MINA is the native currency of the Mina blockchain. MINA tokens are required to stake and produce blocks on the Mina blockchain. They’re also the exclusive currency of the Snarketplace, which is used by block producers and SNARK producers to buy and sell SNARK proofs. Each MINA token is divisible up to 9 decimal places. ^[1][2]

Utility

• Staking: users participate in operating MINA stake nodes to secure the network and receive rewards.
• Transaction fee: users pay transaction fees on the network for each interaction with Snapps on the Mina network.
• Block Production: block producers profit from staking MINA and produce new blocks on the blockchain. ^[6]

Tokenomics

MINA is an inflationary currency with no supply cap. All token holders can stake or delegate to receive their proportional fraction of the inflation, with no lockup or bonding required to do so. ^[7]

The initial supply of MINA was 1 billion tokens. The total supply will increase over time, but inflation is set to decrease from 12% to 7% over the first five years. Further decreases in the inflation rate will be subject to Mina Protocol’s governance. ^[6][7]

Token Allocation

The Community was allocated the largest percentage at 42.3% followed by the Core Contributors at 23.6% and the Backers at 20.5%. 0(1) Labs Endowment was allocated 7.5% and finally, the Mina Foundation Endowment at 6.0%.

CoinList Token Sale

Mina Foundation's token sale which took place in April 2021 generated $18.7 million in four hours after a rush of CoinList^[9] users tried to buy up more MINA than the blockchain project was willing to sell. Only 12% of the sale’s 375,000 registrants were able to buy the 7.5% of MINA supply that the Mina Foundation made available, according to data reviewed by CoinDesk. ^[5][8]