Q2 2022 Quarterly Transparency Report
Mina Foundation, Inc.
Dates Covered: April 1, 2022 – June 30, 2022.
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. Previous transparency reports can be consulted here.
This quarter has been one of continued development for what we believe promises to be a significant year for Mina Protocol. Highlights from this past quarter include:
- Developer meet-ups held in Tel-Aviv, Istanbul, and Berlin with more than a dozen additional meetups planned across Europe, the Americas, and APAC in 2022.
- The Mina Foundation team was in full force during DevConnect 2022 in Amsterdam during April, as a lead sponsor of ETHAmsterdam as well as zkSummit 7.
- Strengthening of the Foundation and its ability to support the community with exceptional new hires across product, engineering, operations, marketing & community, developer relations and human resources.
- Top cryptocurrency exchanges Coinbase and Huobi added to the roster of reputable exchanges now listing MINA.
- Publication of the State of Zero Knowledge Report 2022 and its key findings, namely that 90.1% of respondents reported that cryptocurrencies using zero knowledge proofs are more attractive than ones that do not. Additionally, privacy is seen as the most important advantage of zero knowledge technology.
- Please visit the Mina Protocol blog for additional updates including developments from ecosystem partners O(1) Labs, =nil; Foundation, ChainSafe, OnTab, Aurowallet, Minanodes.info, Minaboard and Everstake.
Key Platform Metrics
Mina Accounts Growth by Month
As of June 30, 2022, There are currently 114,203 unique accounts on the Mina ledger.
In Q2 of 2022, there were 21,332 accounts delegating stake in the Mina protocol.
Block Producers by Month
Snark Workers per Month
There are a total of 2,799 commits to the Mina Github repositories in the first 6 months off 2022 with 66 unique contributors. Mina is currently number one, with the highest number of Github commits in crypto over this time period according to CryptoMiso.
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. Progress is being made on all of the items mentioned in the April 13, 2022 announcement concerning Delegation Program Improvements. Further updates have recently been provided in the Discord delegation-program channel including that a beta version of the updated uptime leader board is available here: https://uptime.minaprotocol.com/
Use of Tokens to Date
The Foundation defines Treasury as cash and token distributions that are intended to primarily promote and support the administration and operations of Mina Foundation.
The Foundation’s Treasury (as of July, 11, 2022):
- 45m MINA Tokens
- 38m USD and Stablecoins (USDC & USDT)
The Foundation has spent approximately 0.7m 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 defines Grants as cash and token distributions that are intended to primarily promote the Mina ecosystem and support the Mina Protocol community.
The Foundation’s Grant (as of June 30, 2022*):
- 98m MINA Tokens
- 28m USD and Stablecoins (USDC & USDT)
The total number of MINA tokens that the Foundation has spent on grants during the period covered by this report is 4.6m MINA. These grants include, among other things, grants from the Foundation’s Quarterly Grants Program, and zkApps Builders Program.
*It was originally published on 2022-07-21 that the Foundation’s Grant was as of March 23, 2022. This has been updated and corrected to reflect that the figures were as of June 30, 2022. This correction was published on 2022-08-17.
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).