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Minswap’s double farm system allows other protocols to reward their liquidity providers with Cardano native tokens
Cardano-based DEX Minswap has announced the opening of a new double farm. Users can now provide liquidity in the NMKR/ADA pair and earn both MIN and NMKR.
Announcing the opening of a new Double Farm on Minswap 🚜😺
— Minswap (@MinswapDEX) June 9, 2022
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 Farm Mechanism works in the same way as normal farms. The accumulated rewards in both tokens are sent and the new amount of LP tokens starts collecting rewards whenever a user stakes new liquidity pool tokens or withdraws a portion of the liquidity pool (LP) tokens staked. Instead of merely getting MIN rewards, liquidity providers get to 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 tracked by DefiLlama, accounting for roughly 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, recording a positive 24-hour change of nearly 2% in its total value locked (TVL), which is currently at $144.62 million.
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