FAQs - Mina (MINA)

Frequently asked questions about Mina
Written by StakeSeeker
Updated 3 months ago

What is Mina (MINA), and what is it used for?

MINA is the native token used for maintaining and executing transactions on Mina’s Proof-of-Stake network. MINA is required to participate in block production through staking and purchasing of zk-SNARK proofs via Mina’s “Snarketplace”.

What are Mina's staking rewards?

Staking rewards in the form of native blockchain tokens (MINA) are distributed to validators for locking up their cryptocurrencies to a blockchain network to support validator node’s participation in the consensus mechanism and securing the network for a period of time. Refer to the data above for the latest Mina staking reward figures.

What are the current use cases of Mina?

Some of the main use cases for Mina include private voting for payments and Decentralized Autonomous Organizations (DAOs), verified crypto trading history for wealth advisors, and secure document sharing between Know-Your-Customer (KYC’d) verified third parties

What are the risks of staking Mina?

Like many blockchain protocols, the consensus mechanism used by Mina includes a slashing mechanism whereby any validator that misses too many blocks or double signs a block is penalized by the network, slashing the staked amount on that validator and delegators should be cognizant of these risks.

For more real-time blockchain data and statistics, please visit: 

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