Mina Protocol serves as the universal proof layer for private and secure verification. As a decentralized blockchain, it allows global participation, whether actively through block production or passively via delegation. The MINA token, the native currency of Mina, powers block production and SNARK proof transactions via the Snarketplace.
This guide details MINA’s token distribution at mainnet launch (March 2021) and subsequent allocations.
Definitions
- Genesis Block: The first block of Mina’s blockchain, containing the Initial Supply tokens distributed to recipients.
- MINA Token: Divisible up to 9 decimal places, used for staking and Snarketplace transactions.
- Mina Foundation (MF): A Swiss-based entity supporting protocol development and ecosystem growth.
- o1Labs: The startup incubating Mina, focused on cryptographic innovations.
- Staking/Delegating: Proof-of-Stake mechanism without slashing or bonding periods.
- Lock-ups: Most tokens were locked initially but could be staked/delegated.
Initial Distribution
The Initial Distribution comprised 805,385,694 MINA tokens, allocated as follows:
1. Community Distribution (42.3%)
- Pre-Mainnet Genesis Members (4.4%): 66,000 MINA each to 663 members, vested over 4 years.
- Community Sale (7.5%): Tokens sold via CoinList in April 2021.
- Project Grants (11.0%): Funded ecosystem projects like zkApps.
- Supercharged Rewards (4.6%): Extra block rewards (removed per MIP 1 in 2023).
- Post-Mainnet Genesis Members (8.8%): Unimplemented; pending community vote.
- SNARK Mining (6.0%): Potential future subsidies for SNARK producers.
2. Mina Foundation Endowment (6.0%)
- 20% unlocked at launch; the rest vested over 3.5 years. Delegated per MF’s Delegation Program.
3. o1Labs Endowment (7.5%)
- Unlocked over 4 years to support protocol development.
4. Backers (20.5%)
- Tokens allocated to 46 institutional investors, unlocking over 18 months post-launch.
5. Core Contributors (23.6%)
- Grants for o1Labs team and advisors, vesting over 4 years.
6. Block Rewards
- Inflationary rewards distributed to stakers/delegators.
Inflation and Supply Dynamics
- Inflation: MINA has no supply cap. Initial inflation targeted 12% annually (assuming 100% staking).
- Initial Supply: Tokens minted at Genesis Block (excluding Post-Mainnet Genesis, SNARK Mining, and Supercharged Rewards).
Circulating vs. Staking Supply:
- Circulating Supply: Increases via unlocks and block rewards.
- Staking Supply: Includes all existing tokens (locked/unlocked).
FAQs
1. How are MINA tokens used?
MINA powers staking, block production, and SNARK proof purchases.
2. What’s the total initial supply?
805,385,694 MINA at mainnet launch.
3. Are MINA tokens inflationary?
Yes, with block rewards minting new tokens indefinitely.
4. How do Supercharged Rewards work?
They provided extra staking incentives until removed in 2023 via MIP 1.
5. Can locked tokens be staked?
Yes, locked tokens are eligible for staking/delegation.
Summary
Mina Protocol leverages zero-knowledge proofs for scalable, private blockchain applications. Its decentralized token distribution prioritizes community involvement, with transparent unlocks and inflation mechanisms.
👉 Explore Mina’s ecosystem to join the future of zk-powered apps.
For errors or updates, contact the Mina team via Discord.
About Mina Protocol
Mina is the lightest blockchain (22kb), enabling zkApps and privacy-focused smart contracts. Learn more at minaprotocol.com.
Disclaimer: Data reflects estimates as of May 2024. Terms subject to change.