How to buy and hold MINA with Wigwam
1. Choose a token number that you want to buy
2. Create a wallet, where to store your crypto
3. Pay with credit card
4. Check your crypto in the created wallet
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The Mina (MINA) Token Review
MINA is the native token of the Mina blockchain, a digital platform that promotes inclusivity and decentralization and prioritizes security.
About the Mina Network
The Mina project started in 2017, and the team prioritized creating a secure, decentralized blockchain. After three years, Mina was launched following several testnet phases. However, its official mainnet was introduced in March 2021.
Mina is known as the lightest blockchain globally and uses zk-SNARKs, a technology that proves the authenticity of a statement without sharing private details.
Mina hosted its initial coin offering the following month, and it raised over $18 million. This marked the introduction of MINA, a utility token used within the network for user interactions and transaction payments. Due to its ongoing token creation approach, it has a market cap exceeding $700 million and no maximum supply.
The MINA Token Use Cases
- Staking Rewards - Users can contribute to the network’s operations by staking MINA on the protocol. In return, they’ll receive rewards based on the number of coins they hold.
- Transaction fees - Token holders use the coin to pay for transaction fees on the network
- Governance - MINA token gives holders the right to vote and participate in the network’s decision-making and development.
- Incentives for Validators: The Network validators receive MINA tokens as incentives for participating in the blockchain’s proof of stake (PoS) consensus.
- dApps Interaction - Holders use the MINA token to interact with Snapps, Mina’s general-purpose SNARK-enabled smart contracts
The MINA token has 1.02 billion coins in circulation, and its current market cap is $776 million. Holders use the coin for staking and executing transactions and interacting with dApps. The main holders of MINA are users who receive the tokens as reward for contributing to the network operations and those using the coin for transactions. The initial distribution of MINA comprised 1 billion tokens, which were divided among various groups. The community received 42.3%, core contributors got 23.6%, backers had 20.5%, O(1) Labs received 7.5%, and the MINA foundation endowment got 6.0%. The current price is $0.75. Market sentiments, network adoption, and advancements in the Mina Protocol technology influence the coin value.
Like many other digital currencies, this token price fluctuates in the market. Also, the crypto space is highly competitive because new projects are constantly entering the market. MINA might find itself in competition with fresh tokens that have similar use cases.
You can easily buy this token in the Wigwam blockchain wallet or on crypto exchanges, like Kraken or Coinbase. Another user-friendly option is the Binance exchange.
You can stake MINA tokens using wallets that support staking, and reputable options like Auro and clor.io cater to users at all levels. Visit the official website of your chosen wallet, download and install it.
Create an account, verify your identity, and transfer MINA tokens to your wallet. There’s a fee of 1 MINA for account activation. Then, head to the staking section, where you’ll find a list of available block producers. Each may have different performance metrics, fees, and rewards.
Evaluate and select a pool that aligns with your staking goals. After selecting a block producer, follow the wallet instructions to delegate MINA to that specific validator. It typically involves choosing the amount of coins to stake and confirming the delegation transaction. Your tokens will actively participate in the selected pool, and you’ll be eligible for rewards based on the number of coins you hold. It’s advisable to review the pool performance periodically.
Blockchain explorers provide the best interfaces for users to check address activities on the network. Two popular options are Minascan and Mina Block Explorer. With Minascan, you can see the list of available validators and view total user transactions. Meanwhile, Mina Explorer allows users to check block and transaction history.
Add MINA tokens to a crypto wallet that supports the blockchain. Metamask and Auro wallets are popular examples. Click Add Network, choose Mina mainnet from the dropdown menu, and select Add Tokens. Type MINA in the search box, click it in the results, and import the tokens into your wallet. Switch to the manual approach if you don’t see your assets after importing. Click on “custom token” and enter the MINA token address. Then, input “MINA” for the symbol and “18” for decimals. Confirm the details and check your assets in the wallet.
The token price is volatile, posing a potential risk for buyers if its value drops. Additionally, regulatory developments may create uncertainty in the market. Therefore, users must research and understand the current market conditions before investing.