Partnerships, Growth & Plans for the Future: Recapping Minterest’s Moonshot Campaign
To celebrate Minterest’s launch on the Mantle Network, we participated in the Mantle ‘Moonshot campaign,’ an ongoing task-based campaign that rewards users for completing on-chain and off-chain tasks on Galxe.
A prize pool of 66,000 MINTY and additional rewards were up for grabs to participants who completed the tasks, such as setting up a Galxe account, minting a Mantle Soulbound NFT, and completing quests!
The campaign was an overwhelming success:
- $2.7M in total value locked (TVL) on Minterest.
- 7,000+ On-Chain Suppliers
- 4,874 Galxe users interacting with Minterest
- Minterest entered the Top 10 on Mantle Network by Users
Following this remarkable success, let’s delve deeper into the strategic elements and collaborations that propelled Minterest’s Moonshot campaign, starting with its partnership with Mantle, the insights from a recent AMA session, and a recap of the campaign stats.
Minterest and Mantle: A Strategic Partnership
Minterest’s collaboration with Mantle is central to the protocol’s growth strategy and marks a crucial step in its roadmap to broaden cross-chain interactions, minimise liquidity fragmentation, and usher in a new wave of accessibility for DeFi users.
Mantle stands out as one of the industry-leading L2 solutions due to a range of features:
- Optimistic Rollups: Accelerates transactions and slashes fees, enhancing the efficiency of DeFi lending and borrowing for Minterest users.
- EVM Compatible L2: Ensures seamless access to the Minterest platform using familiar tools while inheriting the robust security of Ethereum’s base layer.
- Liquidity Boost: More liquidity on Minterest’s platform post-integration means improved lending and borrowing rates.
- Enhanced Network Capacity: Mantle’s capability to handle high transaction volumes supports Minterest’s scalability.
- Interoperability: The integration aligns with Minterest’s strategy to bridge DeFi liquidity gaps across multiple blockchains.
Leveraging Mantle’s efficient transaction processing and modular architecture has enhanced Minterest’s offerings in DeFi lending and borrowing.
Minterest launches on Mantle at quite the opportune time, taking advantage of a recent climb in total value locked (TVL) or the dollar value of all assets on the Mantle Network. TVL is an important metric for a lending protocol like Minterest because as the money on Mantle grows, it will continue to look for more opportunities to earn yield. Mantle Network TVL is pictured below:
Minterest, with its MINTY token, is the only lending protocol to return 100% of protocol fees to users, meaning the yields you can earn on Minterest are high and sustainable. As the TVL in Minterest grows, it creates a flywheel effect, increasing MINTY’s price and returning more fees to users!
Galxe Users, TVL, and Minterest App
The Galxe campaign was a resounding success, with total users crossing 4,800 as the final day of the Mantle Moonshot campaign commenced. All these users have contributed to the impressive TVL statistic of $2.7M by the end of the campaign (viewable on the app) and enjoyed MINTY and MNT rewards. You can see a live update of the yields that are being paid to suppliers on the home page of the Minterest app, pictured below:
Thanks to our Galxe quest, users were encouraged to turn on “Governance Rewards,” which auto-compounds earned MINTY into more staked MINTY. In this audio clip, you can learn about the MINTY flywheel and how protocol fees are redirected to MINTY buybacks from Minterest CEO, Kyn Chaturvedi.
Mantle x Minterest x iZUMi Finance AMA
During the Moonshot campaign, Kyn (CEO of Minterest) had the chance to catch up with the Mantle and iZUMi teams for an AMA session. Topics covered strategic partnerships, the introduction of innovative protocols, plans for cross-chain liquidity development, and a focus on community feedback and transparent evolution.
Here’s a recap in case you missed it:
- Minterest’s Confidence in Mantle: Minterest selected Mantle from over 30 L1s and L2s for its openness to innovative growth strategies, highlighting a mutual commitment to long-term viability.
- Innovative Moonshot Protocols: The campaign’s eight protocols, including the Citizens of Mantle NFT upgrade, were discussed, emphasising Minterest’s approach to dynamic user engagement.
- Earning Yield Through Mantle Moonshot: The AMA addressed how Minterest retains users post-campaign with over 25% yield offerings, illustrating its user-centric approach.
- Building a Cross-Chain Liquidity Pool: Collaboration with Layer Zero and Stargate to enable cross-chain lending and borrowing was a focal point, indicating a step towards a more interconnected DeFi ecosystem.
- 2024 Growth Protocol and User Base Expansion: Minterest’s future direction, including exploring NFTs and token governance, was outlined.
ByBit x Minterest x Mantle x iZUMi Finance AMA
Minterest also participated in an exclusive X Space with ByBit and provided some alpha on Minterest’s upcoming roadmap on Mantle Network.
Key points in this recap:
- Minterest’ Purpose of Participating in the Moonshot: DeFi Lending is largely new to most Web3 users. The Moonshot campaign provided a platform to educate the community about the value of lending and how simple it is.
- Minterest’s Goal to Drive Liquidity to Mantle Network: Minterest’s direction is a multi-chain one allowing users to lend on one chain and borrow on another. Minterest seeks to support liquidity growth on Mantle Network by allowing it to tap into other networks that Minterest plans to deploy to in the future.
- mUSD & mETH Coming Soon: Mantle Network native interest-bearing assets mUSD and mETH are arriving soon to Minterest!
Minterest’s Mantle launch and Moonshot campaign have led to substantial protocol growth and have helped position it as a pioneering force in the DeFi lending and borrowing sector.
With a focus on strategic partnerships, technological advancements, and community-centric growth, 2024 is set to be a big year for the $MINTY community.
For the latest news and updates, visit the blog, and don’t forget to join Minterest and Mantle Network on social media and our community channels to connect and discuss!
15, January 2024