In this post:
- Mynth, a decentralized cross-chain protocol designed for token swaps has unveiled its Initial Dex Offering (IDO).
- The protocol is built as a layer zero infrastructure and will now allow users to transfer digital assets across multiple networks.
- The DeFi platform also supports swapping any token for any other token across different blockchains.
Decentralized finance protocol Mynth has announced it has debuted its initial Dex Offering. The DeFi platform is designed to facilitate the swapping of digital assets, but thanks to its cross-chain feature, users will now be able to transfer tokens from one network to another.
Interoperability possesses great limitations to DeFi functionality prompting DeFi protocols to adapt accordingly. Mynth, a cross-chain DeFi protocol built for onchain token swaps has unveiled its Initial Dex Offering to offer users seamless cross-chain digital asset transfers serving multiple blockchain networks.
Mynth announces an IDO to boost interoperability in the DeFi space
Mynth announced that its protocol incorporates a layer zero infrastructure to permit users to transfer their assets through the protocol to multiple blockchain networks while simultaneously eliminating intermediaries and third parties. According to the announcement, the protocol offers users a wide range of utility including seamless swaps, peer-to-peer transactions, and a decentralized ecosystem for multi-chain token swaps.
The Mynth protocol is powered by MNT tokens, which also serve as the ecosystem’s native digital asset and utility token. The token actively enhances the protocol’s network security, promotes its decentralization infrastructure, and contributes to the network’s governance. MNT also plays a pivotal role in the protocol’s staking activities alongside its rewarding features.
The incoming IDO is scheduled for 21st January 2025. Each MNT token will retail at $0.10, a fixed price set as a standard across nine different platforms. Users willing to participate in the IDO will purchase MNT tokens using Circle’s USDC stablecoin. Mynth has a total MNT token supply of 99,989,832 which is also fixed. The team has allocated a total of 50,000,000 MNT tokens for the IDO and a vesting feature for core team tokens that vest for more than 36 months.
After the IDO is completed, the team at Mynth intends to use the raised funds to develop Protocol-Owned Liquidity (POL) in AMM DEX liquidity pools at a price 20% above the finalized fair launch price determined by the market.
The liquidity pool tokens will be locked in the Mynth DAO Treasury for 12 consecutive months to incentivize early participants with an immediate profit opportunity and support long-term market strength. After the IDO, Mynth’s inter-blockchain swaps will be enabled to allow transfers of MNT across different blockchains.
Mynth will charge users swap fees to raise revenue
Mynth’s revenue will originate from charging swap fees to customers and providing arbitrage opportunities in its network ties. The protocol currently serves more than five blockchains but its developers anticipate the ecosystem will house about 25 integrations before the year ends. The protocol will use the fees generated to purchase and burn MNT tokens ensuring a continuous reduction in MNT supply causing a subsequent demand rise.
The cross-chain swaps in the ecosystem will be managed by service operations also known as Lizards who receive MNT rewards in the process to maintain transparency in the network. Participants who stake MNT and own a rare Chameleon NFT will get involved in network verification activities that will yield them additional rewards.
MNT holders will also partake in network governing activities by being involved in the protocol’s decision-making process. The token will power community-driven decision-making adjourned to a legally structured entity under Mynth DAO. Mynth DAO is currently an unregistered entity operating through on-chain smart contracts. Mynth DAO announced a comprehensive roadmap featuring various marketing campaigns and expansion of offerings to more blockchain networks.
