Initial DEX Offering (IDO)
Any token to any token, on any network. Mynth multi-chain IDO beginning January 21st 2025.
MNT is the utility token of Mynth, a cross-chain layer zero protocol facilitating swaps of any token to any token, across any network. Mynth generates revenue from swap fees and arbitrage.
Mynth is secured and decentralized via Lizards. Staking MNT as a Lizard operator secures the Mynth network and allows you to benefit from the yield generated by the protocol in exchange for validating fact statements of the outside world.
MNT lives and is tradeable on multiple blockchains, secured using Mynth’s unique cross-chain technology. Additionally, in the future it’s anticipated that MNT will provide lawful ownership rights over the Mynth DAO, allowing MNT holders to govern and manage the future direction of the protocol.
Initial DEX Offering (IDO)Copied!
Date: January 21st, 2025
Price per Token: $0.10
Type: Fixed price
Duration: 3 days
Venues:
FDV: $9.99M
Total Supply: 99,989,832
Token Sale Allocation: 27.9M
Second DEX OfferingCopied!
Date: January 24th, 2025
Price per Token: $0.11
Type: Fixed price
Duration: 3 days
Venues: To be determined
FDV: $10.99M
Initial Liquidity LaunchCopied!
Date: January 28th, 2025
Price per Token: $0.12
Venues:
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Aerodrome on Base
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Axo on Cardano
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PancakeSwap on BSC
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Raydium on Solana
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STON.fi on Ton
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SunSwap on Tron
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Uniswap on Arbitrum
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Uniswap on Ethereum
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Uniswap on Polygon
FDV: $11.99M
How to ParticipateCopied!
To participate in the IDO, you can use one of the supported platforms to purchase MNT beginning January 21st, 2025. The IDO is fixed price. The sale will be conducted on nine different blockchains, where participants can buy MNT using a variety of tokens and networks. The pricing for each platform will be based on market price of the respective coin on January 13th and will remain constant. After the event, Mynth’s cross-chain swaps will be enabled between all the supported blockchains to allow MNT holders to transfer tokens between chains. An exception will be Cardano, whose cross-chain swaps will be enabled 6 months after the completion of the sale.
After the first sale ends on January 24th, the second sale may begin. The second sale will only be conducted if there is MNT remaining to be sold. Out of the 9 platforms for the IDO, the 3 most successful platforms will be chosen, and the remaining tokens will be placed for sale on those platforms at a 10% higher price.
On January 28th, MNT liquidity pools will be deployed to the selected AMM DEXs at a price 20% higher than the sale price for the IDO. Public trading will be enabled immediately at this time.
Why IDOCopied!
Mynth as a project began in April 2023. Up until this point, the project has been entirely self-funded by the founding team members. To continue development and expansion, funding of the MNT liquidity pools is necessary. The core team carefully considered every viable avenue, and an IDO was determined to be the most beneficial for the following reasons:
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It helps further distribute MNT to bootstrap the decentralization of the Mynth DAO
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It allows the Mynth DAO to be exposed to various cryptocurrency assets to diversify the treasury for longevity
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It helps expand Mynth’s marketing to new ecosystems
Token AllocationCopied!
The MNT token generation event was on May 1st, 2023. An immutable amount of 100M MNT was minted upon the launch of the Mynth protocol. There can never be more than this amount of MNT in circulation. MNT is deflationary, meaning its total supply decreases over time. To date, over 100k MNT has been burned, resulting in a current total supply of 99.9M.
Out of the 100M MNT, the high-level distribution is as follows:
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Community (65%): 65,000,000 MNT is allocated to be distributed to the community via airdrops and sales. To date, 4.7M MNT has been distributed to the community. During the IDO, up to 27,900,000 MNT will be distributed, with an additional 22,000,000 available via DEXs. All remaining tokens will be managed on behalf of the Mynth DAO for staking rewards, market making and future sales until the completion of the on-chain Mynth DAO.
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Mynth Insurance (10%): 10,000,000 MNT is allocated to the Mynth insurance fund. This may be used in emergency situations where the protocol requires recovery or in the case that users have lost funds. It’s not intended that these tokens will be spent, but they remain available for black swan events to ensure that the protocol can continue operations in case of vulnerabilities or exploitation.
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Core Mynth Team (25%): 25,000,000 MNT is allocated to the core Mynth team. This allocation vests over a 3-year period to encourage the team’s dedication to the project. Vesting takes place monthly on the last day of each month, having started the month after MNT was minted.
Mynth Protocol OverviewCopied!
Mynth sits underneath existing blockchains to enable seamless interoperability. Swap any token for any token, on any network. Mynth is powering a multi-blockchain future. Integrated with 5+ blockchains. 25 blockchain integrations by 2025.
Mynth itself isn’t a blockchain, but instead utilizes the security and decentralization of blockchains to create layer zero infrastructure. Secured by the ouroboros consensus mechanism, Mynth ensures non-custodial swaps for users.
Operating as a protocol, as opposed to a centralized service, ensures users aren’t subjected to censorship or counterparty risks. Similar services may require vigorous KYC procedures and be subjected to bankruptcies or theft. Mynth empowers everybody in the world to control their own assets and transfer them across networks trustlessly.
Mynth’s design allows quick integration of new blockchain networks, allowing users to take advantage of market trends as they become relevant, without risking their assets with third parties or needing to wait for more cumbersome solutions.
MNT UtilityCopied!
MNT is used by the Mynth protocol primarily for governance and securing the decentralization of the network. Governance within Mynth is market-based, allowing token holders to delegate their tokens to support proposals.
Fees collected by the protocol are used to buy back MNT from the market and then subsequently burned. As usage of the protocol grows, the amount of MNT burned also increases. Fees are applied to various protocol actions, such as swaps, transfers, and claiming rewards.
Service operators and partners can freely develop on top of Mynth to build extensive Cardano applications. These operators are responsible for charging fees to end users. Different operators may charge different fees depending on how much of a premium they believe their deployed service offers users. All fees are collected for the MNT buyback and burn program.
Service operators receive MNT as compensation for offering their services to the public. Different offerings are available depending on the service. For example, Lizard operators can stake 10k MNT to become eligible to participate in network consensus and subsequently earn operation rewards.
Lizard OperationsCopied!
Mynth is operating on mainnet and is expected to transition to a decentralized model in 2026. Mynth is validated by Lizards. To operate a Lizard and participate in fact verification, one must own a rare Chameleon NFT and stake 10,000 MNT. The total supply of Chameleons NFTs is 2,000, 400 of which are rare. This limitation on the number of Lizards is an economic strategy designed to ensure that operating a Lizard remains financially viable.
The Chameleon NFTs, originally sold in late 2023, are distributed among many owners. The core Mynth team acquired 100 rare Chameleons to operate Lizards on mainnet. Over time as the Mynth network matures, the team will sell Lizards to further decentralize the network, and new operators can acquire other Chameleons and MNT from the market to add new Lizards to the network.
Protocol Owned Liquidity & Capital DistributionCopied!
A 5% fee will be applied to all raised tokens. The remaining raised tokens will be used to seed the Protocol-Owned Liquidity (POL) pools. The ETH will be paired with up to 23M MNT and locked in the Mynth DAO Treasury for 12 months. All fees accrued within the pool will belong the Mynth DAO.
Downside Protection via BuybacksCopied!
To further protect MNT holders, revenue generated by the Mynth protocol is used to buyback MNT. Subsequently, MNT is burned to reduce total supply. Up until now, over 100k MNT has been burned from revenue earned by the protocol.
Long-Term Buying Pressure StrategyCopied!
The core Mynth team plans to consistently onboard new communities into the Mynth ecosystem. Mynth’s robust framework allows for rapid expansion of networks, allowing us to make the commitment to have 25 network integrations by the end of 2025.
Following the token sale, MNT will be tradeable on 9 blockchains. Mynth’s cross-chain swaps will be enabled for MNT, allowing users to seamlessly transfer MNT across networks to take advantage of arbitrage opportunities.
As Mynth’s network support grows, this will be supported by large-scale marketing campaigns targeted at each ecosystem, in addition to working with tailored integration partners to onboard new users. This expansion plan creates an environment where buying pressure is naturally encouraged across networks, as no circulating tokens will exist in the new pools. In tandem with awareness campaigns and targeted production marketing, the aim will be to create a favorable feedback loop that supports price increase and long-term community development. As more integration partners are onboarded, more users will utilize Mynth’s cross-chain swaps, resulting in more fees being collected, which in turn will cause more MNT buying pressure and reduction of MNT total supply.
About Mynth Legal StructuresCopied!
Mynth DAO is currently an unregistered and unincorporated collection of smart contracts deployed to blockchains. Upon successful fundraising, the Mynth DAO will be legally registered for the protection of MNT holders. The specific jurisdiction is yet to be determined, but the intention is for MNT holders to directly control the Mynth DAO both in code and in law. The goal is for MNT to represent actual ownership of the real-world entity upon activation of governance, giving legal rights to MNT holders.
MNT itself was minted under the supervision of a former consultancy firm involved with the initial development of the Mynth protocol. Progressive IT SRO is a fully compliant and regulated entity licensed for crypto operations in Czech Republic and within the EU that will oversee the technological aspects of the IDO. Note that Progressive IT SRO had no part in the actual minting of MNT, as MNT was minted before its incorporation. Progressive IT SRO currently holds no MNT and will receive from the IDO sale coins and tokens that are deducted from fees that’ll be transferred to the company’s custodial treasury.
The core Mynth team is made up of individuals and entities distributed across continents. The identities of each core member involved with the project are transparent and public knowledge. Some but not all the core Mynth team members are associated with Progressive IT SRO.
The Mynth DAO will serve as a collective of MNT holders who come together to support and oversee the education, maintenance, and development of the Mynth ecosystem. In contrast, the Mynth protocol is fully autonomous, operating independently of direct human input. Maintenance and updates will continue to be provided by the core Mynth team, who also are Mynth DAO members via MNT vesting scripts.
Progressive IT SRO is a company registered under the laws of Czech Republic, with an office in the city of Prague. Progressive IT SRO is an independent entity and has no ownership of or direct relationship to Mynth DAO. The purpose of Progressive IT SRO is to operate as a profit-driven company, where one of its projects is commercializing the Mynth protocol.