Mina Protocol, a next-generation succinct ZK blockchain, has reached a significant milestone with the audit completion and release of its fungible token standard. This development allows builders to create and manage custom tokens on Mina, opening up exciting possibilities for real-world assets (RWA), on-chain gaming, decentralized finance (DeFi), and more!
Veridise Security Audit
Before its release, the Mina Fungible Token Standard underwent a rigorous security audit by Veridise, an industry-leading security audit company specializing in Formal Methods. The audit encompassed the standard fungible token contract implementation and relevant components of the o1js library. The auditors did a great job, and their scrutiny led to an improvement of the standard. All security-relevant issues identified as critical, high, medium, and low severity have been addressed. See the full report and findings here.
Mina Fungible Token Standard Key Features
- Custom Token Creation: Developers can deploy smart contracts that act as token managers.
- Unique Token Identifiers: While token symbols (names) aren’t required to be unique, each token has a distinct identifier derived from the manager’s public key.
- Supply Control: Token managers can specify rules for creating new tokens when the contract is deployed. The standard allows for minting, burning, and transferring tokens, adding a new layer of functionality to the Mina ecosystem.
- Transfer Capabilities: Any account can initiate a token transfer, but it must be approved by the Token Manager zkApp, ensuring security and control.
- zkApp Integration: Developers can create zero knowledge applications (zkApps) that interact with these tokens, enabling complex use cases.
Potential Applications
The Mina Fungible Token Standard paves the way for a diverse ecosystem, including:
- Tokenized real-world assets
- In-game currencies and reward systems
- Decentralized exchanges and lending platforms
- Governance tokens for DAOs
- Stablecoins and synthetic assets
Whether you’re tokenizing assets, creating on-chain games, or building the next big DeFi protocol, this fungible token standard will help bring your vision to life.
Get Started Today
The Mina Fungible Token Standard is now ready for developers to explore and implement. Mina Foundation invites you to dive into the reference implementation, experiment with the standard, and start building your custom tokens on Mina. Join the Mina developer community on Discord to share your projects, get support, and collaborate with other innovators in the space. There will also be a dedicated Office Hours on August 29, 2024 to answer your technical questions about the standard.
Read the documentation to access comprehensive guides, API overview, and sample code to kickstart your token project today!
About Mina Protocol
Mina is the world’s lightest blockchain, powered by participants. Rather than apply brute computing force, Mina uses advanced cryptography and recursive zk-SNARKs to design an entire blockchain that is about 22kb, the size of a couple of tweets. It is the first layer-1 to enable efficient implementation and easy programmability of zero knowledge smart contracts (zkApps). With its unique privacy features and ability to connect to any website, Mina is building a private gateway between the real world and crypto—and the secure, democratic future we all deserve.
