Fantom Ecosystem Spotlight – Minimax
In game theory, “Minimax” refers to a decision rule used to guide a user to the best possible outcomes. The concept is more or less central to the subject of this week’s spotlight.
Minimax Finance is a multi-chain yield aggregator that combines ease of use with advanced features like stop-losses, take-profit, and single-click investing into liquidity pools.
1. What is Minimax Finance?
Minimax Finance is a decentralized protocol aggregating yield opportunities from third-party DeFi applications. We’ve already integrated over 500 vaults on seven blockchains, including Fantom.
On top of aggregation, Minimax provides useful tools to help users reduce potential risks and efficiently manage their DeFi investments. Minimax integrates stop-loss and take-profit for staking, lending, and farming; conversion depositing and withdrawal; ability to spot idle tokens, and more.
2. How do you introduce Minimax Finance to a novice?
Simply put, Minimax helps users manage all their crypto assets in one place, saving the time they spend switching between different platforms and figuring out how those platforms work.
We are working hard to make the application interface as easy to understand as possible. If you have any difficulty, please feel free to have a look at our Docs section or the Minimax blog, where we describe all our features in detail. Feel free also to post a question in our Telegram group.
3. What makes Minimax different from other aggregators?
Minimax isn’t just about aggregation. We are focused on creating a multifunctional platform to make the process of staking, lending, and yield farming much less complicated and time-consuming while more profitable for you.
What makes Minimax stand out from similar projects?
- Stop-loss for staking, lending, and yield farming. If the asset price falls below a user-specified stop-loss level, the investment will automatically be converted into stablecoins.
- Ability to automatically take profit when the asset price reaches a user-determined target.
- Entry into any vault with any token thanks to conversion depositing.
For instance, let’s assume that you want to place a deposit into the CAKE-BUSD LP token vault. Typically, you’d need to buy CAKE and BUSD at a DEX. After that, you’d have to go to Pancakeswap and bundle them into the CAKE-BUSD LP tokens.Only after all of this would you be able to deposit the LP tokens to the vault.
With conversion depositing, you can use any liquid token ‒ like DOT, BSW, and hundreds of others ‒ to enter any vault. Our smart contracts will seamlessly do all the necessary conversion and bundling operations for you.
- Conversion withdrawal allows you to receive the token you want when closing a position. Basically, this works the same way as conversion depositing, only in reverse order.
- Multiple positions per vault for more flexible fund management.
- A cross-chain swaps function, which works on five blockchains and supports cross-chain exchanges for four blockchains via deBridge.
4. What are the core team members’ backgrounds?
Our founder, Andrei, has a career background in AI. He worked at Google for four years and founded several personal projects, including Minimax Finance.
CEO Valery has more than 15 years of experience in IT as a product manager and CEO.
CTO Denis is an engineer and successful sports programmer who interned at Google and Yandex.
Head of growth Tsihran is a highly experienced marketing professional with a background in crypto projects like currency.com, free2ex.com, scorum.com, and coinmatics.
Also, our team includes five engineers, who have worked with Yandex, Lyft, and other companies and three content managers with an educational background in economics.
5. How did you learn about Fantom?
Fantom is one of the top blockchains in terms of performance and popularity. So it would be really difficult for us not to know about it.
6. Why did you decide to integrate Fantom?
We didn’t hesitate long before deciding to integrate Fantom on Minimax. Fantom has several significant advantages, which made us decide in its favor.
First, it’s fully EVM-compatible, making it much easier to deploy dApps on it.
Secondly, our technical integrations with Chainlink and Gelato network also work flawlessly on Fantom.
On top of that, Fantom stands out significantly due to its low gas fees, making Fantom assets an attractive option for investing users.
7. How was the process of integrating Fantom?
From a technical perspective, integrating the Fantom blockchain is quite smooth and straightforward, especially if you have some experience integrating dApps on EVM-compatible blockchains.
Developers have little trouble supporting the Fantom blockchain in their multichain, decentralized applications. All processes of communicating with Fantom RPC nodes were easy.
One small difference is gas limits and prices compared to other blockchains. You’ll save time if you figure this out in advance and make the necessary adjustments.
8. How is your experience working on Fantom?
So far, our experience has been great.
We have already added four platforms (Aave, Beefy, WOOFi, Yearn) that offer different opportunities for investing in different positions, from stable coins to LP-tokens with high APYs.
Our users love Fantom for its speed, security, and transparency.
9. What’s coming next from Minimax?
The Minimax team is planning to expand to more blockchains and platforms! This means there will be more vaults and more exciting opportunities for you to earn via staking, farming, and lending.
10. What is the future of DeFi?
According to our crystal ball, the future of DeFi is bright, because it democratizes finance, makes it easily accessible at any time and from any location with the internet, providing equal earning opportunities to everyone.
11. Is there anything else that you would like to add?
The goal of our dApp is to make DeFi very easy to use, safer and more profitable. We are working hard every day to improve the platform. Your feedback and input is much appreciated, because it is the DeFi community in general and the Fantom community in particular who give meaning to our efforts.
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