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Minswap’s dual farm system allows other protocols to reward their liquidity providers with native Cardano tokens
Cardano-based DEX Minswap has announced the opening of a new dual farm. Users can now provide liquidity on the NMKR/ADA pair and earn both MIN and NMKR.
Announcing the opening of a new Double Farm on Minswap 🚜😺
You can now provide liquidity in the $NMKR/$ADA pair and earn both $MIN and $NMKR 🔥
👉https://t.co/X9WsgeHS1p pic.twitter.com/63IDkMFXNF
— Minswap (@MinswapDEX) June 9, 2022
Minswap’s dual farm system allows other protocols to reward their liquidity providers with native Cardano tokens. This implies that liquidity providers yield farming on the NMKR/ADA pair on minswap earn both MIN and NMKR. MIN is Minswap’s utility and governance token that allows users to participate in DeFi products on the platform.
On Minswap, the double farm mechanism works the same as normal farms. The accumulated rewards in both tokens will be sent and the new amount of LP tokens will start accumulating rewards when a user wagers new Liquidity Pool tokens or withdraws part of the wagered Liquidity Pool (LP) tokens. Instead of only receiving MIN rewards, liquidity providers can earn an additional token.
Minswap, the first multi-pool DEX on Cardano, announced its debut on the Cardano mainnet in March, allowing its users to deposit liquidity for rewards and swap tokens in a decentralized manner.
To sue
Cardano’s DeFi ecosystem
Cardano Minswap is the largest of the Cardano decentralized exchanges tracked by DefiLlama and accounts for about half of the total value locked on the Cardano blockchain.
With approximately $65.61 million in TVL, Minswap maintains a 45.37% market dominance. In the previous month, the TVL of the Cardano-based DEX increased by about 20.83%. Other Cardano DEXs Sundaeswap, Wingriders, Muesliswap and ADAX pro are facing monthly increases of 30.92%, 17.23%, 579% and 41.43% respectively.
According to data from DefiLlama, the Cardano DeFi ecosystem has attracted more funds, seeing a nearly 2% positive 24-hour change in its total value (TVL), which currently stands at $144.62 million.
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