Hey Minimalists,
We’re excited to announce the launch of Minima’s widely anticipated cross-chain swap protocol, MiniSwap! Download it here.
It enables you to exchange assets, peer-to-peer, between the Ethereum and Minima blockchains. With no third parties involved whatsoever. Instead, a smart contract facilitates the swap of ETH, WMINIMA, USDT, and USDC for MINIMA, or vice versa.
You now have an excellent opportunity to access Minima’s native asset MINIMA before it’s listed on exchanges towards the end of the year. So if you haven’t already, join the evolution & exchange ERC20s for MINIMA today.
It should be noted that, in a true peer-to-peer manner, prior to making a swap you must first find a counterparty. This must be done outside of MiniSwap. We’ve set up a channel on Discord to help make this easier for you. Simply create a post in #p2p-trade specifying, for example, X ETH for X MINIMA.
We’re excited to further open up Ethereum users to the Minima ecosystem and enable interested parties to purchase MINIMA. We value Minimalists who believe in Minima’s long-term vision and so are happy to hold on while the ecosystem is built. Join us for the long haul by acquiring MINIMA.
You can download MiniSwap from minidapps.minima.global. It must be accessed via a browser on your desktop. Please watch the video tutorial and also read how to swap and the FAQ below, then let us know on Discord if you get stuck.
Happy swapping! ♻️
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Video tutorial
How to swap
Step 1) Find a counterparty and agree on terms*
*Visit the #p2p-trade channel on our Discord to do so and post, for example, X USDT for X MINIMA.
Step 2) Ensure you have set MiniSwap to WRITE access*
*On your MDS Hub, find MiniSwap and click WRITE to give it access, then open it
Step 3) The user who wishes to swap MINIMA for ERC20 tokens must then initiate the swap:
- Once MiniSwap is open in write mode, connect Metamask, then select Swap MINIMA for tokens
- Enter the amount of MINIMA to swap and the agreed amount of ERC20 tokens to receive in return
Step 4) The user who wishes to swap ERC20 tokens for MINIMA must then:
- Open MiniSwap in write mode, connect Metamask and select Swap tokens for MINIMA
- Copy the public key presented and share it with the counterparty
Step 5) The user swapping MINIMA for ERC20 tokens must then:
- Paste the public key in the field presented
- MINIMA will then be locked up and a receipt will be generated*
- Share the receipt with the counterparty
*If the counterparty does not lock up funds within 4 hours, it will be possible to claim back MINIMA when the contract expires after approximately 12 hours.
Step 6) The user swapping ERC20 tokens for MINIMA must then:
- Paste the receipt in the field presented
- Wait for coins to be confirmed onchain
- Review the swap offer, then confirm the transaction via MetaMask to lock up tokens*
- Copy the receipt and share it with the counterparty
*You will need to make two Metamask transactions, one to approve the spending and another to deposit into the smart contract.
Step 7) The user swapping MINIMA for ERC20 tokens must then:
- Paste the receipt in the field presented and click Claim funds
- Accept the Ethereum gas fee in Metamask to withdraw the tokens from the smart contract*
*If the ERC20 tokens are not claimed within 4 hours, the swap will be invalid and the user swapping ERC20 tokens will be able to get a refund.
Step 8) The user swapping ERC20 tokens for MINIMA must then collect the MINIMA before the contract expires*
*It is extremely important that the swap is completed before the contract expires! After this point, the user swapping Minima can collect their coins onchain, even if they have already claimed the ERC-20 tokens.
The swap is complete, congrats!
FAQ
What is MiniSwap?
- MiniSwap enables you to exchange directly with another Minima user across the Minima and Ethereum blockchains using a smart contract
What assets can I swap?
- ETH, WMINIMA, USDT and USDC for MINIMA, or vice versa
Why must I find a counterparty to swap with?
- MiniSwap is not a centralised exchange or Uniswap pool, it’s a p2p exchange, you must find a counterparty and agree on terms via a chat in order to enter a swap
I want to swap via the Android app, how can I?
- MiniSwap is available for desktop use only, Android users can access their node in a browser on their desktop by using Minima’s Desktop Connect feature*
*For instructions, see ‘How can I use Desktop Connect to access my Android node on my desktop?’ below.
How can I use Desktop Connect to access my Android node on my desktop?
- Prerequisites: before trying the below, ensure both your Android device and desktop are connected to the same WiFi and make sure any VPNs you have installed on either device are turned off
- Open the Minima app, press the burger menu top left then select Health
- Open the menu found via the three vertical dots in the top right, then select Reset IP
- Under the MDS heading, find your Connect URL and Password
- Open a browser on your desktop that has Metamask installed and enter your Connect URL, then hit enter
- When you see the ‘Your connection is not private’ screen, click ‘Advanced’, then click ‘Proceed to YOUR IP ADDRESS’
- On the MDS login screen, enter your password from the Health screen and click Login
- From your list of MiniDapps, find MiniSwap and click WRITE
- Open MiniSwap
How can I access MiniHub via my desktop or VPS node?
- Go to https://127.0.0.1:9003 in your web browser on your Desktop or https://YourServerIP:9003 on VPS*
- When you see the ‘Your connection is not private’ screen, click ‘Advanced’, then click ‘Proceed to YOUR IP ADDRESS’
- You will see your MDS Hub login page, enter the password you set when starting your node
*If you are having trouble accessing https://127.0.0.1:9003, please first go to https://127.0.0.1:9004 and accept the security warning, then return to https://127.0.0.1:9003 and refresh the page.
How can I download and install MiniSwap?
- On your desktop, visit minidapps.minima.global, find MiniSwap and click Get
- Once downloaded, open your MDS Hub, scroll to the bottom of the page and click Choose file*
- Select the file you just downloaded and then click Install in your MDS Hub
*For instructions, see ‘How can I use Desktop Connect to access my Android node on my desktop?’ or ‘How can I access MiniHub via my desktop or VPS node?’.
How do I set MiniSwap to WRITE mode?
- Once MiniSwap is installed find it from the list of MiniDapps In your MDS Hub*
- Click WRITE, then OK on the popup that appears
*For instructions, see ‘How can I download and install MiniSwap?’ above.
I don’t have MetaMask, how can I install it?
- Visit metamask.io and click the “Download” button, then open the file to install it
Why do I need to pay an Ethereum gas fee?
- Both users will need some Ether for gas fees for the swap to process, Gas fees are not controlled by Minima, please check Gas fees are reasonable before entering into a swap
Who must initiate a swap?
- The user selling MINIMA must start the process by selecting Minima for Tokens and entering the agreed amounts to swap
How long does the person swapping ERC20 tokens have to lock up funds?
- The user swapping ERC20 tokens must lock up their funds within 4 hours of initiating the swap
What happens if the other person doesn’t honour their side of the deal?
- All swaps are atomic, either both sides get their desired token or each user can claim back their original funds