The MINDS token is officially live on Base

As of last week, the MINDS token is now officially live on Base. Moving forward, all on-chain transactions on the Minds platform will leverage the Base network instead of the Ethereum Mainnet.

Base is a Layer 2 blockchain project spearheaded by Coinbase that is built on top of Ethereum and designed to have significantly lower transaction fees on-chain.

We are excited about this upgrade because it makes the fees much more reasonable to transact on-chain with smaller transaction amounts for things you might do on the Minds platform such as tipping a creator or paying a few dollars to boost a post. 

Instead of having to pay $10+ in gas fees to do a transaction on-chain as it was previously using Mainnet, you now just have to pay around $0.01 per transaction to do it on Base.

By introducing Base, we have reduced the fees of transacting on-chain by 100-1000X.

So what is changing?

Transferring On-Chain

If you want to transfer your tokens on-chain, the tokens will now be transferred into your address on the Base network (which is the same as your address on Mainnet). 

From here, you can then easily use them on-chain to boost, tip other creators, or you can transfer your tokens to Mainnet with the new Base/Mainnet Bridge located in your wallet. 

• Note: You will also need to send a small amount of ETH into your Base address using the bridge to cover the small fees

Liquidity Rewards

Liquidity rewards will continue to be issued for anyone providing liquidity in the existing MINDS/ETH pool on Uniswap V2 using Mainnet.

Moving forward, we have also begun to issue liquidity rewards for anyone providing liquidity in a new MINDS/USDC pool on Uniswap using Base, which can be again used for much lower fees.

Holding Rewards

Holding rewards will be issued for holding your MINDS tokens on either Base or Mainnet.

On-Chain Balances

Your on-chain balance on the Minds platform will now be pulling from your Base address, so it may appear initially as 0 tokens for many of you. But do not fear, your on-chain tokens are safe on Mainnet. Just simply use the bridge to pull them into Base and you will see a balance again so you can easily transact on-chain.

While it can be a bit more technical to use than our off-chain system, we encourage you all to try this out. Using your tokens on-chain is a great way to support the project and Internet freedom in general.

Thank you for your support and please reach out on help.minds.com if you have any questions or issues.