Mina Foundation Transparency Report — Q1 2023

Q1 2023 Quarterly Transparency Report

Mina Foundation, Inc.
Dates Covered: January 1, 2023 — March 31, 2023.

Mina Foundation, Inc. (the “Foundation”), which supports the Mina Protocol, is deeply committed to being transparent about its operations, especially as they might be related to Mina tokens (“MINA”) that are under control of the Foundation’s wholly owned subsidiary — Mina Foundation, Ltd., a British Virgin Islands company. Please refer to our annual transparency report for more information. Previous transparency reports can be consulted here.

General Update

• zkIgnite
  • zkIgnite is a program to support developers and entrepreneurs in building real-world applications and businesses on Mina Protocol — from formulating project proposals, pitching them, receiving funding to bootstrap their projects, to helping connect them with potential backers for further development
  • 500K USDC and 500K MINA prize pool available to allocate to successfully funded Cohort 1 projects
  • Cohort 1 participants submitted 100+ proposals in the zkApp track and 60+ proposals in the Dev4dev track
  • Community Electors reviewed the proposals and voted to fund 26 projects based on their business potential, impact, feasibility, level of innovation, and scalability
  • zkIgnite Cohort 2 was announced to launch on May 24th and Cohort 3 later this year, both will allow builders additional opportunities to receive grants and support in building zero knowledge apps and businesses on Mina

• Berkeley Testnet
  • Berkeley Testnet redeployed in Jan 2023 with a set of bug fixes and updates
  • Ongoing work in fixing bugs and vulnerabilities via the testnet, such as addressing potential DDOs attack vectors, with this latest testnet release in Q1
  • 3 versions of o1js (formerly SnarkyJS) were released in Q1 2023, with the latest one in Q1 being o1js (formerly SnarkyJS) 0.9.5

• Incentivized Testnet ‘Testworld Mission 2.0’
  • The Mina ecosystem is starting to engage in ‘Testworld Mission 2.0’, an incentivized testnet in preparation for the upcoming hard fork, which will include Mina Improvement Proposals (MIPs) and other important zkApp and network updates. Testworld Mission 2.0 includes various tracks:
    • zkApp End-to-End (E2E) Testing 
    • Security Auditing
    • Protocol Performance Testing

Key Platform Metrics

Mina Accounts

Mina Accounts Growth by Month

As of March 31, 2023, there are currently 153,279 unique accounts on the Mina ledger.

Delegation

In Q1 of 2023 there were 31,589 accounts delegating stake in the Mina protocol.

Block Production

Block Producers by Month

Snark Workers per Month

Protocol Development

There are a total of 911 commits to the Mina Github repositories in the first 3 months of 2023  with 80 unique contributors. 

Delegation Program Update

As mentioned in the Foundation’s Delegation Policy, the Foundation has delegated the voting power relating to the Mina Protocol it holds through ownership of the MINA tokens that it and its affiliates control to third-party block producers in an effort to promote decentralization within the Mina Protocol ecosystem. There were no key updates to the Delegation Program for this quarter.

The third-party block producers consisted of 3.3% US-based block producers and 96.7% non-US based block producers.

Use of Tokens to Date

Treasury

The Foundation defines Treasury as cash and token distributions that are primarily intended to promote and support the administration and operations of Mina Foundation.

The Foundation’s Treasury (as of March 31, 2023): 

• 44m MINA Tokens
• 36m USD and Stablecoins (USDC & USDT)

The Foundation has spent approximately 800k MINA from its treasury during the period covered by this report. 

Grants

The Foundation defines Grants as cash and token distributions that are primarily intended to support the Mina ecosystem and encourage development in the Mina Protocol community.

The Foundation’s Grant (as of March 31, 2023):

• 102m MINA Tokens
• 19m USD and Stablecoins (USDC & USDT)

The total number of MINA token grants that the Foundation has paid during the period covered by this report is 200k MINA, with an additional 750k MINA and 1M USDC committed to Grant programs with future payout dates. These grants include, among other things, grants from the Foundation’s Quarterly Grants Program, team token grants, and a post-earthquake donation to Turkey, Incentivized Testnet activities and zkIgnite. 

Disclaimer: All tokens held by Mina Foundation, Inc. are held by its wholly owned subsidiary — Mina Foundation, Ltd., which is a British Virgin Islands company.