With the @binance listing yesterday, I am seeing some REALLY interesting metrics that are worth exploring. The graphs on @minaexplorer validate a lot of the hypothesis we had at @o1_labs way back in 2018-19 surrounding the behaviour of the #Snarketplace / Mempool.
First and foremost, is the issue of 0-Fee SNARKs. It was always my hope/assumption that once transaction pressure increased beyond the ability of 0-Fee #SNARK Workers to keep up, the network would begin to purchase SNARKs being sold with non-0 fees.
With the influx of transactions that were sent as users moved their $MINA off @CoinList and other exchanges to @binance , this is exactly what occurred, as is visible in the graph below. It’s exactly the behaviour we hoped would be exhibited and I could not be more happy to see it.
In terms of “winners” of the #SNARKetplace, the fees being seen are still relatively low. However this address was able to sell 23 SNARKs with a fee of 1.000024, for a total of 23.000552 $MINA. https://t.co/wzsgv4ZULr?amp=1
With $MINA currently trading just north of $3, these SNARK Workers are unlikely to see any profit when compared to the electricity required to run their rigs (right now), but it is highly encouraging for those hoping to run a viable SNARK Worker operation in the future.
On to the mempool!
With the pressure on the network to include more transactions, we’re seeing increased stratification of transaction fees, as is expected of a crypto protocol like $MINA.
While the Mina Validator Community hasn’t confirmed this 100%, this address is believed to be owned by @binance . It has accumulated ~12m $MINA over the last 9 days via 352 transactions. This bag has a market value just north of $38m, exciting volume! https://t.co/DzvSsyqypJ?amp=1
Overall, these are really exciting developments for @MinaProtocol, and a feather in the cap for the engineers and employees at both @o1_labs and the Mina Foundation. Congratulations for all the hard work, I am excited to see what else is in store for this fledgling protocol.
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