From the beginning, Minswap has strived to put our community first while working towards building the best DEX possible on Cardano. We have bootstrapped and built for many months without funding in an attempt to preserve as much protocol equity as we can for future users. However, we are now facing challenges that force us to consider raising money if we want to deliver a superior and safe user experience. It’s been a tough decision that we’ve put off for as long as we can.
After an initial proposal and discussion on our governance forum, Minswap has decided to move forward with a public sale. It allows us to capitalize our project while aligning with our values of distributed ownership and the participation of many. Our $37,500 grant from Catalyst, of which $5,000 per month is distributed over 7+ months, is greatly appreciated. Though due to the high cost of security audits and additional developer resources needed, it is simply not enough.
To distribute tokens broadly and avoid concentration in the hands of whales we have implemented a maximum purchase amount of 4,000 ADA or 160,000 MIN. This equals 0.64 % of the sale tokens and the initial circulating supply.
The total public sale amount is 0.5% of the token supply equalling 25 million MIN tokens. The 0.5% is taken from dev fund allocation. The public sale MIN tokens purchased will be immediately airdropped to users' wallets and there is no vesting schedule or lockup period.
MIN tokens earned during the FISO, by comparison, don’t fully vest for another 5 months. They begin vesting approximately 3 months from now — 45 days after the FISO ends, 55 days from now, a 45 day linear vesting period begins.
MIN team tokens don’t begin to vest until 6 months after protocol launch. There is a 3 year vesting period with 20% of the supply in year 1, 40% in year 2, and 40% in year 3.
MIN tokens derive their utility from both the governance privileges and potential future benefits that can accrue to token holders. Namely, a fee switch that can be voted on to direct a portion of DEX transaction fees back to MIN holders.
Price: 1 ADA = 40 MIN.
Time: Sunday, October 10th at 1 PM UTC.
We will announce the purchasing process in the next 21 hours, at which time the sale begins until we sell out. The Minswap team has built a secure, automated system that will be used for both the Public Sale and FISO token distribution. If you hold your ADA in centralized exchanges like Binance or eToro, you must transfer your ADA to native Cardano wallets like Yoroi or Daedalus to participate in the sale. We recommend using Daedalus as it is more reliable.