Minswap is the first DApp live on Cardano public testnet! (token rewards for use)

We’re excited to announce that our incentivized testnet is ready for launch! Our team has worked hard to reach this phase of development and looks forward to receiving feedback from our users. The Minswap and Cardano communities will play an integral role in helping us refine and optimize our DEX ahead of mainnet launch. Try it out: https://app.minswap.org

Minswap public testnet comes out of the box with the following features:

• A Yoroi and Daedalus-compatible wallet that supports Alonzo smart contracts.
• Create a liquidity pool and trade any native tokens.
• Dark mode.
• Most of the interface is translated into 35 languages.
• Stable swapping transaction fee as little as 1 ADA!

Don’t hesitate to send us feedback at https://forms.gle/LuXdzVxY53EJCzxCA

How to Use the Minswap Testnet

1. Access the app at https://app.minswap.org, click on “Connect” to create a MinWallet.

To provide early access to Alonzo smart contracts, we built MinWallet — a simple wallet that can sign and send transactions for our DEX interface. MinWallet is fully compatible with Yoroi and Daedalus. You must store the 24-word seed phrase in order to claim the incentivized testnet rewards later on in a Yoroi or Daedalus mainnet wallet. Our plan for MinWallet is only a temporary wallet until a Metamask-like wallet like Nami or Typhon is ready for Alonzo smart contracts. Since MinWallet only supports Minswap, you must import the 24-word seed phrase into Daedalus or Typhon testnet wallets to send tokens in your MinWallet elsewhere on the Cardano testnet. To send other tokens on the Cardano testnet to MinWallet, copy your MinWallet address and send tokens there.

2. Get test ADA (tADA)

Testnet users can request faucets with tADA from IOG official faucet and test tokens from Minswap faucet. Minswap test tokens are based on the amazing projects that are being built on Cardano. If you have minted your own tokens on the public testnet, feel free to request us to add them to the default token list via this form. In fact, our DEX allows adding custom tokens (tokens not in the default list), so you can list and trade any tokens you wish.

Testnet Participation Rewards

Participation in our testnet is an important step that allows us to test both the user experience and backend functionality of our protocol. We aim to incentivize the level of participation needed by issuing MINt tokens to users based on the level of interaction they have with our testnet.

To be eligible for MINt rewards, one must perform at least 5 actions on the Minswap testnet. An action can be: Add liquidity, remove liquidity or swap. 5 million MINt will be rewarded to users based on participation. The more a user interacts with the testnet the more MINt they will earn. However, there is a cap after 100 interactions. The calculation for incentivized testnet rewards is similar to that of FISO, 1 interaction is counted as 1 point and 5 million MINt tokens will be distributed to all participants based on their points. The duration of the incentivized testnet will last until FISO ends, and the airdrop will be claimed together with the FISO rewards. If you want a refresher on how MINt tokens, point-based distribution, or airdrop claim process work, feel free to check our FISO FAQ.

Technical Features

Minswap built and hosts a custom PAB instance that provides functionalities like a PAB (Plutus Application Backend), since the official PAB is not ready for production yet. Let’s call it MinPAB for simplicity’s sake. MinPAB does the job of a Web3.js library in Ethereum/BSC/Polygon ecosystems. It queries the latest blockchain state and builds correct transactions to submit to the chain. However, all transactions are signed by MinWallet on your device, which means your key never leaves your wallet. Even with that feature, we still feel that having such MinPAB is a single point of failure and a centralized entity in the system. That is why we are going to build on our novel concept of a PAF — Plutus Application Frontend — a technology that can query blockchain state, build and sign transactions directly from the frontend. With PAF, anybody can plug Minswap interface into any Cardano node to trade any token, in a truly decentralized and permissionless manner. The Minswap PAF is one component of the Minswap SDK that we have applied for funding in Catalyst Fund6. We hope that with this funding we can polish Minswap PAF as well as Minswap SDK and make it useful for the developer community!

Minswap DEX v0.1 contract address: https://testnet.cardanoscan.io/address/addr_test1wp6a2j2pcvmrd23t23mjz92zjhw0hvvd67eamhp675kc2sch0tgwf