What to do with your Mint Club airdrop? A super comprehensive post with all the options!
Hi everyone!
A month ago I posted about the Mint Club... a new project I was excited about...
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It launched at the start of this month... and the progress and development as well as the community uptake of this platform have just been incredible.
It feels like every day something new and exciting has appeared.
I encouraged people to apply for the airdrop that would have paid out around the first week of July. If you haven't looked yet, check out the BSC wallet that you attached. For me that was MetaMask and so I was able to see my airdropped MINT tokens in Binance Smart Chain network.
I didn't have to do anything... they just appeared.
If you don't have MINT listed in MetaMask (if that was your wallet you initially chose) at all, click on the little FireFox button in the Mint Club Explorer to add it.
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So hopefully you've found them... now what?
Let's go through some options... (clicking any of these dot points will zoom you to the relevant section)
- Sell your MINT tokens
- Add your MINT tokens to the liquidity pool
- Swap your MINT tokens for a token
- Use your MINT to create your own token
Sell your MINT tokens for BNB (Binance Coin)
What to do with your Mint Club airdrop? Sell it!
You can see the current price of MINT in the Mint Club Explorer page...
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Personally I can't imagine a situation where the MINT token does not increase in price as more people discover just how super easy it is to create their own token (community, governance, social, etc) - but if you're keen to sell off your airdrop and be done with MINT, then click on the little PancakeSwap button on the Mint Club Explorer page.
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This will take you to PancakeSwap where you can swap MINT for BNB... it's really the only pairing at the moment.
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You might need to click on the little blue button if you have BNB -> MINT set. If you'd like to swap your MINT for BNB, then connect your MetaMask wallet if you need to, click the MAX button next to MINT and that'll fill in the amounts.
Using 50,000,000 MINT as an example, this is what you'd see...
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You can see what your MINT airdrop is currently worth as this screen will give you the Minimum received in BNB... which you can then plug into the Binance Coin Coingecko page to see what it's worth in your currency...
If you're keen to sell, then click that little SWAP button in PancakeSwap and you're done!
If you got your MINT airdrop through me... thanks for participating!
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Add your MINT tokens to the liquidity pool
What to do with your Mint Club airdrop? Add it to the liquidity pool and earn transaction fees!
If you're not familiar with DeFi then this might be a fairly painless way to get involved.
The important thing to note here is that you have to have the same amount of value in BNB than you do in MINT tokens, ie, if you have $10 worth of MINT tokens then you need to have at least $10 worth of BNB.
By providing liquidity you are providing both sides of the pairing... both MINT and BNB.
Usually if someone wants to buy crypto... they have have to find a seller.
The buyer and seller have to agree on the price and how much is to be sold. On cryptocurrencies like Bitcoin, Ethereum and the Binance Coin this isn't too hard because there are a few platforms that will trade and lots of people to trade with at any time.
For far less popular tokens it can be a huge hassle to find enough liquidity.. ie, the other person in the transaction.
Pros and Cons of DeFi
DeFi solves this issue by allowing people to provide an equal amount of both tokens... in this case MINT and the Binance coin. People are incentivized to do this because they get a percentage of the transaction fees... and because the fees you get automatically go into your own liquidity pool, then it starts compounding. The fees you've received become the liquidity you provide later, getting you more fees and so on.
That all sounds amazing... but there is a downside too.
Say you had a lot of MINT tokens but no BNB. You sell some MINT so that you can offer this liquidity and get the fees... but the MINT token gets super crazy popular and goes up astronomically in price.
In the liquidity pool, everyone is swapping their BNB for MINT... and because you put in 50% of each initially... you've now ended up with way more BNB than MINT because of everyone's swaps. You wanted those fees... but now you've missed out on all the MINT you sold and all the MINT that got swapped instead of just holding 100% MINT.
This is called impermanent loss. It's not permanent because you've only made a loss on paper. It's not a real loss unless you remove all your liquidity from the pool.
If you can hold on, then eventually BNB might bounce back up and the fees you've made over that time put you in the positive. I see DeFi as a long-term strategy. Think years not days or weeks.
If you're still interested, then let's go!
Click the little PancakeSwap button on the Mint Club Explorer page
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Do a Swap if you need more MINT or BNB (since you need to have an equal amount of both)... but if you're all good, then click the Liquidity tab
Click on the Add Liquidity button and select MINT + BNB
Then add in the amount that you want to add into the liquidity pool. In this example I was airdropped 5 million MINT tokens - so that means I'll also have to add in 0.038467 BNB tokens too.
This is about $12 worth of MINT tokens and an additional $12 worth of BNB tokens... making $24 all up... and then add the fees on top of that.
You will need to approve the addition of the MINT-BNB liquidity pool to your account, which I've already done previously.. so then if you're happy with everything click the Supply button
You'll get a confirmation pop up, and if you're happy with that click on Confirm Supply
You'll get a MetaMask pop up with the Binance Smart Chain gas fee. If you're happy with that click on Confirm
MetaMask will provide a pop up with a link to the BscScan of the transaction... and you can see that this transaction cost me $0.31 in BNB.
You'll also get some Cake-LP tokens in your MetaMask wallet, and you can see the liquidity you've provided in the Add Liquidity screen.
It's down the bottom under LP tokens in your wallet
I had previously supplied some MINT-BNB liquidity, so the numbers won't add up to the above example.
You might be able to do something with your new CAKE-LP tokens as well... but I looked around and couldn't work it out immediately so I gave up. Let me know in the comments below if you figure it out.
Anyway, you've done it, you're now a DeFi guru or similar...
Trade your MINT for a token
What to do with your Mint Club airdrop? Buy existing tokens!
At the time of writing, there are 151 smart media tokens sitting on the MINT Club platform. These are tokens that people have created for fun, or for their community, society, organisation or website.
It's wild.. the potential to increase your MINT token bags is both huge and volatile...
Look at the example below... I bought $110 USD worth of these UPDOWN tokens - my purchase is the green box highlighted by the arrow.
I made my purchase just before someone bought $20k of these tokens and someone else purchased $7.5k... within minutes my 717 UPDOWN tokens were worth $336.22.
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Of course... if people then start selling these tokens then the value of my tokens goes down... but the benefit of the Bonding Curve is that it's super simple, and the price constantly goes up and down as people buy and sell... so the concept of a 'rug pull' is removed because if founders take out all the liquidity they initially put in, they don't get the current price... each token they sell is worth a little less.
It's a great system that I'm really excited for... and the MINT token is the backbone of the whole thing. You can buy a smart media token on Mint Club that literally has 0 liquidity, and it'll be fine because it's backed by MINT.
On platforms like Uniswap, you can't buy a token unless someone else has provided enough of the token that you want to buy.
This also means that communities, groups, celebrities, etc can launch a token without putting in a ton of their own money first to provide liquidity for everyone else. It's such a good system.
So, here are the steps to trade your MINT for a token...
Click on the Mint Club Explorer page
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There are 151 Smart Tokens available at the moment, but for this example we'll go for the IXGL token
Click on whichever token you like from the list... we'll click on the IXGL token
Oh... I just learnt something... you can see what your MINT tokens are worth in this screen... next to Balance. You don't have to go to CoinGecko and type in the BNB swap amount like I suggested in Sell your MINT tokens section.
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In the Buy IXGL box, you can click on the Balance hyperlink if you want to spend all your MINT tokens... if not, you can put in a dollar value amount or if you click the 2 little green arrows on the right hand side of that text box it'll change to a MINT number amount.
Let's say I received 5 million MINT in the airdrop. I could click on the little green arrows so that I see the Mint icon instead of the $ symbol and type in 5000000
When you click Continue you'll see this warning about all the things... essentially with these things, make sure you know your local laws and don't spend anything that you can't afford to completely lose.
I would definitely look into the MintInside.net website to get a better understanding on the various token projects.
If you're still happy to proceed, click the I Understand button and you'll see all the details
This includes the trading fee and stuff... click Place order if you're happy with all of that.
The Binance Smart Chain requires an additional gas fee to be paid (so you'll need some BNB in your wallet) and since I'm using MetaMask this pops up automatically once I clicked Place order
Click Confirm if you're happy with that fee.
MetaMask also provides a pop up box that will take you to the BscScan transaction... so you can see that I paid 18 cents worth of BNB for this transaction.
Obviously everyone's situation is different, but I have to say that spending $0.18 on gas fees is soooooo much less heartbreaking than the Ethereum gas fees I've paid in the past. I've bailed on so many transactions because the gas prices would double the transaction I wanted to make. I legitimately have cryptokitties stuck because doing anything with them right now is more expensive than they're worth.
Annoying your new tokens won't automatically appear in your MetaMask wallet... but if you click on the Add to Metamask link and then sign the transaction (with the MetaMask pop up) then it will appear straight away...
You can also see your transaction in the Activity tab. This will show the current USD value of your tokens (useful in the future) and all the buying and selling transactions... with your own highlighted.
There you have it... now you have a brand new token sitting in your wallet... hopefully it'll be useful to you by allowing you access to a community, or maybe some content or a game... or hopefully it'll be worth more MINT tokens to you in the future. If the price of MINT tokens rise, then your token value should also rise... of course, the same is true if the value of MINT tokens drop in comparison to BNB.
Create your own token
What to do with your Mint Club airdrop? Create your very own token!
Since every smart media token on the Mint Club platform is backed by MINT tokens, this means you can totally create a token without needing any liquidity whatsoever...
Go to the main page of Mint Club
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Connect Wallet if you need to and then click the Create button at the top of the screen
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Fill out the form, including your Token Name, the Token Symbol and how many tokens you want to mint.
Don't stress too much about the Max minting supply, because if your entire supply gets bought up, you can always add some of your tokens (that you purchased with your Mint tokens) into an external PancakeSwap liquidity pool as MintInside.net has done.
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You will need some BNB in your connected wallet to pay the gas fees to mint the token, but again it should only be way less than a $1 worth.
Once you're happy with anything click on Register and then follow the Metamask BSC prompts.
You'll then be taken to the new token screen where you'll be able to trade your MINT tokens for your new token.... which the Swap your MINT tokens for a token instructions should be super helpful for.
Amazing! You have your own token!
Mint Club - a super exciting platform
I don't want to hype things too much... but just in the time I've been writing this post another $50k of liquidity has been added to the ecosystem...
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this doesn't include the liquidity pool which has another nearly half a million of value in it...
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So yeah, there's a lot to be excited about with this platform... obviously, primarily that communities, celebrities, organisations, anyone really can easily create a token and everyone can get involved without the threat of a rug pull.
Here are the links if you want to check out the MINT tokens on:
If you want to buy more MINT tokens then you can do so on PancakeSwap using BNB at this link:
If you'd like to check out my previous post about the MINT airdrop, it's right here:
If you'd like to study more about MINT, including stalking them on social media or reading their white paper, go this way:
Thanks for reading this post that hopefully answers your question of "What to do with your Mint Club airdrop?"! If you have any questions about anything written above, please let me know in the comments down below...
Posted from my blog with Exxp : https://lifebe.com.au/digital/what-to-do-with-your-mint-club-airdrop/