Overview:
- Minds, a DeFi social platform, has introduced new rewards based on Uniswap liquidity pooling.
- Customers can earn access to using a digital billboard through ad mining by utilizing the Minds app
- Minds is a censorship-resistance social platform that claims to have around $3 million users monthly
New rewards have been added to the DeFi social platform Minds by introducing Uniswap liquidity pooling and also a newly designed feature of ad mining.
The ETH-powered DeFi social platform Minds is providing itself as an alternative to the common social networking platforms; for example, Facebook and Twitter as Minds have been created on a blockchain framework. This means that there is practically little or no way of censoring the content on the app Minds by the creators, even if they want to.
This, however, is not the only upside of this social networking platform, it also gives an incentive to its users by giving them access to crypto rewards. Recently, the company has stated that they are planning to expand this reward system significantly further.
Minds Expands its Reward System
It was revealed in an updated report today that Minds is going to introduce its new DeFi features on 16th March 2021 by partnering up with a very famous DeFI exchange, Uniswap. DeFi or Decentralized Finance is a term that encompasses all the aspects of traditional banking products and services, for example, borrowing and lending, that also without the presence of an actual physical bank branch. All of this is done through a peer-to-peer network without any physical contact.
Within the decentralized finance community, a very noticeable and popular trend is liquidity mining. Liquidity mining is also known as yield farming, and the basic function of this process is to facilitate the users when they deposit huge amounts of crypto assets into a decentralized finance market. It helps the users in earning interest on their deposits by lending out their crypto assets to other users. With the help of Uniswap, Minds is now making it accessible for its users to earn crypto rewards when they use the liquidity pooling system by Uniswap to pool their crypto assets.
Minds is also launching an ad mining system through which the users can get a spot on the digital billboard app, which would increase the reach and promote the channels of those users.
