Cryptocurrency exchange OKEx has announced the listing of MINA, which is the native token of the Mina protocol.
Mina describes itself as a minimal “succinct blockchain,” i.e. the world’s lightest blockchain, which improves the efficiency of running on-chain dApps.
The Mina protocol (formerly Coda Protocol) was created to precisely reduce computational requirements to execute dApps as efficiently as possible. Furthermore, the size of its blockchain was designed to remain constant, regardless of the increase in its usage, while remaining balanced in terms of security and decentralisation.
MINA’s total supply is one billion tokens, with initial inflation at 12% per year, which will gradually fall to 7% over the first five years before settling at this figure.
MINA after landing on OKex
When it landed on the cryptocurrency markets two days ago, the price was $6.54, but over these first two trading days, it has fallen to $2.78 before rising again to around $4.8. In other words, the volatility of its price in the days following the listing has been significant.
OKEx CEO Jay Hao said:
“The Mina Protocol helps to bring balance in terms of security and decentralization. OKEx is not only a trading marketplace for users but a platform to gather blockchain minds alike, and we look forward to partnering more with like-minded initiatives like the Mina Protocol”
Indeed, one of the problems preventing anyone from having their own blockchain node is the size of the blockchain, which increases as new transactions are recorded.
For example, Bitcoin’s blockchain now exceeds 400GB, while Ethereum’s is close to 350GB. Since it is virtually impossible for every wallet to download the entire blockchain, most Bitcoin or Ethereum wallets in use rely on third-party nodes to store and validate transaction compliance with the protocol in use. Instead, by drastically reducing the size of the blockchain, each wallet could be a node, as it was, for instance, at the beginning for Bitcoin, so that it does not have to rely on third parties.