MINt token

*Disclaimer*: The MINt token mechanism is no longer available as it was set to expire one year after launch.

What is MINt?

MINt is a cardano native token that was given to early supporters of the Minswap protocol during the FISO. MINt can be converted into MIN and offers a temporary yield farming boost for providing and locking up LP tokens in the Minswap DEX.

Before Minswap launched, 80% of all FISO rewards were given out in the form of MINt, only 20% in MIN itself. The intention behind MINt is to encourage people to utilize the protocol and interact with the DEX. This is done by entering the MINt-to-MIN conversion process, which will require you to stake your MINt for a vesting period of at least 45 days. MINt has a 1:1 conversion rate to MIN. You are free to do this at any point in time from now until April 16th 2023. After that, the MINt token will become worthless, as you will not be able to convert it to MIN any more.

Policy ID: 29d222ce763455e3d7a09a665ce554f00ac89d2e99a1a83d267170c6

Fingerprint: asset12h0hazu0j4dvvk46rhycfg7zl9t900nl3c5rvu

How many MINt are there in circulation?

For now, 110,000,000 MINt in total will be distributed through the FISO airdrop and two incentivized testnet airdrops, representing 2.2% of total MIN supply.

FISO airdrop (Dec 13th 2021): 100,000,000

1st testnet airdrop : 5,000,000

2nd testnet airdrop : 5,000,000

Where can I get MINt?

FISO delegation rewards claiming has already concluded. If you participated in the testnet rewards program, you will be able to claim your MINt once all feedback proposals have been fully reviewed.

MINt is also already in circulation and therefore traded on the open market. You can get MINt on all major Cardano DEXs including Minswap. Be aware that MINt has a different market traded price compared to MIN.

When does MINt conversion start and end?

MINt conversion started on April 16th 2022 and ends on April 16th 2023.

You can strategize your liquidity as you wish, as long as all MINt tokens have been converted in the given 1 year time period (73 epochs).

Where did MINt come from?

Minswap did their own ISO, a FISO. That’s how most of the MINt tokens made it into people’s wallets, via FISO or Airdrops from Minswap. Once the public had them, they’ve been listed on other DEXs where they are bought and sold.

How do I convert MINt to MIN?

In order to convert your MINt to actual MIN, you need to provide liquidity to any pool that has a farm available on Minswap first. If you have already staked LP tokens in a farm and want to use them for MINt conversion, you will need to temporarily unstake them.

You then stake the LP tokens together with MINt in the dedicated MINt section on the app. However, your MINt tokens are locked for 45 days and will only be linearly released as MIN for an additional 45 day vesting period.

During the staking process, you will notice that you can choose between different lock durations of 45, 90 and 135 days. This is because the LP tokens that you are using to convert MINt will also be yield farming for the entire lock up period and generate MIN rewards for you! The longer you choose to lock up your LP position, the higher your yield farming boost will be that you get on top of everyone else who is staking LP tokens without converting MINt.

You are free to harvest any MIN that has been released from the MINt conversion. But it is important to know that, while LP tokens are still locked in a boosted MINt conversion position, MIN rewards accumulated from farming this LP cannot be harvested. Only after the chosen lock up period, when it is time to unstake your LP, you will receive the LP together with all its boosted MIN rewards.

The ratio in which you are providing MINt and LP tokens is also not arbitrary. The amounts are determined by a 4:1 MINt to MIN ratio in your locked position. For every 4 MINt you want to convert, you need 1 MIN and the equivalent ADA in the LP tokens. This ratio will apply in the same way for every non-MIN/ADA LP. But don’t worry. You don’t need to calculate anything manually. The Minswap DEX UI offers a designated calculator and MINt conversion interface, where you will be able to input how much MINt you want to convert. It will automatically calculate and fill in the needed amounts for you.

Moreover it’s important to point out that the MINt staking contract does not strictly lock your MINt and LP tokens. The lock up can be considered a more flexible semi-lock. This semi-lock means that your locked up LP tokens and MINt can be retrieved at any time. However, you are required to leave the LP and MINt staked for at least 45 days to unlock the gradual conversion of MINt to MIN. And you will give up any boost multiplier associated with your farming rewards if you withdraw before the selected lock duration.

A more detailed explanation about the conversion process with various examples about the different token ratios for non-MIN LPs or early withdrawals can be found here.

How do I boost yield farm rewards with MINt?

Boosting your yield farming rewards is done by utilizing MINt, starting its conversion process, and staking the LP you want to boost along with it. Thus, boosting will be enabled on all liquidity pairs eligible for yield farming on the Minswap DEX.

The boost refers to a multiplier on your yield farming rewards in comparison to people who are staking LP tokens without converting MINt. This multiplier will depend on your chosen pool and lock up period. The longer your lock period is, the larger the yield farming boost multiplier you will get.

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