Mina Protocol Price

What Is Mina Protocol (MINA)?

MINA is the native token of Mina Protocol, a lightweight Layer 1 blockchain powered by zk-SNARKs. Its proof of stake (PoS) platform runs on a modified version of Cardano’s Ouroboros consensus, called Ouroboros Samasika, which facilitates decentralization and enables mass participation. 

With zk-SNARKS, participants verify specific transactions (rather than the full chain) while enjoying full-node security. Regardless of the number of transactions, Mina has a fixed size of 22 kilobytes, as compared to hundreds of gigabytes for other blockchains.This succinct architecture also brings ZK programmability online, enhancing the security and privacy of web3 transactions by using zero-knowledge proofs. Its functionality helps users maintain their privacy and control their data, because they can share proof of it when getting a loan or completing other transactions, rather than transmitting the actual data. 

Moreover, unlike other blockchains, Mina's zero-knowledge smart contracts (zkApps) can interact with websites for real-world functionality. Additionally, they’re easily programmable, and can be used on other blockchains. 

Mina Protocol (MINA) Price

MINA launched with an initial token sale in April 2021 and entered the market at $3.26 on Jun 2, 2021. After a brief rise to $4.55 just two days later, MINA's price fell sharply, bottoming at $0.95 on Jul 21. This was followed by a steady increase that brought it to a high of $6.15 on Sep 15. 

However, this high Mina Protocol price couldn’t hold, undergoing a gradual decline with some localized peaks. While MINA’s price saw a slight rally up to $3.45 in early April 2022, its price drop was hastened by the Luna/Terra crash in May and failed to recover afterward. It fell below $1 by May 21, 2022, and stabilized between the $0.50 and $0.70 range for the rest of 2022. 

Early 2023 showed an initially brighter outlook for the Mina Protocol as it briefly touched $1 in February, but by March, MINA had dropped to between $0.60–$0.80.

What Is MINA Used For?

Participants must use the MINA token to purchase SNARK proofs on the Snarketplace, and to participate in the production of blocks through staking. All Mina Protocol users can delegate or stake their tokens in order to receive their allocation of the token’s inflation, without the need to bond or lock their tokens. MINA is also paid out as extra block rewards, known as Supercharged Rewards, to block producers who stake with unlocked tokens.

Mina Protocol (MINA) Tokenomics

MINA has no supply cap and is inflationary by design, in order to both strengthen decentralization and incentivize staking during its early development stage. The initial annual inflation rate is 12%, which will gradually decline to 7% after four years. During the initial launch in 2021, one billion MINA tokens were distributed, and will be completely unlocked after eight years.The initial distribution of MINA tokens is as follows:

• 42.3% — Community Distribution (4.4% for Pre-Mainnet Genesis Members, 7.5% for Community Sale, 11% for Project Grants, 4.6% for Supercharged Rewards, 8.8% for Post-Mainnet Genesis Members, 6% for SNARK Mining)

• 23.6% — Core Contributors

• 20.5% — Backers

• 6% — Mina Foundation Endowment

• 7.5% — O(1) Labs Endowment

Who Is the Founder of Mina Protocol?

Mina Protocol (then called Coda Protocol) was developed in 2017 by O(1) Labs, founded by Evan Shapiro and Izaak Meckler. O(1) Labs has a global team of developers committed to bringing integrity to the web3 space, while also delivering security and privacy benefits to the masses through the Mina blockchain. The Mina Foundation is the steward of Mina Protocol, a U.S.-based public benefit organization. 

Read more: Mina Crypto (MINA) — A Light and Powerful Contender

How to Store MINA

The Mina Foundation hasn’t yet created a Mina wallet, and there are no immediate plans to do so. However, two wallets are commonly used by Mina blockchain community members: Clorio Wallet and Auro Wallet, both of which are secure and have been fully audited.

Where to Buy MINA

You can buy MINA from any top crypto exchange, including Bybit. On Bybit, you can trade MINA as a USDT Spot pair (MINA/USDT) or USDT Perpetual contract (MINAUSDT).