Important Listing Announcement
Dear Minterest Community,
After careful consideration, we have made the difficult decision to delay our upcoming listing. This decision is in the best interest of our community to ensure the long-term success of Minterest. As we aim to maximise benefits for our loyal members and token holders, launching now comes with considerable risk. Recent trends highlight negative launch performances of other utility projects, with many falling drastically below listing price levels. A similar scenario for Minterest could set back our carefully gained progress for months.
We understand this news is disappointing and potentially frustrating to those looking forward to our listing. Our goal is to maximise our chances of a strong market entry and a subsequent bright future for $MINTY. Currently, macro conditions do not support this goal.
Why the delay?
When weighing the decision to list, the number one factor is whether market conditions further our cause.
We noticed a downward trend in launch performances from April onwards but believed conditions would improve for the scheduled June listing. During this period, we began compiling data on project launches to have hard facts for making strategic decisions around launch.
We are sharing this data with you HERE for May and June 2024 to give you more insight into what we have been seeing.
The data is a compilation of top performing projects sourced from Simplicity group and the most recent IDOs from popular launchpad platforms. In aggregate, it highlights consistently poor launch results due to a lack of retail liquidity. There have been edge-case examples that have beaten the market, especially within the meme space, but the overall market conditions have doomed many projects right at launch.
For example, in the last two months, over 70% of newly launched tokens are at or below IDO/Listing levels. Only 18% have experienced an appreciation of 3x+. No project has reached 5x+. This data underscores the high risk associated with launching in the current environment.
Most recently, our launch partners have been sharing their own data and concerns with us and have strongly advised against listing. We decided to wait as long as we could to see if the market would turn around before making this decision since we had set everything in motion and were ready to go.
We are convinced that launching now in a disincentivised market could severely hinder Minterest’s progress, potentially setting us back by months. Our primary goal is to ensure a strong market entry for $MINTY to benefit everyone in the community who has believed in us.
What’s next?
From the beginning of the year we have grown our community to over 100,000 across all channels, secured partnerships with leading ecosystems Mantle Network and Taiko, achieved a peak TVL of $15M, and ranked top 10 by TVL/top 5 by on-chain users on Mantle.
As before, we will adapt and continue to build Minterest into the powerhouse money market it will be. While we monitor the market, we are working on several initiatives to strengthen Minterest’s fundamentals and drive TVL growth, ensuring a successful launch when conditions improve.
Here are the key initiatives:
- Minterest Mantle Missions Marathon: Our 42,000 $MNT Minterest Mantle Missions Marathon continues, offering ongoing rewards and incentives for our loyal Minterest community.
- Mantle & Taiko Points System: A leaderboard is going live at the end of June on Taiko, and shortly thereafter on Mantle. Users will be able to earn higher rewards in $MINTY as well as tokens of our ecosystem partners.
- New Token Markets: Major new assets coming to Minterest in the next few weeks.
- New Chain Launch in Q3: We are preparing to launch on a new chain in Q3 with more details coming soon.
- New Features: The protocol will be expanding its feature set to be able to safely support more exotic token markets.
We are here to answer your questions
We held a community AMA with Kyn, CEO of Minterest, on Saturday, June 22 at 2 PM UTC in the Minterest Discord server (#general channel). Thank you to everyone who submitted questions through the Google form. You can find the full AMA here.
We appreciate your understanding and continued support as we monitor the market conditions for an optimal launch period. Our goal is to provide the best possible outcomes for our community, and we believe this delay will help achieve that.
Warm regards,
The Minterest Team
21, June 2024
