Minterest is Moving Forward
After a demanding few months, we are delighted to announce that Minterest is moving forward. In this post, we provide an update on recent events and the path ahead for the project.
In February, during the Private Launch, the Minterest protocol reached an important milestone with $5M TVL. Subsequently, securing additional funding for the Public Launch was necessary. Management missteps by Josh Rogers, founder and CEO of Minterest Labs OÜ, coupled with his inability to raise the required capital, led to the business exhausting its operational runway. This prompted his decision to leave the project.
Irrespective of the setback, the core team was determined to find a solution. Through collaboration with institutional partners, we have identified a legal pathway to operate independently of Minterest Labs while utilising Minterest’s groundbreaking technology.
Minterest’s New Chapter
Minterest retains its essence – the brand, the audited technology, and its core team members. Minterest’s online properties are planned to be reactivated soon. The protocol has continued to function without interruption to date, facilitating ongoing lending and borrowing activities.
Minterest’s operations are now streamlined under the leadership of core team members, including:
- Kyn Chaturvedi: Strategy
- Denis Romanovsky: Technology
- Veiko Krünberg: Marketing
Resuming Communication
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 forward 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.
Best regards,
The Minterest Team
Important Clarifications
Corporate structure. In 2023 the protocol’s intellectual-property (codebase, brand assets, and supporting technology) was acquired via a secured-creditor sale following repossession by a service-provider creditor. No historical liabilities or contractual obligations of Minterest Labs OÜ transferred as part of this process.
Token allocations. MINTY tokens have been minted and allocated in line with the published tokenomics, however, all tokens remain fully locked, non-transferable, and non-tradable. Unlocking and any future liquidity are voluntary and conditional on a compliant public launch, which is still subject to product-market fit, adequate liquidity, and regulatory approvals, and therefore not guaranteed.
Forward-looking risk factors. Development timelines, funding milestones, and launch plans may change based on market or regulatory conditions. Nothing in this post constitutes an offer of securities or a promise of future value.
25, July 2023
