is distinct in its allowance for a basket of token assets to be used collectively to back loan positions. This structure aids users in diversifying their exposure across a wider set of collaterals to mitigate risk. However, it concurrently introduces a nuanced layer of computational complexity.
In Minterest’s holistic approach, liquidity is aggregated as the user marks which supply positions can be used as collateral. From there Minterest calculates the maximum allowable loan available to the user.
For illustrative clarity, if Alice commits 10 USD each to DAI, USDT, and USDC markets and designates DAI and USDT for use as collateral, her total collateral valuation is 20 USD.
The maximum amount of her loan borrow position is defined by the “Utilisation Limits” of each market. Let’s say that USDT has an 80% limit and DAI a 70% limit. The maximum permissible loan available for Alice is computed as:
10 USD * 80% (USDT) + 10 USD * 70% (DAI) = 15 USD
This computation underscores that Alice maintains a stable position with a collateral value of 20 USD, provided her loan remains within the 0 to 15 USD bracket.
To come back full-circle with this example, assume Alice decides to borrow 7 USDT. The ratio between this and the value of her total collateral is her position’s Health Factor:
15 USD / 7 USD (USDT) = 2.14
Since Alice’s Health Factor is above 1, she is currently safe from a liquidation event.
Advancing Portfolio Risk Management
Beyond the Health Gauge, Minterest has been developing AI-imbued mathematical models for an advanced risk engine. This model draws from year-spanning data sets and evaluates real-time price fluctuations to estimate potential liquidation events. A key challenge highlighted during our focus group studies is that while predictive models do offer valuable insights, they don’t always translate to direct, actionable steps for liquidity providers.
To address this, Minterest’s team is developing a broader set of risk management tools to facilitate informed portfolio management decisions. These enhancements include risk alerts based on key metrics, allowing for automating select actions such as repayments, and superimposing a user’s loan position atop chart data of aggregated historical liquidation “heat zones” among other features which will be included in the 2024 roadmap.
Minterest’s primary aim is to equip users with accurate, timely data to support informed portfolio decisions. With tools like the Health Gauge and the forthcoming refined risk assessment tools, Minterest remains committed to meeting the practical needs of its user base.
The Minterest token icon — the heart of the Minterest brand — got some TLC too. The team made subtle adjustments to the size of the leaf, colour combinations, and the shape of the coin icon to provide a bit of a visual lift.
The new colour palette really aligned well with the recent rebranding of the Minterest token ticker symbol to MINTY as it symbolises more than just a token; it has a playful nature that brings to mind child-like enjoyment akin to “minties” — refreshing candies that leave a memorable taste in your mouth. We had some fun playing around with that concept, with more to come in the future.
The Minty-er Minterest App
The Minterest application should be intuitive, user-friendly, and efficient — just like the dashboard of a car, where crucial information is clear at a glance, but where deeper insights are always at your fingertips. The visual refresh certainly improves readability and makes it easier to navigate the app since there are now fewer contrasting elements.
Final Thoughts
As we share insights for refreshing the Minterest brand, we do reflect on the journey taken until this point and how the process led us down a captivating rabbit hole of creativity for several months.
Even after finalising the “winning” style, we fine-tuned it for even better resonance. Every nook and cranny of the Minterest app needed a new brand review — from the navigation bar to modals and even dashboard gauges. It’s a meticulous but necessary process to ensure a seamless user experience.
In the end we are really satisfied with the new look-and-feel of the product, and how it all came together piece-by-piece. Kudos to the entire product team and Minterest ambassadors for their incredible support in helping to refresh Minterest.
The updated design is now a foundation to build from and we have quite a bit more work coming down the pipeline as the Minterest app expands to incorporate more features moving towards its public launch. Stay tuned.
28, September 2023
Minterest is excited to announce its partnership with CUBE3.AI, a collaboration aimed at fortifying Minterest lending protocol and community against threats. This strategic partnership empowers Minterest to not only monitor and Inspect transactions in real-time, but once fully integrated, block malicious threats before they resolve on chain.
Through this integration, Minterest leverages cutting-edge machine learning algorithms that evaluate every blockchain transaction interaction with its contracts. In addition to monitoring and detecting exploits, fraud and scams, CUBE3’s Runtime Application Self Protection (RASP) “Protect” product can block malicious transactions. Once CUBE3 RASP product is integrated, Minterest will enhance transaction security, increasing community sentiment and incentives for liquidity providers and borrowers.
Denis Romanovsky, CTO at Minterest, commented on the partnership:
“Minterest invests heavily in the security of its protocol. CUBE3.AI’s monitoring solution is a valuable addition to our security toolkit. It’s easy to set up, robust, and autonomous, providing real-time insights into potentially threatening transactions. We highly value the quality of services provided by CUBE3.AI and plan to deepen our partnership by integrating more of their security products.”
Stay tuned for updates and follow @Minterest and @cube3ai on Twitter for our upcoming Ask Me Anything (AMA) session.
For more information about CUBE3.AI, please visit their website to sign up for Detect and Manage for free or request a demo.
CUBE3.AI is the first-ever web3 real-time transaction security platform. Leveraging advanced machine learning, CUBE3 detects and blocks threats before they can be executed, guarding against cyber exploits, wallet hacks, fraud, vulnerabilities, and compliance risks.
Our commitment to security is evident in the six successful code audits we’ve undergone so far, enhancing our platform’s robustness. These audits, conducted in 2022 and early 2023, reflect our dedication to maintaining a high standard of security and ensuring user confidence in our platform’s safety.
Fireside Chat with Zokyo
The highlight of our Security Week was undoubtedly engaging Fireside Chat held on X Spaces with a distinguished security auditing company ZOKYO.
The Fireside Chat began by stressing the paramount importance of cybersecurity in DeFi by highlighting that access control issues remain a common source of losses in this space, often caused by unauthorised wallet takeovers.
The conversation shifted to the auditing process, with Zokyo CTO Andrei Stefan, providing a glimpse into its intricacies. He emphasised that each audit is truly unique, influenced by factors like project complexity, team size, and auditing methodology. Denis Romanovsky from Minterest engineering chimed in, underscoring the significance of comprehensive documentation and testing to streamline the audit process.
The dialogue also touched on the challenges of auditing, including the delicate balance of knowing when to conclude the search for vulnerabilities. Additionally, it was noted that audits can catalyse improvements within teams, fostering better practices and workflows long term. In terms of safeguarding digital assets on protocols, both Andrei and Denis reiterated the importance of securing private keys, enabling two-factor authentication, exercising caution with phishing attempts, and remaining vigilant against social engineering attacks.
Furthermore, they recommended that every stakeholder or interested individual must read audit reports for projects and verify the credibility of auditing companies even if the Whitepaper seems too daunting. As Andrei said,
“At Zokyo, we are trying to audit projects first for the community, for the retail user, second for the investors and third for the technical knowledge. The community and the investors, 99% of them, are not technical people and we are trying to be as user friendly as possible without using too many technical terms and just explain as simply as possible.”
Overall, the discussion underscored the pivotal role of code audits in upholding DeFi protocols security and the indispensable nature of individual security measures.
The first security audit was conducted by Trail of Bits, a highly respected firm trusted by industry leaders like Compound, Aave, and MakerDAO. The audit scrutinised all protocol contracts and flagged 17 issue — two of which were critical, such as MEV attacks affecting liquidation logic and the risk of lost user rewards.
During the remediation phase, we addressed all 17 issues and optimised gas costs. We even re-engineered the liquidation system to be resistant to MEV attacks. This audit served not just as a problem-solving endeavour, but also as a catalyst for elevating our engineering practices and workflows, resulting in a marked enhancement in code quality for future audits.
The second audit was with Hacken which covers prominent projects like Binance and 1Inch. By this time, Minterest’s codebase had expanded since the first audit, yet Hacken scored us a perfect 10 out of 10. The issues identified had been reduced to 10, all but one of which were resolved during the remediation phase, with the final issue fixed before the next audit.
PeckShield carried out the third audit. PeckShield is known for their work on Polygon, Avalanche, among others in their extensive portfolio. By this time, the scope included all contracts, including those which were unchanged from the previous audit. Their overall assessment of the code maturity level had improved, described as “well-designed and engineered.” They listed only 7 minor issues in their final report, and all of them were promptly addressed during the remediation stage.
In the most recent audit phase, Zokyo conducted one full audit and two partial reviews, awarding Minterest a high safety score of 96 out of 100. The first review scrutinised the entire code base, setting the stage for Minterest’s secure deployment on the Ethereum mainnet. The subsequent audits focused on last-minute updates and patches.
The Zokyo team played a key role in the protocol’s mainnet launch, overseeing last-minute patches and confirming their safety. While most findings were recommendations for future enhancements, a few potential exploits were identified but mitigated using business flows and tooling instead of needing to alter the core code. The audits affirmed the robustness of the protocol, providing an added layer of confidence for Minterest users.
Safety and Security, a Priority
Minterest has been scrutinised by some of the industry’s leading security engineering teams, providing invaluable insights that have elevated not just the Minterest codebase but also the team’s engineering culture. Regular audits will remain a cornerstone of Minterest’s development pipeline, reinforcing the security of assets for all users.
We hope this comprehensive article provides you with a deeper understanding of the intense time, effort, and resources used to develop the Minterest protocol, ensuring a high bar for security is always maintained.
All Minterest token holders continue to operate under the same terms as before. Cliff and unlock periods for early supporters remain unchanged, and rewards are still accruing in the same manner for liquidity providers.
Vestings for early supporters commenced in February 2023 and will be honoured as outlined in the Minterest Whitepaper and the table below.
Minterest Tokenomics
Honouring the 50% Uplift for Stakeholders
Earlier this year, the Minterest total token supply was reduced from 100 million to 65.9 million MINTY tokens (formerly MINTY) from the burning of a third of the supply. This process streamlined tokenomics by shortening the overall emissions schedule to 5 years and making the numbers simpler to understand over that period. The impact of this decision for the benefit of all Minterest stakeholders is significant.
The percentage share of the overall supply is more valuable to the stakeholders than the number of tokens they possess. Early supporters, who previously held 20% of the total supply, now have a 30% share — a 50% uplift in overall token value allocation.
Beyond Numbers, a Greater Impact
This shift transcends mere numbers; it will amplify community impact in future governance decisions. For liquidity providers, this represents an increased share of Minterest’s buyback rewards too.
Share of Token Supply Ownership
Embracing Stability and Long-Term Vision
Minterest tokenomics 2.0 introduced back in January 2023 was a carefully calculated move to benefit all token holders, magnifying the share and influence of each participant in the Minterest ecosystem. This remains a part of our ongoing commitment to instil stability and to chart a long-term vision of success with all stakeholders.
For more information on the path towards Public Launch, please read about the Minterest Roadmap.
29, August 2023
The mission of the Minterest protocol is to be the leading decentralised money market in Web3. Minterest’s unique model aligns incentives through innovations, such as the Liquidation Engine*, that generate greater fees and redistribute them all back to users of the protocol.
Minterest bootstraps the onboarding of liquidity by distributing its governance token, MINTY, to users of the protocol in addition to the underlying market yield. Like many DeFi projects, Minterest grapples with the challenge of aligning incentives to drive liquidity for the long-term success of the protocol. This blog post aims to shed light on how Minterest’s Distribution Gateway system provides a solution.
What is the Distribution Gateway?
The Distribution Gateway is a sophisticated contract, meticulously designed to manage the substantial distribution of MINTY during the early stages of the protocol’s life without compromising the overall health of the protocol.
This system keeps track of rewards accrued by each user and ensures their even release over a 12-month span. Consequently, our early supporters benefit significantly, while the influence on the circulating supply is adeptly controlled, granting the protocol the vital time it needs to achieve widespread user adoption and broader token distribution.
The Problem of Lazy Data Storing
Diving deeper, it’s crucial to address a technical nuance inherent to all blockchains – the lazy storage of data.
To minimise gas costs, when rewards are to be distributed to multiple users, DeFi projects (including Minterest) deploy indexes – ever-increasing variables that aggregate rewards. Rather than updating each user’s balances, the distributor modifies only one value – the index. Subsequently, all reward recipients bear the gas costs to deduce their respective reward share.
This method is efficient concerning gas consumption. However, the index doesn’t record the specific dates of reward distribution. As highlighted, the Distribution Gateway requires these dates to suitably release the MINTY tokens over a year. So, how do we navigate this challenge?
How the Distribution Gateway Works
Our answer to the lazy data storage dilemma is a strategic compromise in the precision of token release to the market, yet still within the bounds acceptable by our business model. The Distribution Gateway does not monitor every single token. Instead, it comprises 12 slots, each representing earnings for a month. Should a user remain active, their earnings data for the past 30 days is housed in the pertinent slot. When withdrawal is set into motion, the system computes the amount that can be withdrawn using the formula:
Here, slotBalance12 refers to the earnings of the most recent month.
The internal logic within the contract approximates the number of tokens from each slot ready for release. This method doesn’t trace the exact status of individual tokens but monitors the monthly earnings for a user’s yearly activity on the protocol.
For clarity, consider the following graphical representation that shows the total and available withdrawal balances for a user who earns a consistent MINTY amount each month and actively engages with the protocol:
Earned Balance represents all MINTY earned, both withdrawable and non-withdrawable.
Withdrawable Balance indicates the amount of MINTY that users can withdraw to their wallets.
What are Active and Inactive Users?
An “active user” is one who engages with markets or their MINTY balance at least once within 30 days. This means that a user who does a supply, borrow, repay or withdraw action, as well as stakes or unstakes MINTY in the governance process, triggers an update of the Distribution Gateway.
The Distribution Gateway system works flawlessly for active users. But how about users who deposit assets and then await their rewards, not making any chain transactions for several months?
The Distribution Gateway has provisions for this scenario as well. If such a user decides to withdraw MINTY after months of inactivity, the system gauges the duration (or number of slots) of their absence. All collected rewards are aggregated, and an average value per slot is calculated. This value is then incorporated into the previously mentioned formula to determine the withdrawable sum.
However, a minor hiccup arises. If a user remains inactive beyond 30 days, the UI might display a decline in the withdrawable sum. This usually occurs post the slot transition, roughly every 30 days. This apparent discrepancy arises as the averaging logic employed at the contract level is mirrored on the UI.
For a clearer picture, consider this example:
On the 30th day of slot 1, a user accrues 10 tokens, enabling them to withdraw 1/12 of this total = 0.833 MINTY.
By the first day of slot 2, the user’s total earnings amount to 12 tokens. However, due to their inactivity, the averaging logic is activated. The newly averaged earnings amount to 6 tokens per slot (i.e. 12 tokens earned across 2 months = 6 tokens per month), with the total withdrawable sum being approximately 1/12 of the 6 tokens = 0.5 tokens.
This dip might seem concerning initially, but the system rapidly recalibrates. It typically takes between 6 to 9 days to revert to the withdrawal amount observed at the end of slot 1. As a consequence, inactive users might observe the following pattern on the UI:
This is the so-called “saw pattern.” A similar chart will feature on the Minterest user dashboard to offer users a clearer forecast of impending rewards.
The Distribution Gateway has been carefully designed to manage the distribution of MINTY tokens in a manner that is both fair to early supporters and beneficial for the long-term health of the Minterest protocol. We understand the complexities and concerns users might have regarding reward distribution, and this mechanism ensures a balanced approach. We hope this deep dive has shed light on the intricacies and design sensibilities of the Distribution Gateway.
*Note that Minterest’s Autoliquidation Engine has been renamed to Solvency Engine.
24, August 2023
Our aim was clear: nail down the most fitting ticker symbol for Minterest’s token. Criteria? It had to resonate with Minterest, give the project extra value, be catchy, enjoy strong community support, and stand out in the crowd.
From days filled with suggestions to passionate community campaigns and an edge-of-your-seat voting round, we’re thrilled to introduce: MINTY – the new face of Minterest’s token!
Here is a rewind of this historic adventure.
The community and Minterest team submitted a plethora of ticker options. Suggestions spanned the gamut, from succinct acronyms like MNTX and MTRST to catchy ideas such as iLEND and FRESH.
Hearteningly, every finalist came directly from our community’s creative minds.
Meet the Top 3 Contenders
MINTY: Suggested by Telegram’s Bee AhhBee, MINTY was also on the radar of our in-house team. It’s a fitting name that smoothly rolls off the tongue. And judging by the enthusiasm, our marketing team is already buzzing about the mascot and merch potentials!
MIFI: Joe from Telegram threw this witty suggestion into the ring. Much like WiFi’s omnipresence, Minterest Finance aims to be an inseparable part of everyone’s digital existence. Joe‘s idea captured our goal to offer a constant financial presence that is as reliable as it is innovative.
MINTX: Hats off to Discord’s BuyNoEvil for this gem. With a subtle tweak to his original idea, MINTX is a testament to Minterest’s roots while hinting at a grander vision for a multi-chain universe.
The showdown took the spotlight on our Minterest X Twitter profile. The voting frenzy lasted a solid 48 hours with MINTX and MINTY competing for the top till the final whistle.
How Did We Pick?
We loved so many community suggestions, but to cut down to the top contenders, a few considerations took centre stage:
Avoid the ‘MNT’ Trap: Kudos to Vectorize and sampeik for highlighting the potential pitfalls of ‘MNT’— it might muddy the waters with other projects out there.
Distinctiveness: Some suggestions were, unfortunately, lookalikes of existing projects.
Easy Recollection:Brands need to be memorable. Tickers such as MTRST, MINTR, and others had appeal, but when spelled or spoken, they didn’t quite hit the expectations.
Diving Into the MINTY Fresh Era!
MINTY is a calculated pick.
It’s catchy, easy-to-share, and embodies the enthusiasm of a dynamic community. It’s the kind of name people align with and speak of with pride.
Here’s what a couple of our esteemed Minterest’s advisors chimed in with:
Tough choice. I assume MINT was taken already. Personally I like MiFi best, then MintX because they are both edgy-cool, but I don’t think they are the best choice, as easy memorability for someone just learning of the project is paramount, as long as it’s still professional. So I…
With MINTY on board, we’re in for a creative whirlwind. Picture sticker packs (‘Mintojis’, anyone?), desirable merchandise, or even real-life ‘Minty Minties’ candies? This minty revival adds a ton of substance to the Minterest narrative, a tale we’re crafting hand-in-hand with our supporters.
A big thanks to every participant for turning this page in Minterest’s history book!
As Minterest ventures into a new chapter with an updated roadmap, a brand refresh is in the air. More than a mere symbol, it signifies a fresh beginning for the Minterest project and our community. And what captures the essence of a Web3 project better than its Ticker Symbol?
Ticker symbols are more than labels; they become the brand’s signature, appearing across wallets, token tracker sites, lending protocols, bridges, DEX, centralised exchanges, and more. But a ticker’s true spirit resides in the community who passionately embrace it through online discourse and in real-life conversations, allowing it to effortlessly spread fast and far.
With Minterest, we’re on the hunt for a new Ticker Symbol that resonates with you, our community, forging a strong identity that you are proud of and embracing our shared identity across Web3. Your participation matters so let’s make history and create something iconic together!
How do you participate?
August 10-14: Suggest a Ticker Symbol in the community channels on Telegram or Discord.
August 15: A final selection, including community favourites will be put up for vote on X.
August 17: A winner is selected, and you become part of Minterest history!
Ticker Symbol requirements
3 to 5 letters: Think along the lines of BTC, AAVE, MATIC.
Unique: Not actively in use by another token on top-tier DEXs or CEXs. CoinGecko and CMC are great research tools.
Relevant: No MNT or any unrelated symbols.
The Fine Print
Voice in the Process: The Minterest team will carefully consider each entry. We want to find a ticker that fits the brand and our community, and that might mean we’ll need to set aside some suggestions.
Final Say: We respect and value your input, but the final decision on accepting the ticker symbol will ultimately lie with the Minterest team.
Play Fair: We encourage creativity, but make sure your suggestions comply with applicable laws and don’t infringe on others’ rights. We’re all in this together, building something special, and that means playing by the rules.
This is an opportunity to shape Minterest’s future. Your voice matters to us, and we look forward to hearing your creative ideas.
As a preface, the Minterest protocol has been operating without issue in a closed beta format (i.e., Private Launch) since early 2023. All subsequent development will build upon the underlying smart contracts, so that Minterest LP’s do not need to change their behaviour in any way.
1. Roadmap
1.1 Public Access: Q1 2024
Public Access opens the protocol to anyone with a supported Web3 wallet on Ethereum and Mantle Network.
Included with Public Access:
High rewards: Significant increase in emissions and staking rewards.
NFT Boost Starts: Rewards on emissions increase up to 50% via Minterest NFT.
Solvency engine launches: Borrowing allowances increase to match industry LTV ratios of 70%-90%. Learn more about why the Minterest solvency engine matters here.
Governance token: Non-transferable during this phase.
1.2 Phase 1: Public Launch: Q2 2024
Public Launch builds on Public Access and unlocks vested governance tokens, allowing them to be transferable.
Included with Public Launch:
Governance token: Transferable.
Listing: Key integrations and listings.
1.3 Phase 2: Multi-Chain Expansion: Q2-Q4 2024
Minterest’s movement towards true cross-chain lending includes new chain deployments of Minterest across additional L1s and L2s in a controlled manner.
Included with Multi-Chain Expansion:
Updated Minterest App UI to manage multi-chain access
Common token markets such as certain stable coins (i.e. USDC) and/or volatiles (i.e. ETH) alongside unique token markets specific to the chain
Minterest NFT deployments
1.4 Phase 3: Cross-Chain Lending: Q1 2025
Minterest’s cross-chain architecture goes live, allowing users to lend on one chain and borrow on another. Minterest’s solvency engine expands to support cross-chain liquidations.
Once the dates are finalised, further information will be provided.
Marching Forward Together
There is a lot to digest with the roadmap. And yet, there is still so much more to share, detailing out each phase, new and updated product features, community activities, and exciting campaigns planned – all coming to the blog in the weeks ahead.
Join us in the Minterest community channels on Telegram and Discord to participate in the conversation as we work together to shape the future of decentralised finance.
The Minterest team has addressed community questions related to the roadmap on the Minterest Gitbook under section Community Asks.
Edit: The Minterest team has addressed community questions related to the roadmap on the Minterest Gitbook under section Community Asks.
Edit: Nov 7, 2023 – Roadmap has been updated based on the latest announcements which positions Private Access and Public Access right ahead of Public Launch in Q1 2024 and includes the broader multi-chain strategy roll-out.
Edit: Feb 25, 2024 – Roadmap has been updated removing Private Access as per the latest announcements and developments.
Edit: April 2, 2024 – Roadmap updates to public launch timeline and additional deliverables through Q1 2025.
Our dedicated core team, the original builders of Minterest, are hard at work. We’re focusing on key features that will attract early adopters and building upon Minterest’s solid architecture. The engineering and product teams are working in tandem, plotting the roadmap ahead and setting up the technical infrastructure to support these plans.
Brand
The Minterest brand is here to stay, and you’ll soon see our online and social properties coming back to life. As we enter this new era, we’re also subtly refreshing our visual identity, symbolising the beginning of a new stage in Minterest’s journey.
Solid Technology Foundation
Minterest audited smart contracts deployed on the Ethereum mainnet form the foundation we will build upon. All six security audit reports by reputable firms including Trail of Bits, Peckshield, Hacken, and Zokyo are readily accessible on Minterest’s Gitbook, underscoring the breadth and depth of Minterest’s technology and ensuring secure and smooth lending and borrowing operations.
Minterest Governance Token
The Minterest token contract remains unchanged, continuing to reward early supporters and liquidity providers. We’re planning a discussion with the community about the token’s future branding. Stay tuned!
Stable Tokenomics
Our tokenomics remain unchanged, honouring all vesting schedules established earlier this year. This includes the 50% proportional uplift provided to all early supporters. You can check out the details of the tokenomics here.
Empowering NFTs
Minterest NFTs will continue to serve their original purpose, providing key card access to the protocol and acting as emissions boost for liquidity providers.
And, if you’re an existing NFT holder, watch this space for some exciting news in a future post.
This is just the start. In the next post we’ll delve into the broader roadmap for 2023 and shine a spotlight on key product updates and plans towards public launch.
A “Community Asks” section has been set up on the Minterest Gitbook to address your questions. Our next update will share a roadmap for the remainder of 2023, offering insight into your key queries on topics including product highlights, Minterest NFTs, token vesting, supported token markets, DAO, and more.
We are also reopening the Minterest Telegram and Discord channels shortly and look ahead to resuming regular communication with the Minterest community.
Throughout this difficult period we have appreciated the messages of support. There is an incredible opportunity in front of us and we are excited to share it together.
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 JR, 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.
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
What’s Next?
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 don’t need to pass extensive financial scrutiny to participate. With sufficient collateral, 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.
MINTY 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 MINTY token. Minterest distributes the value it accrues from its various operations right back to the users of the protocol. The MINTY token is the medium by which this value is transferred back to participants, linking MINTY 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.
*Note that Minterest’s Autoliquidation Engine has been renamed to Solvency Engine.
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 MINTY 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.
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 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 MINTY token allocation in return for locking up their MINTY 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 MINTY to earn Governance Rewards which it never sells. Soaking up MINTY 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 MINTY 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 MINTY 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 MINTY. 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 MINTY tokens, reducing on-market supply to spur even further demand for MINTY.
Simply put:
More TVL = More Buybacks = More value accumulated by the Strategic Reserve
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, MINTY 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 MINTY from buyback processes, supporting on-market scarcity and MINTY 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.
Keep Calm and Carry on #BUIDLing.
*Note that Minterest’s Autoliquidation Engine has been renamed to Solvency Engine.
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 MINTY 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
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 MINTY 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: MINTY 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 MINTY or LP staking.
Minterest LBP Token Event
The Minterest LBP token event is the first public offering of MINTY 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 MINTY Max Supply: 2,500,000 MINTY (2.5% total supply) LBP Base Pair: USDC/MINTY Initial MINTY liquidity provided: 2,500,000 MINTY 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 MINTY, 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 MINTY) 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 MINTY
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 MINTY tokens you will receive.
Please note that the value of MINTY 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 MINTY’ 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 MINTY 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 team 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 MINTY 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 MINTY 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 MINTY 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 MINTY tokens are instantly tradeable during the DEX launch and eligible for the LP staking program.
The other option is to stake the MINTY LBP token in the Minterest protocol itself, earning all the Buyback rewards distributed to the limited number of stakers.
Both the liquidity mining and MINTY/ 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 MINTY 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 MINTY Max Supply: 2,500,000 MINTY(2.5% total supply) LBP Base Pair: USDC/MINTY Initial MINTY liquidity provided: 2,500,000 MINTY 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.
*Note that Minterest’s Autoliquidation Engine has been renamed to Solvency Engine.
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 MINTY 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.