Minds, the Ethereum-based decentralized social platform, will add some rewards from Uniswap liquidity pooling and some other features into its platform. The crypto-based social networking platform is planning to fully decentralize its network to enable users to enjoy full privacy. With Uniswap’s ad mining, Minds ha allows users to earn digital boards via the Minds application.
Minds boasts of over 3 million users per month. Minds is an Ethereum-based social network that always ensures that its platform is fully decentralized. In addition to that, Uniswap is going to introduce an additional feature known as “ad mining” that will enable users to not only provide liquidity but also win a slot on a digital billboard in the Minds app that will promote the users’ channels and allow them to reach a wider audience.
Minds Serves as an Alternative to Traditional Social Networks
The network, built solely on the blockchain, serves as an alternative to Facebook, Twitter, and other conventional social media networks. Minds ensures that its team reserves no right or ability to censor users’ content, no matter how they try. Furthermore, the Ethereum-based network gives users some rewards using cryptocurrencies. Now, Minds has declared that it is currently set to extend the scope of the reward program.
According to the report made available to journalists, the firm will launch new DeFi features on March 16, by integrating its network with the famous DeFi exchange, Uniswap. DeFi, that is, Decentralized Finance, is a universal term used to refer to a set of banking products and services such as lending, asset swapping, but without any intermediary like banks or governments. DeFi is a peer-to-peer transaction.
In the DeFi community, an increasingly popular term called “liquidity mining” or “yield farming” refers to a term where users put in a vast amount of cryptocurrency into the DeFi sector to get interest from the loan that they lend to other users. Minds has also launched the liquidity-mining operation to enable its users to receive MINDS coins and amass more crypto to boost liquidity. Because Uniswap is an Ethereum-based automatic liquidity system, unlike an exchange like coinbase in the custody of users’ cryptocurrencies, Minds meets the criteria of being a decentralized platform.
More About Liquidity Pools
Liquidity pools are collections of tokens kept in a smart contract to boost market liquidity. You may want to ask for the reason behind liquidity pools. Note the famous crypto exchanges like Binance, Coinbase, use order book systems for their platforms. The same thing applies to the mainstream exchanges like NYSE and Nasdaq.
This style involves the coming together of buyers and sellers to make orders. While buyers bid for the lowest prices, sellers prefer to sell higher. But there Is a need for both parties to reach a compromise for a trade to take place. But in case none of the parties is ready to buy or sell at such price levels or the coins available are not adequate to share, then market makers will come in to save the situation.
Market makers are participants that boost liquidity to enable buyers and sellers to trade at a specific price without waiting for the other party. Hence, their involvement makes transactions fast, less expensive, and user-friendly.