How to participate in the Minterest LBP Token Event

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: MNT 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 MNT or LP staking.

Minterest LBP Token Event

The Minterest LBP token event is the first public offering of MNT 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:

LBP Pools: Copper
Start: 08th of February 2022 – 2 pm GMT
End: 10th of February 2022 – 2 pm GMT
MNT Max Supply: 2,500,000 MNT MNT (2.5% total supply)
Initial MNT liquidity provided: 2,500,000 MNT
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

For more information, please visit Copper.

How to participate?

1. Set up your wallet

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 MNT, 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 MNT) 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 MNT

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 MNT tokens you will receive.

Please note that the value of MNT can change quickly during the LBP and is reflected real-time on the chart and in the input field box.

Read more about the LBP mechanics here.

If you wish to proceed with the token allocation, click on ‘Get MNT’ 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 MNT 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.

Access the dashboard here.

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 distributes to its users in return for their active participation in governance.