The cross-chain interoperability of MintySwap allows investors/users/currency to overcome the network boundaries that historically were obstructing blockchain from attaining a broad-scale reach.
The meteoric rise of DeFi in 2020 would have hardly come into play if covid-19 had not expose the wobbling foundations of finance as we know it. With the faster-than-light collapse of the stock market the cosmic expansion of Total Value Locked (TVL), the industry benchmark, did not take long to follow. Since then, many value-generating instruments were brought to the table, to include the NFTs and Swap Tokens that were recently picked up by MintySwap protocol. Due to the collapse/ unstable market, open finance based on decentralized exchanges (DEX) became a doorway into a new type of trading environment based on security, reliability, and mutual trust.
The cross-chain interoperability of MintySwap allows investors/users/currency to overcome the network boundaries that historically were obstructing blockchain from attaining a broad-scale reach. Because MintySwap focuses on anti-censorship, liquidity aggregation, and community growth it has obtained a reputation as a multi-featured playground for aggregation and crypto exchange services, thus bringing it to the forefront of innovation in DeFi. Even the addition of $MINTYS Token brings a valuable advantage to the economic model of MintySwap, the crypo currency – based entirely on community participation and individual contribution to the exchange of financial services. $MINTYS rewards are generously offered to those willing to lock down their liquidity for the sake of future returns. Nevertheless, the core focus of MintySwap was and remains popularization of NFTs – a unique digital asset that comprises everything from digital art to tokenized luxury objects and everything in-between that can be acquired via the platform. Thus, by attracting the artists and creators, the platform intends to open a new door to the development of creative industries, which up to now were being domination by an exclusive few.
First of all, would you mind explaining to our readers how DEXs qualitatively differ from CEXs, its centralized exchange alternatives? Why do CEX still prevail on the market?
So the core difference of the DEX and CEX is the manner in which they process transactions. The decentralized exchange or DEX processes trades and transactions via the use of smart contracts with no human interaction. Whereas a central exchange acts as an intermediary platform to process transactions and trades between users. This process still includes a behind the scenes, human element.
Centralized exchanges are currently more popular because they had the benefit of entering the market first. However, with the rise of security concerns with CEX’s, decentralized exchanges are beginning to take more market share as the safer route to trade crypto.
When picking a platform for a continuous practical use (including running a business activity), what are the factors that play the prevalent role? How does MintySwap fit in this framework?
Three things come to mind. First, you want a platform that supports the projects that are on it, second, one that offers its users low fees to use it, and lastly, one that opens the doors to cross-chain capabilities to increase userbase and functionality not only among the platform but among the tokens on the platform.
If we look at the evolution of DeFi, we notice that significant damage was done by the ban of cryptocurrency-mining that took place in the late spring in China. What is the recovery paths DeFi is following – and how can MintySwap contribute to that?
Halting mining, in China, was simply a minor roadblock in the progress crypto made this year. However, I don’t by any means believe it was a death sentence. The market and crypto as a whole are already starting to show signs of recovery. The growth of DeFi offers increased incentives to miners on the Ethereum network, as the processing of ERC-20 transactions are done by the main Ethereum networks already in-place mining community . I believe the restrictions in China have only opened the door to smaller markets to fill that void. In addition, Ethereum and many other projects are working hard to switch to a proof of stake network which could potentially make mining obsolete in the future.
What could you share with me about the founders of the project – what is their background, and what are the main goals that motivated them to create a decentralized exchange platform?
Our team has an extensive background in business, finance and tech and have been in the crypto currency space since 2013. Our motivation was to give power, security, and peace of mind back to the people by creating a platform and eco-system that is truly decentralized.
By creating a multi-chain exchange and aggregation mechanism, what are the main issues within the industry you are planning to address?
The main issue we would like to address is the barrier to entry that the DeFi world currently has on new users. We are creating a platform that allows more people ease of access to invest in their favorite projects and tokens, despite which chain they may call home.
How are you planning to expand your community – especially, when it comes to the group of highly-creative people who are not necessarily familiarized with the concepts of blockchain and DeFI?
We have a 3-year plan, including marketing and events which will grow our community and userbase. This includes influencer marketing, partnering with brands, and teaming up with communities on our platform to streamline growth. We are well versed in multiple social media platforms and will be strategically releasing guidance and information to help new users gain access to the Decentralized Finance world.
What are the benefits of storing an item in NFT instead of an actual physical object, e.g. art work?
Each NFT has a unique token signature on the blockchain that can never be replicated or copied. When you purchase a collectible piece of digital art, you have peace of mind knowing there are no counterfeits or replicas flooding the market devaluing your asset. In addition, we live in a digital world and being able to showcase your collectibles or art online to not only friends but on a global scale is an awesome concept.
When examining your internal ecosystem, I found a lot of emphasis is made on development of the $MINTYS token – and activities underpinned by it. How do you plan to maintain its value and keep it growing to make the asset attractive to holders?
Our goal is to launch our Native token $Mintys alongside or potentially after our Decentralized exchange and NFT marketplace. We want to provide the community our finalized product before having the token publicly launched which is somewhat unprecedented in the DeFi community. When this project and platform were conceived, the funding was already in place to start development of MintySwap even before needing a token. The token is how we plan to provide the community the opportunity to invest in and grow with the project.
Our roadmap outlines our plan to improve the platform and broaden its functionality over the next 3 years which increases the value of the token. Also, the $Mintys token is a deflationary token that permanently burns 1% of every buy, sell or transfer and redistributes 1% back to the wallet holders. There will also be incentives, such as lower fees, on the NFT marketplace to use $Mintys instead of ETH.
Examining the tokenomics of $MINTYS, I found out that nearly 51% of it accounts for the Decentralization Event. Could you please share more details on this gathering?
The “decentralization Events” are an aspect of the tokenomics that myself and the team are very excited about, along with the 2% redistribution. The 51% is supply that is completely locked up and will be invested on a time release via a smart contract. Tokens will slowly be released into supply and made available to trade over the course of 3-5 years.
What are your next milestones in 2021, and how are you planning to grow?
Our upcoming milestones will be the official launch of MintySwap Exchange and NFT platform along with the ICO of our token, $Mintys. Following that, integrating cross-chain capabilities and continuing our development towards full decentralized governance and an open-source ecosystem driven by the community.
Founder and editor at BTC PEERS. Andrey writes about financial experiments, DeFi, cryptocurrency, and blockchain.