Minterest Protocol Reopens: What You Need to Know

We are pleased to announce that the Minterest protocol has now reopened across Mantle Network, Taiko, and Ethereum chains. Users can once again supply, borrow, repay, and withdraw as usual.

Below is an overview of the key steps we’ve taken to ensure a smooth reopening and what you can expect going forward.

WETH and mETH Positions Rebalanced

All WETH and mETH supply balances on Mantle Network have been reduced by approximately 14% to maintain the protocol’s stability. Around 1% of users experienced their Health Factor (HF) dropping below 1. These portfolios were rebalanced to an HF of 1.1 through rebalancing liquidations, using existing collateral without any additional fees. Affected users can view their before-and-after balances on a dedicated Rebalancing Page on their dashboard, where they will also find details on their MINTY token compensation, calculated based on the prices of WETH and mETH on 14th July, the day of the security incident.

Security Audit with PeckShield

The Minterest Protocol recently underwent a comprehensive security audit conducted by PeckShield. PeckShield is a leading cybersecurity firm specialising in blockchain technology and smart contract auditing. This audit examined the MUSDY contract and extended to the MToken, MEther, and Supervisor contracts that are essential for the functionality of all token markets on the platform. The Minterest team has thoroughly addressed the findings, confirming the platform’s readiness for a secure and reliable reopening. You can read the summary of the audit report here.

Minterest Reopens with 2x Emissions

To mark the reopening, Minterest is offering a three-week period of increased MINTY & MNT emission rewards for all suppliers and borrowers:

August 3 – August 9: +100% emission rewards
August 10 – August 16: +75% emission rewards
August 17 – August 23: +50% emission rewards

+40% Emissions Boost for Affected WETH and mETH Suppliers

In addition, a further +40% boost in emissions is provided for three months (until 2nd November 2024) to all impacted WETH and mETH suppliers who had $50 or more in supply before the incident.

To learn more about rewards, go here.

What to Expect

Token Markets Include Audit Verified Badges:
All token markets now feature a verified audit badge for added transparency. You can read more about the recent security audit completed by PeckShield here.
Base Interest Rates Return:
Base interest rates, which were paused for the past 2 weeks, have now returned to normal. Borrowers are again paying interest to suppliers, ensuring the continued health of the platform.

Additional Resources

Read the Post Mortem of the Security Incident.
Learn about the Remediation Plan.
Review the Internal Code Development Policy.

You can also find all the pertinent information catalogued in GitBook here.

During the initial reopening phase, there may be periods of increased volatility as users rebalance their portfolios, which could temporarily influence interest rates and withdrawal processes. We ask for your patience during this phase as market dynamics help bring Minterest back to equilibrium.

Thank you for your understanding and support over the past few weeks as we worked through the reopening process. We’re excited to return to normal operations and focus on our upcoming plans, including new token markets, partnerships, and potential new deployments. The entire team is committed to driving the platform forward and achieving new heights.

For any questions, feel free to contact our mods on Discord/Telegram or email us at nextlevel@minterest.com.

07, August 2024