Minterest: Driving Supplying and Borrowings through Points Program

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What is Minterest?

Minterest is a cross-chain lending protocol providing a money market solution. It aims to deliver high long-term yields for suppliers and cost-effective rates for borrowers while protecting against predatory liquidations.

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The Challenge

In July 2024, during its launch on the Taiko chain, Minterest aimed to attract the entire user base of that network to convert them into users of its platform. To achieve this, they needed to implement a program that incentivizes users to supply and encourages fund retention, thereby increasing the Total Value Locked (TVL) of the protocol on the new chain.

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The Solution

Minterest's Points Program Interface Built on Fuul's SDK

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Minterest leveraged on Fuul to launch an attractive incentive program. Participants can earn "Mint" points through a variety of activities on the platform, such as supplying, borrowing, referrals, and other special tasks.

Minterest's team has integrated Fuul's SDK to implement a leaderboard displaying users' positions, as well as their daily and accumulated points. This integration not only enhances user experience but also fosters a competitive environment that promotes greater active participation.

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Results

During the early days of the points program launch, there was intense activity observed on the Taiko chain platform. Minterest saw a substantial increase in supplies and borrows on the platform. The automation of the leaderboard ensured a more competitive experience, fostering greater commercial activity.

Additionally, Minterest's Total Value Locked (TVL) has shown impressive growth, rising from $300k on July 9, 2024, to $399k on July 15, 2024, according to data provided by DeFiLlama.

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Conslusion

The Fuul team enhanced and increased user interaction with the platform by implementing strategic incentives through the points program. By developing an effective combination of rewards and commercial activities, they successfully fostered ongoing participation and widespread adoption of their new offering on the Taiko mainnet.