Cardano RealFi Weekly Newsletter - Issue #49
Last newsletter of 2022. Thanks everyone for an awesome year!
Nomad Bridge Relaunched
The Nomad Bridge is available and those who held madAssets may be able to recover some of their funds. For more info check out their latest medium post.
TeddySwap Stablecoin DEX
A new stablecoin DEX will be coming to Cardano February of 2023. I’m not a fan of the name and branding but having a place to exchange stablecoins would be beneficial since we have a few launching next year.
The projects is being done by Saturn Labs which worked on anetaBTC, TosiDrop and more.
Minswap Stable Swap?
After the announcement by TeddySwap, Minswap made this tweet.
Could we see a stableswap from Minswap Labs also?
Charli3 Christmas Competition
Charli3 is running a contest on Twitter. Share your Christmas story and you will have a chance to win 1000 $C3. You have until December 30th. Details in the tweet below.
Mesh Open Source Library
If you are looking for a resource for building web3 apps be sure to check out Mesh. Their recent update added lots of great things like minting native assets with Plutus scripts, support for staking transactions, reference script, and more.
BlueShift Holiday Competition
Blueshift is running a competition where you can earn a share of $5000 USD of milkADA & milkALGO tokens. Full details in the Twitter thread below.
Scam Tokens
Stay vigilant when buying tokens on DEXs. We have seen many fake tokens pop up this year in an attempt to get ADA from people. Always go by the policy ID from the project sources themselves. The latest was a fake $COTI token.
DYOR Tool by ScatDAO
Not everyone has the time to do deep dives on projects so it can be difficult to know which projects have the ability to deliver. One way you can research projects is using the DYOR tool by ScatDAO. You can see an example of the tool in use in the tweet by Gabe Carr-Harris. He used the tool to look into CswapDEX.
Meld Bank Managers
We got an update on the Meld Bank Managers. Looks like they updated the look of them. You can view them on the website NFT section. No details on the release date yet.
GENS Tokens
$GENS tokens from the Genius Yield public sale have been distributed and are available for trade on DEXs.
The first allocation of ISPO rewards will be distributed on January 1st so I expect there to be a sell off that day.
They have also opened up their staking platform where you can earn more tokens by locking yours up. Be sure to check vesting schedules before deciding on duration.
Minswap Breakdown
New to Cardano DeFi and don’t know about the projects. I’ll be breaking down different projects to get you up to speed. This week we talk about Minswap DEX.
Minswap DEX has around ~1000 daily users and a TVL of $22.44m Launched on mainnet on March 8th with features like swapping, Liquidity provision and pool creation.
Minswap quickly rose to the top of the DEX scene surpassing SundaeSwap & Muesliswap What has been the main reason for Minswap's success?
Minswap had a Liquidity Bootstrapping Event before the launch of the DEX, this allowed many users to get their $MIN tokens at a fair price.
Minswap also had a successful ISPO that allowed Stake Pool Operators to help distribute a large allocation of tokens to Cardano users Not only that but Minswap has added many features that make the DEX easier to use like the Zap which lets users quickly provide Liquidity
Farming on Minswap also allowed for LP stakers to earn tokens and be able to claim them with no lockup periods. This allows for balancing of pool rewards and for users to leave a position whenever they want!
Not only can you earn $MIN tokens while providing liquidity but normal $ADA rewards and sometimes extra tokens from projects such as AADA, SOCIETY, AGIX, and cNETA.
Minswap also provides a service called the Launch Bowl. It allows other projects to take advantage of the Liquidity Bootstrapping that Minswap did at a launch Projects like Indigo & Mocossi used this method with great success.
Recently Minswap launched their governance and allows for holders of $MIN tokens to vote on protocol changes If you held $MIN during the latest snapshot you can vote on the Fee Switch proposal right now.
Minswap has had it's downs also Wingriders informed the Minswap team of a flaw in their code that could allow stealing of all user funds. The flaw was then used to transfer all user assets to updated code. No user funds were lost.
A front-running exploit was also recently patched after being brought up to the team.
The Minswap team continues to innovate and listen to their community. Devs are constantly hard at work Have you tried out Minswap DEX?
Thanks for reading everyone. I hope you have a great Holiday and I’ll see you all here next year.