Minswap LBE V2: Achievements, KPIs and Learnings

This Article is part of the final Milestone for the Minswap LBE V2 Catalyst Proposal. We’ve come a long way since the Catalyst Proposal, let’s take a deeper look!

Key achievements

• Our smart contracts underwent a rigorous review process during Audit by CertiK and we’re glad to say NO bugs were found.
• We also open-sourced the code for 15+ days before launch and launched a 107k ADA$ bug bounty, encouraging developers and users to inspect it thoroughly. Still no bugs were reported.
• We then decided to keep the Bug Bounty program running infinitely.
• We launched the LBE V2 on mainnet.
• We coordinated with Cardano content creators to get more visibility (see here, here and more)

KPIs

In the original Catalyst Proposal, we described two types of measures to be used to measure the success:

Quantitative Measures:

• Number of projects/tokens launched through LBE V2 in 2 weeks: As of the launch of LBE V2, in two weeks, 6 tokens have completed their LBE while 7 others are in progress (i.e., live right now).
• Total Value Locked: how much of Cardano assets liquidity is the Minswap V2 capturing across Cardano? → More than 36% of Cardano DEX TVL is on Minswap according to DeFi Llama.
• Volume: how much volume is the Minswap capturing across Cardano → Volume is similarly dominant with over 50% market dominance just by Minswap V2 and a total of 65% (DEX V1 + DEX V2) as shown here on TapTools.

Qualitative Measures:

• Composability across Cardano DeFi: how are other protocols using the Minswap LBE V2 to contribute all across the ecosystem? → so far, a total of 13 tokens have used LBE v2 successfully as you can see here.
• Liquidity raised, Wallet participation, TVL, Volume and Token performance post-LBE: the LBE V2 is still in early stages. No large Cardano project has used it yet. In current market conditions, not many new projects and tokens are launching on Cardano, but this may change quickly and so will adoption of LBE V2.

Key learnings

The goal of Launchbowl Events (or LBE) has been to provide Cardano and Cardano community with a fair means of launching tokens regardless of one’s background, status, etc in the ecosystem. We wanted to provide a platform where no frontrunning or other sorts of manipulation is possible — and we successfully did. LBE is permissionless, the fees for setting one up are minimal. It’s secure as proven by the audits and bug bounty program. It is fair as everyone gets the same time, chance to participate and also launch their tokens in the Cardano’s biggest DEX. And finally, it’s decentralized as Minswap Labs has no control over who launches what. We’re happy with what we’ve built and we’re excited for the community to make use of it.

Feedback on LBE V2

Soon after the launch, we made a tweet asking for feedback on the LBE V2. There haven't been many responses, but a piece of good feedback was to have a lightweight version for quick launches via “recommended settings” and a more customizable one via “customizable settings”.

Conclusion

We would like to thank the Cardano community for trusting their Votes in Catalyst to Minswap Labs to deliver on this Proposal. We are happy with the results, but we strive to do better with every passing day.