Minswap V2 & Audit: Achievements, KPIs and Learnings
This Article is part of the final Milestone for the Minswap Aiken V2 Audit Catalyst Proposal. We’ve come a long way since the Catalyst Proposal, let’s take a deeper look!
Key achievements
- Hosted a Mega X Spaces inviting the entire ecosystem including normal users to celebrate the launch of Minswap V2 + answer any Qs or concerns they have.
- Worked with CertiK, the industry standard audit firm, to audit the Minswap V2.
- Performed another (2nd) audit on the Minswap V2 with Anastasia Labs to make sure the code is flawless.
- Wrote an in-depth article with key informations, features and audit insights and shared it with the community.
- Open sourced the V2 code and shared it with all the Cardano community along with a Bug Bounty to compensate anyone for finding bugs.
- Collaborated with the community members to write a complete two part guide on Minswap Dynamic Fees for Minswap V2 (see here and here)
- Launched the V2 on mainnet and coordinated with Cardano content creators to get more visibility (see here, here, here, here and more)
- Launched an Incentive Program to fasten the migration from V1 to V2.
KPIs
In the original Catalyst Proposal, we described two types of measures to be used to measure the success:
Quantitative Measures:
- Total Value Locked: how much of Cardano assets liquidity is the Minswap V2 DEX capturing across Cardano? → More than 36% of Cardano DEX TVL is on Minswap according to DeFi Llama.
- Volume: how much volume is the Minswap V2 capturing across Cardano → Volume is similarly dominant with over 50% market dominance just by Minswap V2 and a total of 65% (V1 + V2) as shown here on TapTools.
- Monthly Unique Active Wallets: how many monthly unique wallets are using the Minswap V2 DEX? → Minswap had 17k active wallets as of last month.
- Throughput improvements: how does an Aiken based (Plutus V2) Smart Contract improve throughput of DeFi dApps on Cardano? → thanks to Aiken, the throughput of the Minswap V2 has improved by more than 10x. Minswap V1 had a throughput of 3 whereas Minswap V2 has a throughput of 36 orders per batch.
Qualitative Measures:
- Composability across Cardano DeFi: how are other protocols using the Minswap V2 to contribute all across the ecosystem? → so far, all the top cardano projects have liquidity pairs on Minswap V2.
- Open Source usage: how are developers finding the Aiken Minswap V2 DEX useful? → the code was open sourced along with a Bug Bounty where vulnerabilities discovered were compensated.
- User Feedback: constant feedback from the community around the throughput, features and user experience will be gathered and used for improvements → a post for sharing of feedback was shared with the community.
Key learnings
Minswap V2 had two audits to make sure the contract was ready to use and scale for masses without affecting security on any levels. As we did it, we also fixed the minor and major bugs that came along the way. We then launched the bug bounty to the public which resulted in one minor and one medium bug coming up that we fixed successfully and in a timely fashion. The numbers say a lot when it comes to the success of Minswap V2: 50% dominance in ALL over the ecosystem just by Minswap V2 and if added to the V1 part, the dominance goes to 65%. Not only this, but being the #1 dApp on Cardano as listed by DeFillama with a TVL of $50m.
Feedback on Minswap V2
3 days after the launch, we made a tweet asking for feedback on Minswap V2. the response was overwhelmingly positive, with many users highlighting they liked the sound effects and the improvement on the performance. Feedback was even integrated during a Beta Tester phase prior to launch, as can be seen in this tweet.
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.
