Following Minswap’s recent success, the team wants its native token listed on Aada Finance.

With Minswap becoming the most valuable decentralized exchange on Cardano, a proposal has been made by the team to list its native governance token on the Aada Finance V1 platform. 

The proposal was created yesterday for the purpose of listing Min Token (MIN) as an asset for borrowing on the leading Cardano-based lending and borrowing protocol, Aada Finance. 

Minswap Features and Success

Min token is the native cryptocurrency of Cardano’s decentralized exchange Minswap. The decentralized exchange is community-driven, allowing users to swap, provide liquidity, and yield farming. 

It is worth noting that Minswap has the most liquid AADA/ADA pool among all other Cardano decentralized exchanges. Furthermore, Minswap currently has one of the most traded liquidity pools on the Cardano network with its own native token pair MIN/ADA.

Interestingly, the platform recently attracted ADA investors’ attention after it became Cardano’s most valuable decentralized exchange, with a total value locked (TVL) of $48.59 million.  

“As such, we would like to propose the addition of the $MIN token in Aada V1 as an asset for borrowing,” the proposal reads. 

According to the Minswap team, the project has never been a recipient of venture capitalists (VC) funding, which has contributed to making MIN tokens’ distribution to be fair. 

Notably, adding MIN to Aada Finance will be beneficial to the lending and borrowing platform, given that the asset class is the most traded token in the Cardano ecosystem. 

MIN Tokenomics

Additionally, MIN has promising future prospects in terms of fee sharing and governance. The cryptocurrency has a total supply of 5 billion, with a huge portion of the tokens dedicated to the community. 

According to MIN tokenomics, 70% of its total supply is allocated to yield farmers, 10% is reserved for the core team, and 10% is distributed to the development team. In comparison, 6%, 2.5%, and 1.5% are reserved for DAO Treasury, Fiso Airdrop, and partnerships.

 

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MINt to MIN conversion starts on the 16th of April. The MinSwap team have released the detail on how to convert your MINt tokens to MIN tokens on their DEX.
Simple pair the MINt tokens along with your liquidity pool tokens and stake them for conversion and yield farming rewards at the same time.
There are vesting periods that will reveal bonuses and various pools where you can get different levels of return.
In this video I’ll talk about the concepts and how to convert the MINt token as well as take you though testnet to be able to see what the interface and what the process will be like.
You will earn both yield farming rewards and your boosted MIN tokens during this conversion.
You have exactly 1 year from the start process to convert your tokens.
Blog post on the MINt to MIN conversion
https://bit.ly/3uH8G3U

On-chain data shows that $44.2 million in Bitcoin was dumped in just one minute, following which the price of BTC declined to $46k.

Exchanges Observe Huge Bitcoin Inflow Of 1923 BTC

As pointed out by an analyst in a CryptoQuant post, on-chain data shows that around1923 BTC entered exchange wallets today.

The relevant indicator here is the “inflow” metric, which measures the total amount of Bitcoin being transferred to exchanges.

Since investors usually transfer their coins to exchanges for withdrawing to fiat or for purchasing altcoins with them, big inflow values can be bearish for the price of the crypto.

On the other hand, low inflow values can be bullish for Bitcoin as they may mean there isn’t much selling pressure in the market at the moment.

Now, here is a chart that shows the trend in BTC inflows over the past day:

Looks like the indicator showed a huge spike today | Source: CryptoQuant

As you can see in the above graph, the inflow indicator showed a massive spike today that measured to be around 1923 BTC.

This means that some holders deposited to exchange wallets what was around $91.7 million at the time of the transaction. Not long after, the price of BTC dropped down to $46.7k.

Related Reading | Data Shows Bitcoin Short-Term Holders Realizing Significant Losses

A look at the “taker sell volume” chart reveals some additional info about this decline. This metric is another on-chain indicator that shows the total amount of sell orders on perpetual swaps.

The indicator's value seems to have surged today | Source: CryptoQuant

On examining this graph, it becomes apparent that around $44.2 million in sell orders were placed on perpetual swap exchanges about 50 minutes after the aforementioned inflows. All this Bitcoin volume was dumped within the matter of a minute.

Related Reading | Bitcoin Heads For Short Squeeze? Why ETH Could Outperform In This Scenario

Because of the short timeframe, it’s looking likely it was just a single investor selling these coins. It’s also possible that rather than a single holder, it could be a group pulling off a coordinated dump.

The analyst in the post believes this might cause further fear and inflows in the Bitcoin market, and so investors should remain vigilant.

BTC Price

At the time of writing, Bitcoin’s price floats around $47k, down 4% in the last seven days. Over the past month, the crypto has lost 21% in value.

Here is a chart that shows the trend in the price of BTC over the last five days:

BTC's price dropped down to $46.7k earlier in the day, but has since recovered back above $47k | Source: BTCUSD on TradingView

Bitcoin has been in consolidation within the $45k to $50k range for a while now, and the trend doesn’t look to be breaking anytime soon.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com