General Update
zkIgnite
- zkIgnite is a program to support developers and entrepreneurs in building real-world applications and businesses on Mina Protocol - from formulating project proposals, pitching them, receiving funding to bootstrap their projects, to helping connect them with potential backers for further development
- 500K USDC and 500K MINA are available to allocate in a decentralized manner to successfully funded Cohort 1 projects, electors, and mentors.
- A team of independent electors chosen by the community is responsible for reviewing proposals, giving feedback, and ultimately deciding which proposals receive funding. Electors are Mina community members, technical experts, and zkApp builders
- Cohort 1 participants submitted 100+ proposals in the zkApp track and 60+ proposals in the Dev4dev track
- The community Electors independently reviewed the proposals and voted to fund 26 projects based on their business potential, impact, feasibility, level of innovation, and scalability
- zkIgnite Cohort 2 launched on June 14, 2023 with 500K USDC and 500K MINA funding available to allocate in a decentralized manner to successfully funded Cohort 2 projects. The community elector structure will remain the same for Cohort 2, and successfully funded projects will be announced on September 6, 2023.
Berkeley Testnet
- The Berkeley Testnet was redeployed twice in Q2, most recently in early July with the rampup3 release. This included multiple performance, security and diagnostic improvements (1100+ commits!)
- 12 versions of SnarkyJS were released in Q2 2023, going from 0.9.5 all the way up to 0.12.1
Governance
- During Q2, the second community wide On-Chain Vote (OCV) took place
- The OCV approved two Mina Improvement Proposals (MIPs) that will now be included in the next hard fork: MIP 3- the latest update to Mina’s proof system (‘kimchi’); and MIP 4- easier zkApp. Further details can be found here
Key Platform Metrics
Mina Accounts
Mina Accounts Growth by Month
Delegation
In Q2 of 2023 there were 33,923 accounts delegating stake in the Mina protocol.
Block Production
Block Producers by Month
SNARK Workers per Month
Protocol Development
There were a total of 1,844 commits to the Mina Github repositories in the first 6 months of 2023 with 85 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. Updates made to the Delegation Program during Q2 can be found here.
The third-party block producers participating in the Foundation’s Delegation Program consisted of 3.3% US-based block producers and 96.7% non-US based block producers.
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 June 30, 2023):
- 48m MINA Tokens
- 31m USD and Stablecoins (USDC & USDT)
The Foundation has spent approximately 5.2m MINA from its treasury during the period covered by this report.
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 June 30, 2023):
- 100m MINA Tokens
- 17m 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 160k MINA, with an additional 750k MINA committed to Grant programs with future payout dates. These grants include, among other things, grants from the Crucial Contributions grants, team token grants, Incentivized Testnet activities and zkIgnite.
As of July 24, 2023, based on publicly available information from CoinGecko, MINA’s trading volume is 1.22% US-based and 98.78% non-US-based.
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.