The decentralized social media platform is launching a whole new set of updates to its native MINDS token, including integration with Uniswap.
Minds, a decentralized social media platform that works on the Ethereum network, will start to use the Defi strengths to set an expansion of its rewards.
The platform launched the news through a tweet thread, on which they also announced various updates for their native MINDS token. Among these updates, there is a new integration with Uniswap, one of the most popular decentralized exchanges (DEX) in the DeFi space. In a detailed document with the initiative, the platform stated:
“For the past months, our team has been working tirelessly to update the functionality/economics of MINDS token with the help of dOrg, a web3 development collective with proven success in the space.” “We are ready to take the MINDS token to the next level.”
Minds: What is it, And How Does it Work?
Minds is a decentralized and open-source social network that bases its functions on Blockchain technology and hopes to improve its social media environment. This social network brings an alternative to other social networks like Twitter and Facebook with a massive focus on freedom of expression and privacy.
Minds also bring a fascinating monetization model. This model is something that sets a difference from the other platforms on the market. This social network allows users to operate direct payments via USD, Bitcoin, or Ether. And it even awards token rewards for the content that its users share. To do this, it has its native token called MINDS.
The same platform claims to be “the anti-Facebook that pays you for your time.” In operation since 2015, Minds has been working to evolve and develop better solutions and has seen significant growth in recent months. Last year, the platform saw 3 million monthly users.
Minds Arrive at DeFi due to Uniswap Integration
In a document detailing the new initiative, the team behind Minds teased it to launch a new decentralized finance (DeFi) functionality through integration with Uniswap. The integration will be effective on March 16 and allow users to serve as liquidity providers, which will help them exchange assets and obtain rewards.
With the initiative, Minds joins the increasing trend of yield agriculture within DeFi, which means that soon its users will gain the ability to earn MINDS token rewards by pooling their holdings of the cryptocurrency liquidity providers to their exchanges.
The decentralized nature of Uniswap – an automated liquidity protocol operated by Ethereum’s smart contracts – fits in with Minds’ decentralized ideals. Unlike a crypto exchange like Coinbase, DEXs do not keep their users’ cryptocurrency funds for themselves.
The Uniswap implementation adheres to a primary feature called “ad mining,” in which cash-adding users can earn advertising on a digital whiteboard within the Minds app.
These users’ respective channels will be advertised in the main newsfeed, offering creators the opportunity to put their content in more people’s hands.
The Ethereum-based social network team also announced a list of new updates for its native token. Among them, Minds will add the ability to purchase MINDS tokens and other cryptocurrencies with fiat currency through a partnership with Transak.
By: Jenson Nuñez
