Transparency Report — Q1 2022

Mina Foundation shares the Q1 2022 Transparency Report, covering key platform metrics, delegation program updates, and token information.

Mina Foundation, Inc. (the “Foundation”), which stewards the Mina Protocol, is deeply committed to being transparent about its operations, especially as they might be related to MINA tokens that are under control by the Foundation’s wholly owned subsidiary – Mina Foundation, Ltd., a British Virgin Islands company. Please refer to our annual transparency report for more information.

Key Platform Metrics

Mina Accounts

Mina Accounts Growth by Month

As of March 31, 2022, There are currently 100,032 unique accounts on the  Mina ledger.


In Q1 of 2022, there were 19,219 accounts delegating stake in the Mina protocol.

Block Production

Block Producers Amount by Month

Protocol Development

There are a total of 4,073 commits to the Mina Github repositories in the last  12 months with 63 unique contributors.  


Delegation Program Update

As mentioned in the Foundation’s Delegation Policy, the Foundation has delegated the voting power relating to the Mina Protocol it holds through ownership of the MINA tokens that it and its affiliates control to third-party block producers in an effort to promote decentralization within the Mina Protocol ecosystem. On April 13, 2022, the Foundation’s Delegation Policy was updated to include various revisions, as detailed here


Token Sale

As noted in the Foundation’s announcement, the Mina Protocol ecosystem has raised $92 million, collectively, from sales of MINA tokens to certain institutional purchasers.  The primary purposes of this raise for the Foundation are (a) to increase the Foundation’s grant pool so that the Foundation is able to launch more programs educating, promoting and guiding zkApp developers, especially in light of the product roadmap that the Foundation has published, and (b) to develop the Foundation’s own engineering team that can work alongside the Foundation’s diverse ecosystem partners on various initiatives.


Use of Tokens to Date

The Foundation’s Treasury (as of March, 23, 2022): 

  • 45.1m MINA Tokens
  • 37.7m USD and Stablecoins (USDC & USDT)

The Foundation has spent approximately 3.6m MINA from its treasury during the period covered by this report. Such expenses cover marketing, community, design, business development, business operations, and legal & regulatory.

The Foundation’s Grant (as of March 23, 2022):

  • 98.9m MINA Tokens
  • 38.7m USD and Stablecoins (USDC & USDT)

The total number of MINA tokens that the Foundation has issued to third parties as grants is 62,364 MINA. These grants include, among other things, grants from the Foundation’s Quarterly Grants Program, Technical Community Ambassador Program and zkApps Builders Program. 

Disclaimer: All tokens held by Mina Foundation, Inc. are held by its wholly owned subsidiary – Mina Foundation, Ltd., which is a British Virgin Islands company. 

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. Mina is stewarded by the Mina Foundation, a public benefit corporation headquartered in the United States.

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