Minter 2 enters the public testing phase today. This upgrade is major both in terms of code base and ideology. It introduces everything you have been hearing about recently. And today, you can finally give it a shot and try out all the new features.
Among them are:
- Ability to create and fill liquidity pools that are actually implementing the Uniswap logic. After such a pool has been established, all liquidity providers are granted the right to their share of pool by receiving the P coins followed by the pool’s number (e.g., P-123). Coins can be added to the pool only at the same ratio as the volumes that are currently locked in it.
- To withdraw your share, you need to possess those very coins of the pool that will be withdrawn and burned from your balance. Coins locked into the pool will be sent back to your balance in the same proportion as the total pool volume at a given block height.
- There are 3 transactions to exchange via the pool: buy, sell, and sell all. All coins that have a direct pool or a pool route of up to 5 coins can take part in an exchange operation. This means that coin1 can be converted into coin3 through both of them being exchanged for coin2. The fee for exchange operations is only 0.2% on the coin sold; in the case of routes, 0.2% stays in the pool with each iteration, increasing the share of providers each time.
- Ability to create non-reserve coins, or tokens. Coins that are not BIP-backed are easy and cheap to create. Such coins cannot be swapped for the base one using the old Bancor method, neither can they be delegated to the node’s stake.
- Due to the fact that the conversion of coins having a direct pair with BIP into the base one is not limited to the Bancor method, the most optimal way of exchanging them will be chosen for fee calculation purposes. This means that you will still have an opportunity to pay the fee in literally any coin.
- Tokens can be issued additionally (minted) by the coin owner and burned by anyone who has them on their balance. This is the exact feature that allows coins to move between the blockchain networks.
- Validators can vote on all network-wide fees. In addition to voting for all transactions in the base coin, it is possible to peg to any coin that has a pool with it. For example, if there is a BIP-USDC pool, USDC can be specified as a fee calculation unit, meaning payments will stay constant in case BIP price fluctuates. That way, a pair will merely serve as a base for calculating the transaction fee in the base coin according to the current rate, while there will be no exchange operation in fact.
- Validator fee change. Allowed to node owners only. There are some restrictions in place in order to protect delegators. For example, the frequency at which fees can be modified is once every three unbond periods (for simplicity, the unbond period on testnet has been set to 177 blocks, or approx. 15 minutes), and they cannot be changed by more than 10 percent.
- Addition of new methods to browse votes and liquidity pools. Methods that are not related to the upgrade remain unchanged, except for the introduction of filtering parameters and new data in responses, which means smooth transition to the new version and undisrupted operation for services that are already up and running. You can view the list of API v2 changes here. In the previous version, API v1 was marked outdated, so it is now removed.
Our Team has already prepared everything you may need in the Console. All available SDKs have been updated as well; as for the new transactions, you can find out more about them here. We will be rolling out tests in two stages: this one will focus on features, and the next one, on loads.
A video showing how to transfer coins between the Minter and Ethereum networks can be accessed here.
You can request test MNTs in the bot (30 000 an hour, max.)
Public node API: node-api.taconet.minter.network/v2/openapi-ui
API changelog: klim0v.github.io/minter-node-api-v2-diff
PR with the new code base of the node: github.com/MinterTeam/minter-go-node/pull/476
PR with the updated documentation: github.com/MinterTeam/minter-network-web/pull/19