Minswap’s double farm system allows other protocols to reward their liquidity providers with Cardano native tokens
Cardano-based Minimum DEX exchange announced the opening of a new double farm. Users can now provide liquidity in the NMKR/ADA pair and earn both MIN and NMKR.
Minswap’s double farm system allows other protocols to reward their liquidity providers with Cardano native tokens. This implies that liquidity providers who are yield farming on the NMKR/ADA pair on Minswap earn both MIN and NMKR. MIN is Minswap’s utility and governance token, allowing users to participate in DeFi products on the platform.
On Minswap, the double truss mechanism works the same as normal trusses. Rewards accumulated in both tokens are sent and the new amount of LP tokens start collecting rewards each time a user stakes new liquidity pool tokens or withdraws part of the staked liquidity pool (LP) tokens. Instead of just getting MIN rewards, liquidity providers can earn an extra token.
Minswap, the first multi-pool DEX on Cardano, announced its debut on the Cardano mainnet in March, allowing its users to deposit liquidity in exchange for rewards and to swap tokens in a decentralized way.
Cardano’s DeFi ecosystem
Cardano Minswap is the largest of the Cardano decentralized exchanges followed by DefiLlama, accounting for around half of the total value locked on the Cardano blockchain.
With approximately $65.61 million in TVL, Minswap retains 45.37% market dominance. In the prior month, the Cardano-based DEX’s TVL increased by roughly 20.83%. Other Cardano DEXes Sundaeswap, Wingriders, Muesliswap and ADAX pro are facing increases of 30.92%, 17.23%, 579% and 41.43% monthly.
According to data from DefiLlama, the Cardano DeFi ecosystem has attracted more funds, registering a positive 24-hour change of almost 2% of its total value locked (TVL), which currently stands at $144.62 million. .
