The MINA token, the backbone of the zero-knowledge (ZK) proof-powered Mina Protocol, has been one of the high performers of the last week. The token’s value has almost doubled in the last few days.
Mina has seen a 57.9% price increase in the past 7 days. MINA’s price increase even reached 100% at its highest point earlier in the week, demonstrating the cryptocurrency’s explosive surge. Let’s discover why this happened. But first, let’s understand more about Mina’s blockchain.
What is Mina’s Blockchain?
The Mina Protocol calls itself the “lightest” blockchain in the world. It achieves this tag via its regular and small block size. The block size remains constant, irrespective of the number of smart contracts on the network or transactions. And this is all thanks to the use of ZK-proof technology.
300,000 blocks rolled up into one constant-sized proof ✅
That is the power of infinite recursion pic.twitter.com/DvwlFTkUG8
— Mina Protocol 🪶 (@MinaProtocol) October 26, 2023
MINA’s blockchain seeks to reduce the amount of computing power needed to run dApps more effectively. Since its release, it has amassed a sizable user base and ecosystem that depend on its speed, effectiveness, and minimal processing power.
Although MINA is still a mid-cap cryptocurrency, it has seen excellent traction in recent years and is regarded as one of the digital currencies whose technical stack is essential to the development of the larger crypto sector.
The Mina network is currently experiencing extremely high levels of transaction volume, resulting in high demand for SNARK workers.
Community members are encouraged to spin up additional nodes to address the demand for SNARK work and aid network processing.
— Mina Protocol 🪶 (@MinaProtocol) October 24, 2023
What’s behind the price surge of MINA?
The main force behind MINA’s rising momentum is an announcement shared by the South Korean crypto exchange Upbit. The crypto trading platform announced plans to list MINA, boosting the token’s value.
South Korea has one of the fastest-growing crypto communities. So, Upbit’s move to list MINA on its platform is a significant milestone that could attract a large number of retail cryptocurrency investors.
❐ $Mina offers an elegant solution using advanced cryptography and recursive zero-knowledge technology.
This brings us to the most important features that $mina protocol delivers.
The following are the unique feature of $mina :
— 2xnmore (@2xnmore) October 24, 2023
Upbit requires MINA deposits to be made through the Mina Protocol’s blockchain. And this will boost on-chain activity, hence strengthening the protocol’s expansion.
The broader optimism within the crypto market is another reason for MINA’s surge. Crypto users believe that the US Securities and Exchange Commission (SEC) will approve Bitcoin ETFs. This has also contributed to MINA’s surge.
Mina is zero knowledge proofs all the way down.
👉 ZK blockchain that stays a constant size
👉 ZK proving system that is composable
👉 ZK smart contracts for private applications— Mina Protocol 🪶 (@MinaProtocol) October 19, 2023
MINA is also profiting from the popularity of ZK-rollup technology. Many predict that this technology could completely transform the blockchain ecosystem in the future. The Mina Protocol competes with the likes of Polygon. ZK-proof technology provides advantages such as security, decentralization, speed, and cost-efficiency.
Although Mina’s market cap is around $607 million the project has room for growth. We could easily see those numbers climb if the protocols retain this level of growth and adoption. Besides, Mina has the right fundamentals for continuity. Also, projects such as Coinbase are some of Mina’s backers.
