$0 USD

MARCH 2021

GLOBAL

MINSWAP

DESCRIPTION OF EVENTS

"A Sassy UnderCat in Space. A decentralized exchange governed by a community that zaps."

 

"Earn Liquidity Providers that deposit both assets of a pair are rewarded with swap fees."

 

"Farm MIN tokens are rewarded to Liquidity providers who stake their Liquidity Pool Tokens."

 

"Zap-In Provide Liquidity with one token of the pair."

 

"A Mobile-native Wallet The Most Mobile Friendly DEX on Cardano Blockchain."

 

"Minswap is a Decentralized Exchange (DEX). The purpose of a DEX is to enable permissionless trading of token pairs. For each swap, a fee is taken, which goes to the Liquidity Providers (LPs). Anyone can provide Liquidity as well, hence profits are decentralized. Minswap is a community-centric DEX, in that $MIN tokens are fairly distributed, without any private or VC investment. Minswap has pioneered several ideas in the Cardano ecosystem such as the FISO model (touted as the fairest ISO model in the Cardano community) or a focus on Protocol Owned Liquidity."

 

"Minswap is the most prominent decentralized finance application on the Cardano blockchain with a total value locked (TVL) of $28.45 million."

 

"Our tokens are fairly distributed without any private or VC investment. This ensures our community of users are maximally rewarded, not speculators and insiders."

 

"In mid-September 2021, there was an Alonzo hard fork. In March 2021, the first major hack on the decentralized exchange MinSwap could have occurred, but thanks to the vigilance and professionalism of the WingRiders team, it did not."

 

"On January 21, 2021, the team announced that smart contracts will undergo a security audit by Tweag. Tweag is a software innovation lab specialized in Haskell development for fintech applications and platforms. The auditors found a total of 13 bugs, including 3 with severity Critical and two with severity High."

 

"The MinSwap team released an article on Medium on February 21, 2021, stating that the audit is complete and all bugs have been addressed. Subsequently, the exchange was launched on the Cardano main-net on 9 March. In a relatively short time, Total Value Locked (TVL) reached almost $200M."

 

"On March 19, the team announced that both smart contracts and the audit report are open-sourced available on GitHub. All interested parties could take a look at the source code of the smart contracts and the WingRiders team enters the scene.

 

The WingRiders team noticed a few bugs when examining smart contracts. Multiple bugs were critical. The WingRiders team tried to contact the MinSwap team on March 21 in the UTC evening and notified them of critical vulnerabilities that would allow someone to drain all the liquidity in the smart contracts."

 

"The team responded to WingRiders’s notification in the morning. Even though the MinSwap team knew there was a critical vulnerability in the code, they left the exchange running for several hours. On March 22 in the evening, the team announced that the MinSwap exchange would go into maintenance mode. The published reason was that several issues were found that needed to be fixed. Users were not able to swap, withdraw and harvest their yield farming rewards. The team ensured users that funds are SAFU!"

Minswap, a decentralized exchange (DEX) on the Cardano blockchain, is known for its community-centric approach, where $MIN tokens are fairly distributed without private or VC investment. Operating as a mobile-friendly DEX, Minswap allows users to earn liquidity provider rewards through swap fees and farm MIN tokens by staking Liquidity Pool Tokens. Despite being a prominent decentralized finance application with a total value locked (TVL) of $28.45 million, Minswap faced potential vulnerabilities. In March 2022, a security audit by Tweag uncovered and addressed 13 bugs, including critical and high-severity issues. However, in a subsequent examination by the WingRiders team, additional critical vulnerabilities were discovered, leading to Minswap entering maintenance mode to address these issues and ensure user funds' safety.

Sources And Further Reading

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