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Report

Transparency Report — Q3 2022

Mina Foundation shares the Q3 2022 Transparency Report, covering key platform metrics, delegation program updates, and token information.

Q3 2022 Quarterly Transparency Report

Mina Foundation, Inc.
Dates Covered: July 1, 2022 – September 30, 2022.

 

Mina Foundation, Inc. (the “Foundation”), which supports the Mina Protocol, is deeply committed to being transparent about its operations, especially as they might be related to Mina tokens (“MINA”) that are under control of 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.

 

General Update

  • zkApp Beta Testers
    • 1.3k signups
    • About 50 builders were invited to join the zkApp beta testers leaderboard
    • Over 150 challenges submitted by the invited builders
    • 7 zkApps developed through the zkApp beta testers leaderboard. This brings the total number of zkApps that are live on the community-created website https://zkappsformina.com/ to 31
  • Testnet Alpha
    • The Berkeley Testnet Alpha is the first phase in the march towards easy zkApps programmability on mainnet, and will be a collaborative journey among zkApp developers, ecosystem partners, node operators, and Mina community members to strengthen the protocol through testing and feedback
    • This allows more zkApps to be tested in a live and public environment, with the primary goal of this phase to understand and implement feedback on what’s working, and what needs improvement as we work toward a future incentivized testnet
    • We encourage testnet participants to test out creating experimental ‘custom tokens’ on Mina by using SnarkyJS API (similar to ERC-20)
  • Quarterly Grants Program
    • This quarter, 67 members have become eligible to apply for a grant as part of our quarterly grants program. 78,150 MINA and 34,950 USDC have been set aside for candidate grantees. Each token grant is subject to each grantee’s satisfactory clearance of onboarding requirements. For a full list of contributions and grantees, please check out this overview
  • Please visit the Mina Protocol blog for additional updates including developments from ecosystem partners 

 

Key Platform Metrics

Mina Accounts

Mina Accounts Growth by Month

Data and graphics provided by 5x.

As of September 30, 2022, there are currently 122,429 unique accounts on the Mina ledger.

 

Delegation

In Q3 of 2022, there were 24,662 accounts delegating stake in the Mina protocol.

Data and graphics provided by 5x.

 

Block Production

Block Producers by Month

Data and graphics provided by 5x.

 

Snark Workers per Month

Data and graphics provided by 5x.

 

Protocol Development

There are a total of 3,748 commits to  the Mina Github repositories in the first 9 months of 2022  with 70 unique contributors. 

Data and graphics provided by 5x.

 

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. 

Key updates for this quarter include:

  • Increase of  participants per cycle from 120 to 240
  • Implementation of FastPass onboarding
  • Alternative KYC provider being available for participants. We have adopted an additional KYC/AML screening solution from Synaps. Synaps will available for future KYC onboarding along with current KYC/AML screening provider, CoinList

 

Use of Tokens to Date

Treasury

The Foundation defines Treasury as cash and token distributions that are primarily intended to promote and support the administration and operations of Mina Foundation.

The Foundation’s Treasury (as of September 30, 2022): 

  • 45m MINA Tokens
  • $37m USD and Stablecoins (USDC & USDT)

The Foundation has spent approximately 0.8m MINA from its treasury during the period covered by this report. Among other things, such expenses cover community, design, business operations, and legal & regulatory.

 

Grants

The Foundation defines Grants as cash and token distributions that are primarily intended to support the Mina ecosystem and encourage development in the Mina Protocol community.

The Foundation’s Grant (as of September 30, 2022):

  • 99m MINA Tokens
  • $24m USD and Stablecoins (USDC & USDT)

The total number of MINA token grants that the Foundation has paid during the period covered by this report is 0.03m MINA (this amount reflects tokens that were actually paid and does not include tokens committed to be paid in Q3 based on various programs). These grants include, among other things, grants from the Foundation’s Quarterly Grants 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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