Minterest Announces its Beta Launch: Here’s Everything You Need to Know
After two highly successful security audits and 20 months of #BUIDLing and testing, we are launching Minterest’s beta phase this week. This article will cover the beta phase functionalities, dates and general information about the launch.
Why the Beta Launch is Important
Minterest is nearing its launch and this means we will be bringing significant improvements to the DeFi space in terms of both capital efficiency and value accrual, benefiting the overall ecosystem. The beta launch is a vital step in the process as it allows the protocol’s functionality to be technically and economically stress tested in a safe environment before launching publicly.
Phase One – Internal Launch
Internal access has been live since the 9th of May 2022. The first phase is only accessible to the internal team. After this initial phase, the protocol will be opened to early stage supporters and CAE and LBP participants. The dates for the second phase will be announced when all the testing has been completed.
Phase Two – Opening up the platform to our supporters
After successful internal beta phase testing, we will open up the platform to our supporters. In phase two, every MNT token holder who participated in the CAE or LBP will be granted access to the protocol’s beta version, where they can see their account balance and rewards. However, the lending functionality will only be open to the whitelisted wallet addresses (private invitation only to designated Minterest partners).
- MNT tokens secured via participation in our Community Allocation Event or LBP Token Event, will be automatically staked on the protocol and assigned to their holders via the wallet address they used to participate in CAE/LBP. These token holders will be able to see their MNT balance on the Minterest dashboard. They do not need to take any actions before they start earning rewards from the buyback bootstrapping pool.
- All the MNT tokens available on the protocol will be locked during the beta launch. Tokens are automatically staked and rewards for the respective addresses will be loyalty-boosted. No withdrawal of MNT will be enabled in any form during beta launch.
- MNT token holders can log in with their MetaMask wallet and view their holdings, as well as their staking rewards. The tokens however, cannot be manually staked or unstaked. Certain whitelisted wallets will be able to lend on the protocol, earn MNT emissions, and limited borrowing will also be allowed.
- The vesting clock starts for all those who hold tokens subject to a vesting period as per the agreements. However, the tokens will be locked and no withdrawal of MNT tokens will be enabled during the beta launch.
We are delighted to have reached this stage of development with such amazing support from the Minterest community. We’re looking forward to your participation in the Beta phase of the project!
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.
17, May 2022