Minswap, the biggest decentralized exchange (DEX) in the Cardano ecosystem, announces the launch of its updated trading platform.
The DEX made this known in a tweet today, indicating that the new version offers cheaper, more composable, sustainable, secure and scalable transactions.
Minswap V2 is now LIVE! 🎉
Cheaper ✦ Scalable ✦ Sustainable ✦ Composable ✦ Secure
➜ https://t.co/75dkdLNN1d pic.twitter.com/oGkM2dNsRw
— Minswap Labs (@MinswapDEX) July 10, 2024
Notably, Minswap V2 emerged with a complete redesign with user experience in mind. The new design comes with a user-friendly interface to enhance the trading experience. It also offers new functionalities, ranging from dynamic fees to partial fill features.
Cheap Transactions
The Minswap V2’s dynamic fees feature allows users to enjoy cheaper transaction fees, ensuring fairness and efficiency. Besides the dynamic fees feature, the Minswap team introduced a 50% discount on batcher fees for the next three months.
1/ Enjoying Minswap V2? 🚀 Save Big on Fees NOW!
Batcher Fees drop by 50%, to just 1 $ADA for the next 3 months. 💰
The fee can be lower to 0.75 $ADA; based on the $MIN or MIN/ADA LPs you hold. 📉
*Only for V2 Pools.
🧵/ pic.twitter.com/1JefI9yI4Y
— Minswap Labs (@MinswapDEX) July 10, 2024
Consequently, the batcher fee is currently set at 1 ADA ($0.3831). However, users could pay around 0.75 ADA in fees over the next three months, depending on their MIN/ADA LP holdings.
Other New Features
Another new feature introduced on Minswap V2 is the Stableswap functionality, which helps to maintain price stability, especially for trades relating to stablecoins.
Advanced staking is one of the features added to the updated version. This gives users enhanced staking benefits, such as high rewards and involvement in critical decisions within the Minswap ecosystem.
The V2 also introduced a new trading feature, dubbed partial fill. With this impressive feature, trades are partially executed, giving users the flexibility to manage their investments during high volatility.
According to Minswap, transaction processing on V2 is five times faster compared to the earlier version. This is due to the integration of Cardano’s Aiken and Plutus V2 into the update. Other standout features include advanced order types and auto-routing for advanced trades.
For context, Minswap is one of the leading decentralized exchanges on the Cardano network. Data on its website shows that users have traded a whopping 6.01 billion ADA ($2.3 billion) on its platform, with a record of 4,111,865 (4.11 million) successful trades.
At press time, Minswap is the largest DeFi protocol on Cardano, boasting a total value locked of $56.26 million.