- Mintlayer chose Gate.io due to its high level of transparency with 100 percent proof-of-reserves.
- ML tokens have a total supply of 600 million, with approximately 335k units expected to be unlocked in two years.
Mintlayer protocol, a layer 2 solution that allows users to build a decentralized finance (DeFi) ecosystem on the Bitcoin blockchain, has announced the commencement of ML token trading on the Gate.io crypto exchange. With the hype of airdrop sparked by Arbitrum (ARB), Mintlayer announced that its airdrop was oversubscribed with $48 million locked through the Gate.io exchange. The listing of ML tokens on Gate.io used the USDT liquidity.
Notably, Mintlayer is the only protocol that enables direct swap of Native Bitcoin for other tokenized assets minted directly on the Mintlayer network. The ERC-20 token intends to help the Bitcoin network access the decentralized financial ecosystem (DeFi), smart contracts, atomic swaps, NFTs, and Decentralized applications (dapps).
The trading of ML tokens was scheduled to commence on March 23, but the process was interrupted by the Arbitrum (ARB) airdrop. Moreover, the Mintlayer protocol needed to maximize the first trading day with minimal user interruptions.
“After careful deliberation with our team and advisors, we have decided to postpone the trading of $ML on Gate.io for an additional 24 hours. We intend to maximise our listing exposure and have decided to wait for the Arbitrum airdrop to conclude before opening trading,” Mintlayer noted.
Mintlayer Taps on Gate.io’s Vast Network
Gate.io is a globally recognized cryptocurrency exchange with a reported 24-hour trading volume of approximately 1,276,277,986. Mintlayer stated that it chose to work with Gate.io due to its commitment to network transparency. Moreover, Gate.io is among the few centralized exchanges that have provided 100 percent proof of reserves.
“Gate.io provides a fantastic platform for ML users to trade their tokens conveniently and efficiently. We look forward to being part of the cutting-edge ecosystem that Gate has developed over the past decade,” the company noted.
Notably, Mintlayer’s ML tokens have a total supply of 600 million. The initial unlocked token supply of ML at the TGE is 15,820,000 ML. The rest of the ML tokens are subject to vesting schedules of different lengths. After two years, approximately 335,000,000 ML tokens will be unlocked.
Mintlayer’s ML holders can participate in the blocksigner auction to stake tokens and become weekly blocksigner. Additionally, ML token holders can run a node and collect transaction fees and rewards. Other key features of ML token holders include participation in network governance.
Bigger Picture
The Bitcoin network is the oldest and most adopted blockchain by both retail and institutional investors. However, the Bitcoin network lags in a smart contract and DeFi deployment compared to other base layer chains like Ethereum.
With the Mintlayer protocol, the Bitcoin network is bound to gain more real word utility and thus increase its intrinsic value.
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