Upbit, recognized as Korea’s premier cryptocurrency exchange, has made a noteworthy addition to its digital asset portfolio: the MINA token from the Mina Protocol. The inclusion has seen the price of MINA skyrocket, with an impressive 63.53% increase within a day, underlining the cryptocurrency’s potential and appeal to investors.
Layergg, known for its expertise in comprehensive market analysis and intuitive metrics within the venture capital and exchange sectors, shared a Twitter post providing the current status of MINA following its listing on Upbit:
🚀 Is Upbit's "UDC" the gateway to listing ?
— Layergg (@layerggofficial) October 17, 2023
UDC is well-known as an annual event for @Official_Upbit, Korea's No. 1 exchange.
To date, about 66 projects have participated in UDC, of which 37 were already listed on the KRW Fair before participating in UDC.
➤ Of the remaining… pic.twitter.com/SfXcLQxsau
A week prior to this announcement, the Mina Protocol made waves by being featured as a UDC participation project. The UDC, or Upbit Developer Conference, is an annual showcase hosted by Upbit. This event is known for presenting several innovative crypto projects to its vast community. An intriguing statistic is that out of the 66 projects that have been a part of UDC, 37 had their tokens listed on the KRW Fair even before their UDC participation.
Following their UDC showcase, 13 projects saw listings as KRW pairs, whereas 17 got listed as KRW or BTC pairs, translating to a substantial 72% rate of post-UDC listing. The Mina Protocol is a pioneering Layer 1 blockchain that employs zero-knowledge proofs. What makes it stand out is its use of zk-SNARKs, succinct cryptographic proofs, which are at the core of its consensus mechanism. Another feather in its cap is the provision for smart contracts written in TypeScript.
MINA, the native utility token for the Mina Protocol, has multiple uses. While it could be exchanged like any traditional cryptocurrency, users also have the choice to stake their MINA holdings. By doing so, they earn rewards and play a pivotal role in bolstering the network’s security. Every transaction made would have a fee payable in MINA, and new MINA tokens would be generated to reward block producers.
However, there are specific guidelines and restrictions that Upbit has put forth for MINA trading. For one, there’s a designated period during which buy orders could be placed. Additionally, sell orders that are priced 10% lower than the previous day’s closing rate won’t be entertained. Given the volatile nature of cryptocurrencies, Upbit has also taken the initiative to remind potential investors to undertake comprehensive research and practice caution before investing.
The current momentum around MINA is unmistakably bullish. As per the latest data sourced from CoinMarketCap, MINA is currently priced at $0.6717, boasting a market capitalization of approximately $649.6 million. Moreover, its 24-hour trading volume has surged exponentially by over 1021%, now standing at a staggering $139 million. If the bullish trend continues, MINA’s price could see a significant surge in the coming days.
