DeFi News

DeFi Lending Protocol Minterest Closes Successful $5.52 Million Sale of MNT Token

DeFi Lending Protocol Minterest Closes Successful $5.52 Million Sale of MNT Token

The sale was conducted via an LBP (Liquidity Bootstrapping Pool) on Copper, ensuring the most equitable form of token distribution possible, in-line with Minterest’s core principle of making DeFi fairer

Minterest, a value-capturing lending and borrowing protocol designed to make DeFi fairer for users, has closed a $5.52 million USD token sale. Following the sale, and less than one and a half years since its inception, Minterest’s fully diluted valuation stands at $514M. Leading the charge, Minterest is set to introduce its DeFi 2.0 model, with greater capital efficiency and a fairer incentive structure. The LBP was the first step towards the launch of the Minterest protocol which is expected by the end of Q1 2022.

An LBP is a tried and tested approach that allows for unrestricted access to token distribution, allowing the market to determine the fair price of any crypto asset during the course of the event itself. This way, results are completely determined by supply and demand dynamics occurring within the LBP itself and over which individuals have little or no influence on the price.

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The Minterest LBP saw participation from a number of renowned funds, including DigiStrats, LucidBlue Ventures, DFG, and others. The LBP token event was held on Copper, ensuring the most equitable form of token distribution possible, in-line with Minterest’s core principle of making DeFi fairer.

Josh Rogers, CEO and Founder of Minterest, said, “At any time, Minterest’s LBP result would be regarded as strong, but that Minterest has received a $514M fully diluted valuation in today’s climate, prior to launch, is an indelible sign of the immense opportunity and potential it brings to the market. It reflects the protocol’s ability to fulfil its mandate, to take a dominant position in DeFi by maximising value to its users in a fair and equitable way, and we could not be more excited to bring this to the market very soon.”

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He concluded, “The success of the LBP underscores the fact that DeFi markets are maturing rapidly, with billions of Total Value Locked (TVL) pouring into the ecosystem. Users are demanding more inclusivity and our LBP reflects this. The strong support and interest from the community is truly incredible. By choosing the route of an LBP to fund the protocol’s treasury as opposed to more common practises, Minterest is setting the standard for fairness and inclusion in DeFi 2.0.”

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