Intro: Minterest 101
Are you new to Minterest and want to get up to speed quickly? Maybe you learned about Minterest from a friend, or you are a recent participant in the Mantle Moonshot campaign and want to learn everything.
You’re in the right place! Here’s the TL;DR on what Minterest is, why it is different, and why you should care. But first, here is the quick and dirty, Minterest 101 X thread.
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.
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!
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 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!
Have a #MINTYFRESH day!
06, December 2023