In this guide, we’ll walk you through the process of purchasing $MIN tokens from Minswap, a decentralized exchange, for the first time. This tutorial is designed for users who already have funds on a cryptocurrency exchange, such as Binance. We’ll assume that you have whitelisted your sending address and will provide explanations for some key concepts and required knowledge along the way.
What Is Minswap?
Minswap is a decentralized exchange (DEX) built on the Cardano blockchain, designed to provide users with a secure, efficient, and user-friendly platform for trading various cryptocurrencies. As a DEX, Minswap enables peer-to-peer trading, removing the need for intermediaries like traditional centralized exchanges. This not only reduces fees but also enhances security and privacy for users.
The Minswap DEX offers various features such as token swapping, liquidity provision, and staking opportunities within the Cardano ecosystem. By leveraging Cardano’s advanced blockchain technology, Minswap aims to deliver a fast, scalable, and cost-effective trading experience for its users.
Whether you are new to the world of cryptocurrencies or an experienced trader, Minswap offers a seamless way to engage with the Cardano ecosystem and access the vast potential of decentralized finance (DeFi).
What is the $MIN token?
The $MIN token from Minswap is a combined reward and governance token associated with the Minswap decentralized exchange (DEX). Users who supply liquidity to the DEX receive $MIN tokens as an incentive for their contribution.
In addition to serving as rewards, $MIN tokens also grant users voting power within the platform. This enables them to participate in governance by voting on proposals and shaping the future direction of the Minswap protocol.
How to Purchase the $MIN token from the Minswap DEX?
These steps will walk you through how to move ADA from an exchange and to a Cardano native wallet which will allow you to connect to the Minswap DEX and swap that ADA for $MIN tokens.
Total Time: 30 minutes
Download and Install Cardano Native Wallet
There are many Cardano native wallets ranging from easy to complex. For a detailed wallet overview, please see our wallets guide which will give you an overview of wallets in the Cardano ecosystem.
In this tutorial we will be using Nami wallet and assume that you have installed the browser extension and set yourself up with a wallet and have stored your seed phrase securely.
Store Your Seed Phrase Securely
If you have not yet stored your phrase securely, please follow our seed phrase security guide to help ensure that you’re taking measures to secure your funds. If you lose your seed phrase or if it gets compromised, then your funds are considered compromised.
Send Funds from Exchange To Your Wallet
From the Nami wallet, click on the receive tab to get your receiving address. This will allow you to send your Nami wallet ADA or other Cardano native assets.
The address should start will “addr”
Send Cardano from your exchange to your Nami Wallet by entering the wallet address and the amount to transfer.
Wait for Funds to Arrive
After confirming the send from your wallet, you should see the confirmations from your exchange. If may take several confirmations and time to elapse to confirm that the transfer has occured. Check your Nami wallet balance or transaction history.
You can also use a Cardano explorer such as Cardanoscan to view transactions on your wallet to see if they have arrived, if they are not appearing in the wallet yet.
Connect Your Wallet to Minswap
Since in this case we are purchasing $MIN tokens, the best place that we would assume to purchase them would be the Minswap DEX.
Visit the DEX at https://app.minswap.org.
From there click on connect wallet.
You will be prompted to authorise the wallet to the website.
Swap ADA for MIN
Navigate to the swap screen, in the FROM input field choose $ADA.
In the To input field, choose $MIN.
Be sure that you’ve selected the right token. You can check by verifying the policy ID of the token. The $MIN token policy ID can be verified on Cardanoscan.
Have a look at the swap details in regards to the price that you are swapping for, the slippage and any fees that you need to pay.
Confirm the details if you are happy with the swap.
Check Your Transaction
Once the transaction has been submitted to the blockchain, it will take a moment to process. You will be given a transaction record of your order and the Minswap interface will update as your order progresses.
Expect your swapped tokens in your wallet within a couple of minutes.
The swap is now complete and you’re a happy owner of your new tokens.
If you want to learn more about how to use the Minswap DEX, please check out our full beginners course for Minswap on using the most popular decentralised exchange on Cardano.
Disclaimer
Investing in cryptocurrencies is risky and volatile. Only invest in what you understand and consult a financial advisor before making any decisions. Past performance doesn’t guarantee future results and you could lose money. You are solely responsible for your investments and Learn Cardano isn’t liable for any losses.
