Minds Value Should Be Displayed In Ethereum, And The Basics On The New System. #MindsGaming #OP #OpenMinds
Welcome back to another crypto-currency blog. We are going to go over why Minds token value should be displayed as ethereum, how to convert to your tokens to ethereum once on-chain and what providing liquidity means.
Minds Token Value.
Minds tokens are a utility on the Minds Network. 1 token is worth 1,000 views on the network. You can also use them to unlock content, memberships and support users to do the same.
Minds has integrated Uniswap into the platform and this does a lot for creators of content like the ablity to swap the token for other assets. However, it doesn't change the fact that tokens are a Minds utility. Lets get into some detail.
Minds tokens are an erc-20 utility token made with ethereum. You can have two types of Minds tokens, on-chain and off-chain. Off-chain tokens are held on Minds, and on-chain tokens must be held in a blockchain wallet like MetaMask.
Minds rewards users with off-chain tokens. These tokens are not worth any USD or Ethereum .
You can place your tokens on-chain by doing what Minds calls "Transfer" in your wallet. When you transfer your off-chain tokens to your blockchain wallet, they become on-chain tokens. Once transferred the ability to swap these tokens for other assets like ethereum . Ethereum can than be converted into cash but Minds tokens have no ties to USD on-chain or off-chain.
Swapping Your Tokens
To swap your Minds tokens to ethereum you are going to have to pay two gas fees (Transfer Fees). The first gas fee will be sending you tokens to your connected on-chain wallet.
Transfer:
To send tokens to your on-chain go to your wallet and click "Transfer" under your engagement bar.
The next gas fee will be to swap your Minds tokens to ethereum.
Swap:
To swap your Minds tokens for ethereum, click "Provide Liquidity" under your engagement tab. Once the pop up for the liquidity pool is displayed, select the "Swap" tab
After you have gone to the "Swap" tab click the tab on the ethereum and type "MINDS". You can also import it by manually adding the Minds token block address (0xb26631c6dda06ad89b93c71400d25692de89c068), then select "ETH" (ethereum ) as the output.
Now click "Swap"!
Providing Liquidity
You can also provide liquidity to the token. Liquidity is provided in ethereum and affects the swap conversion from on-chain Minds tokens to ethereum or other tokens while on the blockchain.
You can add ethereum to the liquidity pool by clicking "provide liquidity" under your engagement bar in your wallet. Once they liquidity pool pop-up displays, input the amount of ethereum to provide the pool and click send.
Overview
The implementation of Uniswap has made it easier for users to make money from Minds by providing liquidity to the token and swaps from the token into other assets that can later be converted to cash or used on other services, however it has not changed the value of a rewarded token on the Minds network. As Minds on-chain tokens can be converted into ethereum from the Minds network a display of the Minds token ethereum value would be acceptable however as Minds only rewards users in off-chain tokens
References/Terms:
- Uniswap
- Ethereum (ETH):
https://en.wikipedia.org/wiki/Ethereum
- ERC-20:
https://ethereum.org/en/developers/docs/standards/tokens/erc-20/
- Gas Fees
https://ethereum.org/en/developers/docs/gas/
- MetaMask
- Gitlab Issue