MINA News: The new blockchain platform Mina Protocol (MINA) has attracted attention by reaching a market value of approximately $600 million shortly after its launch. The self-branded “lightweight” blockchain launched the MINA token on CoinList on May 31 and was listed on Kraken shortly thereafter, on June 1.
During its time in the market, MINA reached a high of just over $9.09 with a market cap of over $1.15 billion. According to CoinGecko, with a market cap of $599 million, it dropped to $2.78 before rising to its current price of $4.00.
The new project called MINA advertises its fixed small size compared to other blockchains. Mina states on her site that the entire blockchain is only 22 kilobytes, “the size of a few tweets.”
Because the Mina Protocol is so small, the network does not need third-party nodes to function, meaning anyone can quickly connect and verify the chain.
The new crypto project also highlights privacy features with Concise Non-Interactive Information Argument decentralized apps (Snapps) that allow users to maintain control by validating a chunk of data without disclosing the details. Additionally, Snapps can interact privately with any website and access real-world data for on-chain consumption.
The protocol is backed by fund management-heavy Three Arrows Capital, which also invests in Ethereum and Polkadot (DOT) blockchain platforms. Other investments of the crypto hedge fund include decentralized finance (DeFi) projects Aave, Balancer (BAL), Synthetic (SNX), and KeeperDAO (ROOK).