The exponential growth of cryptocurrencies since their first launch more than a decade ago has opened up a ton of opportunities for developers to create different projects, with the intent of rendering specific services to users. The influx of various protocols seeking to solve a variety of problems has made it a tad bit difficult for investors, amateurs especially, to get in on the crypto action.
To meet the needs of these prospective investors or users, a team of advanced and renowned developers has launched an all-in-one platform, as reported by the team. MintySwap is that protocol.
What is MintySwap?
According to the official white paper, this is a cross-chain blockchain-based project with a sole mission to provide users with cryptocurrency services while allowing them to seamlessly swap and exchange crypto assets between blockchains.
Inability to interact with isolated or private blockchains has, over the years, limited the ability for individuals to exchange or swap assets between blockchains. With this information in mind, the MintySwap team integrates cross-chain compatibility, enabling interoperability — a unique feature of advanced projects.
As duly stated on the official website, the MintySwap protocol will offer non-fungible token [NFT] marketplace services, decentralized finance [DeFi] services, as well as a deflationary token, $Mintys.
The NFT market is presently one of the biggest in the crypto space. The Mike Beeple non-fungible token sale which is referred to as one of the most expensive has set precedent and laid the groundwork for digital artists to create and sell off their artwork. In an attempt to leverage the billion-dollar market, MintySwap protocol will create an advanced NFT marketplace where artists and content creators alike can conveniently sell off their work, as reported by a recent press release.
The decentralized finance platform, as reported by the team, will, like the others, create a free-flowing market where users can provide liquidity, regardless of their location. Piggybacking on the billion-dollar DeFi principle, MintySwap will attempt to eliminate middlemen or intermediaries from financial transactions, thus simplifying the process.
$Mintys — A Deflationary Token
Walking an untraversed path, the MintySwap protocol will attempt to offer users more, as revealed by the executive team.
The introduction of its deflationary token, $Mintys, will pioneer a massive deflation connoting a gradual decrease in the token supply and an increase in value, benefitting investors in the process.
A part of the token will be bought back from the market, decreasing the total supply, therefore, increasing the value. Liquidity stakers on the MintySwap protocol will receive a portion of these bought back tokens, development committees as well
Disincentivizing the selling of tokens, MintySwap, according to the project white paper, will charge a 2% fee for selling, buying, and transfer of the native token. 1% of this charge will be distributed amongst all $Mintys token holders, thereby encouraging them to keep holding. The other 1%, on the other hand, will be paired with ETH and added to the MintySwap liquidity pool.
A decentralized and self-governing protocol, the platform’s native token will serve as a governance token for all community members. These holders will be required to stake $Mintys each time they initiate a proposal as well as for voting rights on the platform.
As an added incentive, $Mintys token stakers will receive discounts as well as interest each time they use the MintySwap treasury.
The MintySwap protocol, according to the website, is designed for Minty Makers, Minty Collectors, Minty Developers, and the Minty Community at large.
The advent of decentralized exchange [DEX] platforms has opened up avenues for various developers to create helpful products. The MintySwap protocol will offer users the opportunity to not only seamlessly swap tokens between blockchains like all DEXes but launch and auction NFTs.