Minswap
MIN
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
MIN (Minswap) is a leading multi-pool decentralized exchange (DEX) on the Cardano blockchain. Active Development (7.5/10) remains strong, evidenced by the release of AMM V2, Stableswap, multiple SDK versions, and active governance proposals in 2025. Team and Governance (8.0/10) is a major strength, featuring a transparent founding team led by Long Nguyen and Richard Nguyen, no VC allocation, on-chain snapshot voting, and efforts toward legal decentralization via a Marshall Islands DAO LLC. Community Support (7.0/10) demonstrates high proposal turnout, live treasury dashboards, and active forum deliberation. On the economic side, Tokenomics (6.0/10) reflects long-term emissions overhang with a 70% yield farming allocation and ~25-29% float, though ongoing burn proposals and fee-sharing help mitigate inflation. Market and Use Case (5.5/10) demonstrates real product utility with millions of historical trades and liquid staking integration, but is constrained by a low market capitalization (~$5M) and thin trading volume. Security and Audit History (4.5/10) reflects comprehensive audits (Tweag, CertiK) and an incident in March 2022 where a critical smart contract bug was caught and patched before any user funds were lost ($0 financial loss), alongside an unrecovered price drawdown from launch-period valuations. No qualifying red-flag events apply, yielding a weighted average score of 6.45/10.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Minswap (MIN)
Minswap (MIN) is a decentralized exchange (DEX) operating on the Cardano blockchain. Founded in 2021 by Long Nguyen and Richard Nguyen, the platform implements a multi-pool automated market maker (AMM) architecture supporting multiple pool models, including AMM V1, AMM V2, and Stableswap pools. The protocol enables peer-to-peer asset swaps, liquidity provision, yield farming, and integration with Cardano's ADA liquid-staking mechanism.
The MIN token serves as the native utility and governance asset for the protocol. It has a fixed maximum supply of 5 billion tokens, with 70% allocated toward yield farming emissions. MIN holders can participate in on-chain governance snapshot votes, such as treasury distributions and proposals to transition the legal structure toward a DAO LLC in the Marshall Islands. Token utility also includes platform fee sharing and fee discounts. Because the majority of tokens are tied to a multi-year emission schedule, the protocol maintains a low circulating float (approximately 25% to 29%), which governance has sought to counteract through targeted token burn proposals.
In March 2022, shortly after its mainnet launch, a critical vulnerability was discovered in Minswap's smart contracts that had not been identified in its initial audit by Tweag. The development team temporarily halted order batching and migrated liquidity to patched contracts, resolving the issue without any loss of user funds ($0 loss). Minswap has since undergone additional security assessments, including multiple audits by CertiK through February 2025. In terms of market performance, the MIN token has experienced a substantial drawdown of more than 50% from its launch-period valuation and trades with relatively low token volume.