Minswap’s double farm system allows other protocols to reward their liquidity providers with Cardano native tokens
cardano-based dex minswap Announced the opening of a new double farm. Users can now provide liquidity in the NMKR/ADA pair and earn both MIN and NMKR.
Announcement to open a new double farm on Minswap
https://t.co/X9WsgeHS1p pic.twitter.com/63IDkMFXNF— Minswap (@MinswapDEX) 9 June 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 cultivating the NMKR/ADA pair on MinSwap earn both MIN and NMKR. MIN is the utility and governance token of Minswap, which allows users to participate in DeFi offerings on the platform.
On Minswap, the Double Farm Mechanism works just like a normal farm. The accumulated rewards in both tokens are sent and whenever a user stakes a new Liquidity Pool token or withdraws a portion of the Liquidity Pool (LP) token the new amount of LP Token starts collecting rewards. Instead of just receiving MIN rewards, liquidity providers have the opportunity to earn an additional token.
Minswap, the first multi-pool DEX on Cardano, announced its launch on the Cardano mainnet in March, allowing its users to accumulate liquidity in exchange for rewards and swap tokens in a decentralized manner.
Cardano’s DeFi Ecosystem
Cardano Mineswap is the largest of the Cardano decentralized exchanges tracked by DeFilama, accounting for almost half of the total value locked on the Cardano blockchain.
With approximately $65.61 million in TVL, Minswap has maintained 45.37% market dominance. Over the past month, the TVL of the Cardano-based DEX has increased by about 20.83%. Other Cardano DEXes Sundaeswap, Wingriders, Muesliswap and ADAX pro are facing monthly gains of 30.92%, 17.23%, 579% and 41.43%.
According to data from Defilama, the Cardano DeFi ecosystem has attracted more funds, recording a positive 24-hour change of around 2% in its Total Value Locked (TVL) which currently stands at $144.62 million.