Mina Protocol Analysis: Accelerating the Future of the Lightest Blockchain in the World (2024 - 07/2025)
Data updated to 07/2025 and is only basic information about the project to facilitate basic evaluation – Not investment advice 😊

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🌟 Project Overview
@MinaProtocol is the lightest blockchain in the world, using zero-knowledge proofs (zk-SNARKs) technology to maintain a blockchain size of only 22kB, allowing decentralized verification on ordinary devices like phones or browsers. Mina aims for a decentralized, secure, and scalable web3 future, focusing on privacy and zkApps (zero-knowledge applications) programming capabilities. From early 2024 to mid-2025, Mina has achieved many significant milestones, confirming its position in the ZK blockchain field.

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🕒 Important Timeline
- June 2024: Launch of zkApp smart contract layer, marking Mina as the first blockchain with Turing-complete smart contracts using ZK.
- October 2024: Announcement of Q4 2024 product roadmap, focusing on DEX, Private Credentials API, and NFT Standard.
- December 2024: Completion of Mina web node on devnet, paving the way for browser wallet and strong anti-censorship capabilities.
- January-March 2025: Expected launch of DEX on Mina L1 (January), L2/appchain (March), and Private Credentials API (February).
- March 2025: Mina Foundation restructuring, appointing interim CEO Josh Cincinnati, focusing on decentralized treasury and optimizing tokenomics.
- June 2025: Transfer of some initiatives from Mina Foundation to o1Labs, focusing on protocol upgrades and ecosystem project support.

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🤝 Strategic Partnerships
- @MiraeAsset: Collaboration to develop Security Token Offerings Privacy Extension (STOPE), integrating Mina's ZK technology into the tokenized securities platform, enhancing privacy for financial assets.
- @o1_labs: Core partner, leading protocol upgrades and supporting projects like Silvana (converting data into provable objects) and Nori (Ethereum-Mina bridge).
- @Protokit_io: Supporting the development of L2/appchain framework, helping developers build applications with fast transactions and low costs.
- @ZkNoid: Developing ZK game applications on Mina, such as L1 Lottery, ensuring transparency and fairness.
These partnerships help Mina expand real-world applications, from finance to gaming, while enhancing multi-chain interoperability.

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💰 Tokenomics & Current Price
- Token: MINA, used for staking, transaction fees, and network governance.
- Initial allocation: 20.52% for investors, 6.6% for Genesis Program, the remainder for Mina Foundation, o1Labs, and the community. Locked tokens are gradually released over 18 months from mainnet.
- Staking mechanism: Mina uses Proof-of-Stake without slashing or lock-up times, encouraging user participation.
- Current price (07/2025): ~0.2 USD, market capitalization around 255 million USD, with a 24h trading volume of ~15.9 million USD.

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📈 Revenue & Profit
Mina Protocol does not disclose specific revenue or profit as it is a decentralized protocol. The main funding sources come from fundraising rounds (140.15 million USD through 7 rounds) and the Mina Foundation. Expenses are used for protocol development, community project funding, and user incentive programs. The decentralized treasury (expected to be implemented in 2025) will ensure long-term financial sustainability.

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🛠 Products & Technology
- Core technology: Utilizing zk-SNARKs to compress blockchain data, maintaining a fixed size of 22kB, enabling fast verification on lightweight devices.
- zkApps: Smart contracts using ZK, supporting applications like DeFi, tokenized securities, and games with high privacy.
- Mina Web Node: Running nodes directly on the browser, enhancing decentralization and anti-censorship.
- Protokit: L2/appchain development framework, optimizing application performance.
- Private Credentials API: Standardizing the issuance and verification of personal information, applicable in digital identity and finance.
Mina's technology stands out for its combination of lightweight, privacy, and programmability.

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🗺 Future Plans (Roadmap)
- Q1-Q2 2025: Launch of DEX, Launchpad (Mina Token Manager, Auxo), and Mobile Proving (support for mobile applications).
- User acquisition: Incentive programs to increase weekly active accounts.
- Protocol upgrade: o1Labs focuses on upgrading L1 and developing high-performance Rust nodes.
- Decentralized treasury: Mina Foundation intensifies the design and implementation of the treasury, optimizing tokenomics.
- Multi-chain interaction: Developing Ethereum-Mina bridges and supporting projects like Nori and Silvana.

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🚀 Opportunities
- Pioneering technology: Mina is the first blockchain to integrate Turing-complete ZK smart contracts, unlocking potential for high-privacy applications.
- Growing ecosystem: The number of full-time developers is expected to increase significantly in 2024.
- Real-world applications: Collaborations with @MiraeAsset and projects like Silvana, Nori expand applications in finance, digital identity, and gaming.
- Decentralization: Web node and mobile proving help Mina reach global users.

⚠ Challenges
- Fierce competition: ZK blockchains like zkSync and StarkNet compete strongly in the ZK space.
- User experience: Lack of full mobile support and difficulties in developing complex zkApps.
- Price volatility: The price of MINA has significantly decreased from its peak in 2024.
- Internal transitions: Structural changes between Mina Foundation and @o1_labs may cause delays.

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🎯 Conclusion
@MinaProtocol is leading the zero-knowledge blockchain space with lightweight technology and unique zkApps. From 2024 to 07/2025, the project has achieved milestones such as the launch of zkApps, collaboration with @MiraeAsset, and preparations for DEX and Launchpad. Despite facing challenges regarding competition and user experience, Mina has the potential to shape the decentralized and secure web3 future thanks to a clear roadmap and expanding ecosystem. 🚀

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References:
- Mina Protocol Official Website
- Mina Protocol X Posts
- CoinMarketCap
- CoinGecko
- Blogtienao