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Report

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.

Delegation

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 Protocol is being incubated by O(1) Labs, the leader in zk-SNARKs and verifiable computation. Mina Protocol, the world’s lightest blockchain, provides a foundation for the decentralized digital economy (Web 3.0), by affording all participants fully P2P, permissionless access to the chain, from any device. By utilizing recursive zk-SNARKs, the Mina blockchain always stays the same size — about 20 kilobytes (the size of a few tweets). Recursive zk-SNARKs allow nodes to rapidly share and update proof of the correct blockchain state across the network. This breakthrough application of zk-SNARKs solves the issues of scalability and high barrier to entry for nodes that have plagued legacy blockchains to-date. By making it easier for nodes to participate, Mina improves decentralization and therefore security of the network. The Mina blockchain can be easily accessed from any device, including phones and browsers, and can be seamlessly integrated into new decentralized applications (dapps).

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