Built on one of the top-performing blockchains, Linea, the MENDI token is the new token that is changing the story in the DeFi space.
To understand the MENDI token better, we need to understand where it is used—that is, MENDI finance. MENDI Finance is a Linea blockchain-based decentralized lending protocol to access financial services.
This decentralized protocol facilitates lending and borrowing in the Linea blockchain with its tokenomics based on giving out rewards to its community of users. Its community growth, price momentum, TVL charts, and over 28,000 Twitter followers indicate its credibility.
What is the MENDI Token?
The MENDI token is used in MENDI finance, which is a decentralized lending protocol for institutions, individuals, and protocols to access financial services. It serves users on Linea, a top-performing chain as a permissionless open-source protocol.
This means that users can deposit their assets, use them as collateral, and borrow against them. MENDI Finance aims to be a commonly used lending protocol on Linea. It is built on the Linea blockchain because the Linea blockchain is a type-2 zkRollup. Rollups have a good success rate, which means that new rollups with better architecture would be more successful.
This also means that it promises instant transaction finality while withdrawing assets from the Ethereum chain. As a type-2 EVM-compatible blockchain, it will attract developers from the wide EVM ecosystem.
ConsenSys, the launcher of Linea, is a Web3 giant that has more than 21 million active users through MetaMask. The ConsenSys track record on the Ethereum ecosystem also includes a default MetaMask, Infura, Truffle, and Besu integration for developers. Linea offers more than you can see in other zkRollups.
It is also the only blockchain with the highest potential to be the next Arbitrum. The total value locked (TVL) of Linea is 353 million US dollars, with a 7-day increase of 14.22%.
History of the MENDI Token
On March 23rd, 2023, Arbitrum tokens ($ARB) were airdropped for users and protocols of Arbitrum as a reward for their activities on the L2 (Layer 2) chain. It is said that tokens on the Arbitrum blockchain outperformed the broader crypto market.
In addition to this seamless operation made possible by a metric used by Arbitrum to track activities in the chain, the Linea blockchain heads toward decentralization with the potential of airdropping tokens to protocols.
In cognizance of this, MENDI decided to create an account system that would help to distribute fairly the airdrop to its active users—the Mendi Loyalty Program (MLP), which is used by Mendi Finance to track activities on the protocol and also used to reward users for those activities.
Although these ERC-20 tokens currently have no value and cannot be traded on a secondary platform, they have the function of representing activities in the Mendi Finance ecosystem. This MLP token is distributed to users who stake $MENDI or borrow assets from a lending pool.
In the first 3 months, Mendi distributes 80% of its revenue to stakes as a staking yield, which increases to 100% subsequently. Stakers also have the option of receiving their reward as $MENDI or USDC.
How to buy MENDI tokens on CoinEx?
If you want to acquire this token, log in or register on CoinEx; go to the MENDI trading page at https://www.coinex.com/en/exchange/MENDI-USDT to get started.
Overview
- Name: MENDI
- Official link: https://mendi.finance/stake/uMendi/
- White paper link: https://docs.mendi.finance/
- Explorer: https://lineascan.build/token/0x43E8809ea748EFf3204ee01F08872F063e44065f
- Total supply: 100 million
- Contract address: 0x43E8809ea748EFf3204ee01F08872F063e44065f
- Twitter: https://twitter.com/MendiFinance
- Supported CEX: CoinEx, Bitget, Bybit
- Convenient for users to know in time: https://www.coinex.com/en/info/MENDI
*This article does not constitute investment advice.
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