Cardano’s DEX Minswap Announces a Liquidity Bootstrapping Event & Mainnet launch. – Press Release
[ad_1]
Minswap, the community-focused decentralized exchange on the Cardano blockchain, announced the DEX Mainnet Launch will be on March 8th and the Liquidity Bootstrapping Event on 23rd of February 2022.
San Francisco, CA, Feb. 24, 2022 (GLOBE NEWSWIRE) — Minswap, the community-focused decentralized exchange (DEX) being built natively on the Cardano blockchain, announced the official date for the launch of their Liquidity Bootstrapping event which will launch on 23rd of February and Mainnet launch on 8th March 2022.
Minswap, the community-focused decentralized exchange (DEX) being built natively on the Cardano blockchain, announced that before the DEX Mainnet Launch, they will have a Liquidity Bootstrapping Event (LBE) for the MIN/ADA pair starting 23rd February.
Cardano’s DEX Minswap Announces a Liquidity Bootstrapping Event & Mainnet launch.
The LBE, for which 2% of total MIN tokens supply has been allocated, will go on from the 23rd of February 2022 to March 13th. MinSwap’s total token supply is 5 Billion MIN tokens and these 100 Million MIN will be taken from the DAO treasury.
How will the Minswap LBE work:
1. Discovery Phase – 23rd of Feb to 4th March – users can supply ADA to the LBE. The amount of ADA supplied by participants will determine the final ADA/MIN price.
ADA supplied to the LBE will turn into “purrADA” tokens (e.g 100 ADA = 100 purrADA). Users can swap purrADA back for ADA at any time. But, to prevent last-minute price manipulation, if you swap purrADA for ADA on the last 2 days (March 3nd & 4th), there will be a fee of 25%.
2. Encounter Phase – March 5th to March 13th – participants can turn in purrADA tokens for ADA/MIN Liquidity Pool tokens, representing their share of the ADA/MIN pool. So by supplying ADA, participants are swapping half that ADA for MIN, at the price that is fairly discovered at the end.
Meanwhile, on March 3rd – 4th, projects will be able to seed their token pairs. From March 5th to March 8th anyone can Provide Liquidity in these previously created pairs. March 8th will be the DEX mainnet launch! Then, anyone can swap, provide Liquidity and create pools.
3. Settlement Phase – March 14th – Anyone will be able to stake LP tokens in selected Yield Farms. Anyone will be able to stake their MIN/ADA LP tokens to earn MIN, but those who participated in the Discovery Phase will have a 110%-200% bonus during the first 7 days.
MinSwap is the first DEX to apply this liquidity bootstrapping approach on Cardano. According…
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
Source: Story.KISSPR.com
Release ID: 178048
[ad_2]
Source link
