# Introduction
Minswap is a Decentralized Exchange (DEX). The purpose of a DEX is to enable permissionless trading of token pairs. For each swap, a fee is taken, which goes to the Liquidity Providers (LPs). Anyone can provide Liquidity as well, hence profits are decentralized. Minswap is a community-centric DEX, in that $MIN tokens are fairly distributed, without any private or VC investment. Minswap has pioneered several ideas in the Cardano ecosystem such as the FISO model (touted as the fairest ISO model in the Cardano community) or a focus on [Protocol Owned Liquidity](https://docs.minswap.org/governance/dao-treasury-pol). ## Features * **Community First:** MIN tokens are distributed fairly to protocol participants and Liquidity Providers, who can participate in [governance](https://forum.minswap.org/) and vote democratically on protocol changes. * **Innovation-Driven:** We pioneered ideas such as the [FISO](https://medium.com/minswap/minswap-fair-launch-tokenomics-and-fiso-airdrop-start-date-a75f3e75a546) model, the [MINt](https://forum.minswap.org/t/mint-token-expose-mint-liquidity-providers-to-other-pairs/40) token, or the [Liquidity Bootstrapping Event](https://minswap-labs.medium.com/meteor-lbe-mainnet-launch-yield-farming-more-f73c6c2a8b37) and plan to continue doing so with further novel initiatives. * **Launchpool:** Minswap is permissionless, meaning anybody can list tokens without needing KYC. For promising Cardano projects that want to use some of the most potent DeFi primitives to bootstrap their liquidity, we have designed the [Minswap Launch Bowl](https://minswap-labs.medium.com/introducing-the-minswap-launch-bowl-a5db8266345c). * **Stake Pool Operators Support:** Minswap supported SPOs through the FISO and plans to continue doing so with a community-oriented ADA delegation policy, incentivizing SPOs in our batching solution [Laminar](https://medium.com/minswap/introducing-laminar-an-eutxo-scaling-protocol-for-accounting-style-smart-contract-d1ac8847dde8), and by enabling automatic native token fees conversion (Babel Fees). ## Achievements * **Q2 2021:** Successfully received funds in [Catalyst Fund 5](https://drive.google.com/file/d/1Wp4ypNhssUwOBC9SLkxKgtyJaZ2h0fwl/view), commenced research on constant-product pool, completed [Plutus Pioneer Program](https://testnets.cardano.org/en/plutus-pioneer-program/). * **Q3 2021:** Deployed Minswap testnet and gathered invaluable [feedback](https://medium.com/minswap/minswap-testnet-reflections-64b01c5e7c45). Launched FISO model, a novel way to distribute tokens to community members. Introduced the [MINt token](https://docs.minswap.org/faq/mint-token) mechanic, ensuring FISO participants are incentivized to partake in the protocol once launched. * **Q4 2021:** Published Minswap´s solution to concurrency, [Laminar](https://minswap-labs.medium.com/introducing-laminar-an-eutxo-scaling-protocol-for-accounting-style-smart-contract-d1ac8847dde8), which aims to execute accounting-style smart contracts multiple times in one block. * **Q1 2022:** After completion of a[ Security Audit by Tweag](https://minswap-labs.medium.com/minswap-announces-audit-completion-by-tweag-79a2910b98a), Minswap launched on Mainnet. Minswap Launched through a [Liquidity Bootrstrapping Event](https://minswap-labs.medium.com/meteor-lbe-mainnet-launch-yield-farming-more-f73c6c2a8b37), a congestion-friendly and equitable way to distribute the $MIN token, which gathered 25 million $ADA half of which went to the Minswap DAO Treasury in form of $ADA/$MIN LP Tokens. * **Q2 2022:** Minswap embraced research in [profit sharing](https://minswap-labs.medium.com/minomics-research-part-1-exploring-tokenomic-models-and-revenue-sources-dd59c434e38f) and further innovations around a new type of Emissions Schedule. Introduced features such as [distributing $ADA staking rewards to LPs](https://twitter.com/MinswapDEX/status/1541803084879462400?s=20\&t=C2YA8vWM66zeKhnQW4mgxA), or starting the first [Launch Bowl initiatives](https://app.minswap.org/launch-bowl) to increase the DAO Treasury's Protocol-Owned-Liquidity. * **Q3 2022:** [Trading Fee Discount](https://github.com/minswap/docs/blob/master/broken-reference/README.md) for $MIN Holders was implemented, [several improvements](https://twitter.com/MinswapDEX/status/1588131695206834176?s=20) were made on the UI/UX such as TradingView chart and the [Indigo LBE](https://t.co/xvDcmQT7dv) was conducted. * **Q4 2022:** [Minswap DAO Governance](https://github.com/minswap/docs/blob/master/broken-reference/README.md) was first implemented and the [Fee Switch](https://docs.minswap.org/min-token/usdmin-tokenomics/fee-switch) was introduced. [Minswap Monthly Stats](https://github.com/minswap/docs/blob/master/broken-reference/README.md) were introduced. * **Q1 2023:** [Yield Farming V2](https://twitter.com/MinswapDEX/status/1615213160297889794?s=20) was introduced with multiple token harvest, utilizing the advantages of Plutus V2. Verification of tokens was introduced to protect Minswap users. Several milestones were achived such as [265$ $USD Cumulative Volume](https://twitter.com/MinswapDEX/status/1623322182670508034?s=20). 1 Year Mainnet Anniversary. * **Q2 2023:**[ Minswap DAO Treasury Dashboard](https://minswap.org/pol/) was introduced. The "meme coin mania" struck Cardano, catapulting the Trading Volume on Minswap and reaching a record of 60.69mn $ADA Daily Trading Volume and [537mn $ADA for the month](https://x.com/MinswapDEX/status/1663960345294012425?s=20). A [Minswap DAO Emissions and Treasury Report](https://minswap.org/minswap-dao-emissions-and-treasury-report/) was authored by volunteers to look into $MIN emissions efficiency. A [vote](https://x.com/MinswapDEX/status/1676272036807680003?s=20) was passed to decide how LP $ADA would be delegated. * **Q3 2023:** An [Emissions Range Ajustment Proposal was passed](https://x.com/MinswapDEX/status/1676964352224788484?s=20) after which [$MIN emissions steadily declined](https://x.com/MinswapDEX/status/1712485733519458658?s=20). 3 Catalyst Proposals were submitted and awarded with funding for: [an open-source Stableswap](https://x.com/MinswapDEX/status/1675890670723055623?s=20), [an open-source LBE V2](https://x.com/MinswapDEX/status/1677319557881446401?s=20), [the audit of Minswap V2.](https://x.com/MinswapDEX/status/1679127937348517888?s=20) [$MINomics V2](https://x.com/MinswapDEX/status/1682360201293201410?s=20) was announced and a vote was conducted to use [$ADA from the Fee Switch to reward $MIN Stakers](https://x.com/MinswapDEX/status/1693620191417020830?s=20). It was voted to use $ADA from Minswap Liquidity Providers [to vote in Catalyst](https://x.com/MinswapDEX/status/1701604662984778213?s=20) by having $MIN holders decide on the Top 20 Proposals.