Many altcoins are running to all-time lows in the cryptocurrency markets, and Mina Coin is one of them. However, it still attracts attention despite the price decline compared to its competitors. Mina Protocol, which is disadvantaged compared to its competitors, has not yet fully gained smart contract capabilities, which negatively affects its competitiveness. So what is the ongoing interest in Mina Coin? Investors are buying into the potential of the network.
The Mina Ecosystem: What is Kaupang DEX?
The ability to easily set up nodes for decentralized networks is one of the biggest advantages. This also means that more validators can secure the network. Mina has very small block sizes, which means that nodes (block verifiers) can even run on browsers in the future. This means that every investor will set up their own node in the background silently with their wallet, increasing the security of the network exponentially.
Moreover, since the end of 2021, the Mina team has been at the forefront of zero-knowledge proofs, which giants like Polygon have also focused on. The network has not yet established its own ecosystem, so we cannot see parabolic rises. However, stress tests for the testnet have recently started, which means that smart contract capabilities will strengthen and transition to the mainnet will be possible within 6 months.
What is Kaupang DEX?
Since Mina aims to build its ecosystem within 1 year, it has announced various grant programs. Developers are showing great interest in this new experience. We have already started to see the first applications in various fields. Kaupang DEX represents the first in the field of decentralized finance for Mina.
Some prominent features include:
- Privacy-compliant and KYC-supported (important for the new DeFi regulations)
- Smart pools
- P2P transfers
- Private order book and zkMPC order matching
- Governance and extensibility
- Transactions secured with zero-knowledge proofs, resulting in a short and concise protocol
How to Use Kaupang DEX?
The team behind Kaupang has launched a test application to give good news to the Mina community in the challenging bear market environment. This allows users to see and experience the new DeFi platform.
The first thing you need to do is add the widely used Auro Wallet to your browser.
When you enter the wallet application’s website, you can access the trusted plugin link. Let’s install it for Chrome.
After installing the application, we write down the recovery words and verify them to access our wallet.
Then we go to the Kaupang website and connect our wallet from the top right corner. Then we click the button next to the wallet address to request test tokens.
As you can see below, 100 test Mina tokens required to test the platform are transferred to our wallet.
During the test phase, we can exchange our Mina tokens with DAI. We select DAI from the token to be exchanged and click the SWAP button.
When we confirm the transaction, we sell 2 Mina tokens in the test application for 0.89 DAI (dollars).
This is a useful transaction to be made for future airdrops after the test and mainnet launch. As the Mina ecosystem develops, it will not be surprising for the first applications on the network to start airdrops without much delay.
The slippage rate can also be changed from the settings button. This is a feature that will be used more after the product goes live. Slippage rate based on supply and demand affects the goals of DeFi users to buy/sell at a certain price.
Especially for inexperienced investors who approach DeFi applications with fear, it will be useful to make such trials without any financial loss in these test versions. Otherwise, users who want to transact on any DeFi platform act with fear because they do not know the results of their transactions or how to perform certain transactions. All DeFi applications work in similar structures, and issues such as price slippage and token swaps are the same.
Finally, if you are happy, you can request as many test tokens as you want and make thousands of dollars worth of swaps 😊
