Novel blockchain platform Mina Protocol (MINA) has captured nearly $600 million in valuation shortly after its launch.
The self-branded “lightweight” blockchain launched its MINA token on May 31st on CoinList and was listed shortly after on Kraken on June 1st.
During its time on the market, MINA hit a high of just over $9.09 with a market cap of over $1.15 billion. It hit a low of $2.78 before rallying to its current price of $4.00 with a market capitalization of $599 million, according to CoinGecko
The project advertises its fixed minuscule size compared to other blockchains. Mina notes on its site that its entire blockchain is only 22 kilobytes, “the size of a couple of tweets.”
Because Mina Protocol is so small, the network does not require third-party nodes to run, meaning anyone can quickly connect and verify the chain. The new crypto project also touts its privacy features with its Succinct Non-Interactive Argument of Knowledge decentralized applications (Snapps), which enable users to stay in control by verifying a chunk of data without disclosing its details. In addition, Snapps can privately interact with any website and access real-world data for on-chain consumption.
The protocol is backed by fund management heavyweight Three Arrows Capital, which is also invested in blockchain platforms Ethereum and Polkadot (DOT).
Among the crypto hedge fund’s other investments are decentralized finance (DeFi) projects Aave, Balancer (BAL), Synthetic (SNX) and KeeperDAO (ROOK).
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