Meteor LBE, Mainnet Launch, Yield Farming & More

  • Fair Price Discovery and Transparency: we will not launch the DEX and decide the price of the MIN/ADA pair ourselves, but rather it will be the community that sets a fair price by how much ADA is provided. The price of the MIN/ADA pair during the LBE will be visible at all times in our UI.
  • Equitable and Wide Distribution: participation is permissionless and the barriers of entry to partake are very low, you just need to own ADA! Everyone, regardless of their capital size, will be able to join the event on equal terms, which will result in broader token distribution. As a community governed project, we will begin to rely more and more heavily on the DAO, so we think the more governance participants the better.
  • Less backlog pressure on the DEX: while we expect congestion to still be a factor, we want to avoid a situation where users rush and need to wait days under uncertain conditions in order to swap in the MIN/ADA pair. In this way, we hope everyone can get their hands on the MIN they want and avoid long queues.
  • No front-running by a smart whale: given the price will be determined only at the end, and there will be the same price for all participants, it’s not possible for a smart whale to submit an order before the launch of the DEX.
  • Trust in the Minswap team: Minswap has developed a secured and fast off-chain system for the LBE, so that it will process requests smoothly even with chain congestion. However, there is a trust element on the Minswap team during the event.
  • Price volatility: there will be significant price volatility prior to, during and after the event. Of course, the starting price will be very low compared to current price and adjust throughout the event. It’s also possible the price changes significantly at the last minute. We recommend those wanting to participate to do thorough research, and we have compiled a series of valuable resources below we believe can help that effort.
  • First time approach: it’s the first time we are deploying this mechanism and it will be the first time such a bootstrapping mechanism is utilized on the Cardano blockchain. Measures will be taken such as deploying the mechanism on the public testnet first in order to ensure the execution is as smooth as possible.
  • Custody of Funds: implementing on-chain governance on Cardano has proven to be challenging given our mainnet launch time constraint and smart contract limitations. Even though we have good security practices and experience, we would like to avoid having a significant amount of LP tokens in a team wallet for an extended period of time. That is why we will lock LP tokens in a verifiable open-source contract for 6 months, while we develop a DAO treasury management contract.
  • 23rd of February to March 4thDiscovery Phase: you can supply ADA to the LBE.
  • March 3rd to March 4th: Projects can create pools and provide the initial liquidity for their pairs.
  • March 5th: Anyone can start providing liquidity to existing pools on the DEX.
  • March 5th to March 13th Encounter Phase: you can redeem the provided ADA for MIN/ADA LP tokens.
  • March 8thMainnet Launch — You can swap, Provide Liquidity and create pools.
  • March 14th: Yield farming opens in selected farms.
  • Perpetuals Protocol shares their experience with Liquidity Bootstrapping here.
  • Maple Finance shares case studies on Liquidity Bootstrapping here.
  • SundaeSwap shares their idea for Liquidity Bootstrapping or “Taste Test” here.
  • Loops Markets explains the fundamentals of Liquidity Bootstrapping Pools here.
  • Astroport shares their approach to Liquidity Bootstrapping here.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Minswap Labs

Minswap Labs

Minswap is the multi-pool decentralized exchange on the Cardano blockchain: