- The lightweight blockchain project Mina Protocol (MINA) celebrated a record 120,000 blocks and 200 staking pools on its first anniversary.
- Days after reaching a record high of 100,000 active accounts, Mina (MINA) was listed on the leading crypto exchange, Coinbase.
- Developers of the Mina protocol are working on an Ethereum bridge to allow Ethereum developers access to the Mina blockchain.
- In the last three weeks, the price of MINA has jumped by more than 100%, as it sets a new monthly high of $3.5.
In the journey to creating the perfect blockchain, developers have come up with inventive ideas. Mina Protocol takes a unique approach, creating a minimal “succinct blockchain” to curtail computational requirements to run dApps more efficiently.
Developers of the project say that the Mina Blockchain will have a size of 22 KB, while other contemporary blockchains have an average size of over 300 GB. Mina describes itself as the world’s lightest blockchain since its size is designed to remain constant despite growth in usage.
So, what has made the minimalist blockchain stand out among the crowd?
Celebrating the first anniversary of its mainnet launch, Mina recorded some major developments in March. First, Mina secured $92 million in funding through strategic and private sales. The funding round was led by FTX Ventures and Three Arrows Capital.
The company said that proceeds from the funding round will be used to attract developers and drive Mina’s adoption as the leading zero-knowledge platform within Web3.
Later in the month, Mina announced that it had reached a new record of 120,000 blocks with over 200 staking pools. Later, the company revealed that over 90% of eligible MINA tokens were either staked or delegated.
On March 31, Mina celebrated 100,000 active accounts on the Mina ledger, gaining 25,000 of those in the previous four months.
Mina recorded another big win at the start of April as Coinbase listed the MINA token on Wednesday, April 6. As a result of its listing on the largest exchange in the United States, the MINA tokens gained 10% in two days.
The Mina Foundation has outlined some major events that will see the Mina project reach new heights. Developers are currently working on the Bridge to Ethereum: One Way Mina > Ethereum project.
Scheduled to launch in Q2, the bridge will allow Ethereum developers to access the Mina state via the Ethereum Virtual Machine.
zkApps Testing, which involves a series of phases to test the stability of zkApps on a network, is currently ongoing. Mina developers have scheduled the Testnet “Berkeley” to launch in Q2.
After the Berkeley testnet, there will be a Mina Improvement Proposal (MIP) to decide on a hard fork for zkApps to enable easy zkApps’ programmability on Mainnet.
Celebrating its first anniversary in March and the series of developments helped Mina more than double in the last three weeks. On March 15, MINA was valued at $1.59. However, it hit an interday high of $3.5 on April 8.
The price chart of MINA between March 15 and April 8. Source: Tradingview
Correcting after hitting $3.5, MINA now trades at $3.2231 and is ranked by CoinMarketCap as the 71st largest cryptocurrency, with a market cap of $1.45 billion.
On The Flipside
- Some users have criticized the Mina project for being rather slow with the rollout of features.
- Despite being first introduced in 2017, some features are yet to be fully available on the Mina mainnet.
According to the Mina Foundation, the community is the heart of the Mina project. As a result, members of the community are effectively involved in the development of the project.
Great community involvement saw the size of the Mina community grow from 100,000 to 270,000 in March. The Mina community is always quick to voice their support and bullishness for the future of MINA tokens.
Anticipating the launch of the Ethereum bridge, crypto trader @CxDegen has this to say about Mina;
Anyone notice the strength on $MINA while rest of the alts get a pullback ?
Certainly believe with Zk narrative to play out $MINA will have the most to gain
Game on once the bridge goes live
Parabolic run will begin similar to what $SOL did last year!
50x ? Yes please
— C-degen (@CxDegen) April 5, 2022
We are in Q2, and lot of exciting things are planned to come this Quarter in $MINA. Do you think that they'll deliver on time? or it might be delayed to q3? what do you think ? @MinaProtocol letsgoo we want ZKAPPS testnet public please @o1_labs we are excited who's excited ? pic.twitter.com/DxaIX2lkrt
— zkYouvii (@youviixbt) April 4, 2022
Another Twitter user, @cji1108, wrote about the project;
Why You Should Care
Proferring a unique solution to the scalability problems of blockchain makes Mina a hot prospect. If the development team delivers on its promises in Q2 and beyond, Mina could lead a new generation of blockchains.