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For a long time, the Mina Coin team has struggled to deliver on its ambitious promises, especially related to the Ethereum 
$1,941 bridge and other targets. Despite its strong technological ideals, the lack of tangible product development has left investors dissatisfied, particularly as they see no positive impacts reflected in the price. In response to growing concerns, the Mina Coin team is taking decisive action.
Recent Developments in Mina Coin
A few days ago, the Mina Foundation made a significant announcement. Following the inability to adhere to its roadmap and increasing investor feedback, action is being taken. The responsibility for network development has shifted to o1Labs, aiming to eliminate delays caused by inefficiencies among different teams, facilitating quicker and more genuine goal achievements.
The announcement from the Mina Foundation indicates a shift with details about team departures and managerial transfers to accelerate the process. Mina now appears to be at a critical juncture.
“Last month, the Mina Foundation’s board engaged with the Mina community to gather feedback.
As a result of this feedback, we believe that o1Labs leading the technical roadmap for Mina is the best approach for the ecosystem.
The Mina Foundation will focus on accelerating the creation and adoption of a decentralized treasury. Josh Cincinnati, a board member, will serve as the interim CEO and Chairman.
Josh brings rich experience in leading ecosystems during transitional periods, having previously served as Executive Director of the Zcash Foundation and recently aiding in the unification of the Cosmos ecosystem.
Kurt Hemecker and Evan Shapiro have decided to step down from their positions at the Foundation. We are grateful for their leadership over the years and look forward to their continued contributions to the ecosystem. This signifies a new chapter for the Mina Protocol as we build a future supported by participants.”
The Future of Mina Coin
While Josh Cincinnati has yet to make a public statement, the idea of organizing the development process under a single roof seems promising, potentially addressing the core issues behind the delays. Will Cove has also shared insights regarding these delays and future expectations.
“When I joined the community three years ago, the future was bright. @o1_labs had launched the mainnet and initiated the first zk rollup, establishing Mina’s pioneering role in zero-knowledge cryptography.
At that time, the Mina Foundation had separated from o1Labs to manage the Mina brand, community, and treasury. Though I was not present, I understand the rationale behind decentralizing core team decision-making. The strength of Mina lies in the inexpensive and rapid validation of zk proofs, which means it could be the most decentralized network in existence.
Reflecting on the past, it may have been premature to separate product marketing from team building.
For instance, I ran developer-focused grant programs to enable application development with Mina’s tools, marketing zkApps as ‘private smart contracts’ while trying to recruit from the Ethereum ecosystem. In reality, the development environment in Mina is quite different from Ethereum, lacking self-executing contracts, which led developers to struggle with an unsuitable toolset.
We learned and iterated along the way, but a lot of time, energy, and funds were wasted in the process. Even though we wanted to work closer together, organizational inertia consistently got in our way.
Three years later, the frustration felt by the Mina community can be explained by Conway’s Law, which states that a system’s structure is defined by the social structure of the organization designing it. In other words, products mimic organizational structures.
The initial Layer 1 successes were driven by a unified team, and we’ve been struggling since. If teams had been under one roof, I’m confident we could have communicated better to define what Mina is, who it serves, and how developers can utilize it. Even though there is much work ahead, today’s news is a step in the right direction.
To overcome organizational frictions, I believe the public technical leadership of o1Labs has been delayed. Josh’s experience in helping unify the Cosmos ecosystem is what the Mina Foundation needs for an interim CEO, and the path to a decentralized treasury is now clearer.
Most importantly, Mina’s design is infinitely scalable. It scales at O(1) in transaction and block count, and O(n) in computation, allowing a decentralized network to avoid centralization over time and usage.
Vitalik recently noted that the Beam Chain proposal tries to replace Ethereum’s existing design with something akin to Mina’s, but it’s likely to take five years. o1Labs submitted this design four years ago… Let’s see what Mina can achieve with o1Labs back in the driver’s seat.
A special thanks to all Mina supporters, developers, and node operators who have ensured Mina’s progress amid the noise. Finally, I want to thank Kurt and Evan for their efforts to drive Mina forward over the years. The Mina ecosystem exists thanks to Evan and Izzy, and we will always be grateful for that.”
In summary, Mina appears to be in a better position now than before. If Josh Cincinnati can lead successfully and accelerate development under one roof, investor confidence and developer interest may revive.
To address the deep-rooted problems, the price must fall below the pre-sale price of $0.25. Currently, both the price and Mina (through o1Labs) seem poised for a restart. With the exits of Tekinalp and Kurt, the arrival of Cincinnati indicates this is the last chance. The Mina Coin graph reflects the pain endured by investors who have patiently waited for years due to their belief in the technology.
Wishing the best of luck to the Mina Coin community.
