The Mina Foundation, based in Geneva, Switzerland, is committed to providing transparency to the community regarding, among other things, token activities, operations, holdings, and protocol developments.

Governed by the Mina Foundation Board of Directors, the Foundation is currently led by the following four members:

• Evan Shapiro, Chairman of the Board , former CEO Mina Foundation, co-founder of Mina Protocol, co-founder of o1Labs
• Marco Di Maggio, Professor of Finance at Imperial College Business School, Faculty Research Fellow at National Bureau of Economic Research, Co-founder of Nesa AI
• Tess Rinearson,  Product at OP Labs and former Crypto Engineering Lead, Twitter
• Josh Cincinnati, Interchain Foundation President, former Executive Director of Zcash Foundation

This transparency report covers the period from January 01, 2024 until December 31, 2024.

In 2024, Mina saw major technical growth and global expansion. Learn more about the progress and worldwide presence.

Mina Foundation has established a team to work on supporting Mina Protocol's governance. Read more about the latest initiatives.

Vision

In May 2024, the Mina Foundation Decentralized Protocol Governance Team published a governance vision proposal for the Mina Ecosystem. Evan Shapiro, Chief Product and Strategy Officer, published a high-level summary of this proposal.

Community Leaderboard

Starting from July 2024, the team supports the Community Leaderboard program, which incentivizes developer contributions to products and furthers the Mina Protocol's programmability. The monthly results are available on Mina's Discord server:

og posts:

• July 2024

• August 2024

• September 2024

• October 2024

• November 2024

• December 2024

Mina Ecosystem Funding

In August 2024, the team started initial tests of Mina Ecosystem Funding. This experiment involved 14 participants (including community members) who collectively decided how to allocate a budget of $1,000 as donations to charities. The initial design of the decision-making process was informed by learnings from zkIgnite, Navigators, and Core Grants programs. More details about it and the broader decision-making processes for ecosystem funding are available in the following blog posts:

• An update on zkIgnite and Mina Foundation’s grant programs

• A new funding process for Mina’s ecosystem

• Results and learning from the first MEF tests

Mina Improvement Proposals

In September 2024, the team proposed improvements to the MIP process on MinaResearch. In November, it was submitted as the official MIP upgrade proposal for a new and enhanced MIP process (and MIP template) with multiple categories (initially engineering, governance, and economics) and corresponding subject matter experts. The goal is to schedule an OCV for the community to vote on the proposal in Q1 2025.

Research & Knowledge Sharing

Throughout the year, the team published a series of research blog posts to promote knowledge sharing about governance within the Mina Ecosystem and discussed them at monthly Governance AMA sessions:

• Building Trust in Mina’s Development Processes

• Building trustworthy and trusted communities

• Mina as a Lab for Participation

• Mina as a Lab for Deliberation

• Building Mina’s hive mind through collective intelligence

Ongoing updates

Additionally, the team works on other essential workstreams to promote knowledge-sharing about different governance concepts and support Mina Protocol’s governance workstreams with the correct tools. The Mina Protocol Governance Knowledge Hub was launched in August, 2024, where the team shares all updates.

Join the discussion

You can find more updates and join the protocol governance discussions on Mina's Discord server, under the Protocol Governance category, in the following channels:

• #governance-announcements - the most important updates;
• #governance-discussion - the primary place for all protocol governance discussions;
• #minaresearch - general questions or discussions related to topics from MinaResearch.

See the latest platform metrics for Mina Protocol, including block producers, delegation, and protocol development.  

Learn about progress on Mina Foundation community initiatives and grant programs. 

*2.88M USD Prior Year Tax Refund received

Token Sale Methodology

Mina Foundation converts MINA into fiat using the following methodology:

• Mina Foundation works only with third-party non-US professional service providers. These service providers only sell MINA on exchange to non-US persons only.
• MINA are converted to fiat using systematic strategies, trading up to a maximum of 5% of daily trading volume. 
• MINA are sold via limit orders, which are set and executed at the prevailing market price by such service providers.