Blockchain Payment System Minexcoin Updates Its Market Behaviour
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Minexcoin, a payment system platform which is a part of MinexSystems, released communique by its CEO Boris Shulyaev. It contains information about a new phase of MNX development and сurrent market situation of the project.
In particular, Boris mentioned that MNX project has successfully met all planned milestones for now and starts the adaptation of its parking rates. The interests paid to MNX holders will be equal to coin’s base rate of 70% per annum. You can get acquainted with the whole text below:
May 1st marketed six months since Minexcoin has appeared on the market. This is undoubtedly very important milestone that helps us to evaluate project results and the quality of the work we’ve done, and of course, to set ourselves new goals.
Time has shown that the MinexBank mechanism operates according to the planned parameters and crypto-society, indeed, demonstrates interest to the Minexcoin. Here are just a few examples:
To date, the number of downloaded MNX wallets has exceeded 14,000.
The number of MinexBank registered users is 10,398.
The number of active parkings is 16 023.
The volume of parked coins is 1 030 620 MNX.
The parking payments amount for the entire period of MinexBank activity exceeded 400 000 MNX.
The amount of the month parking payments reached 127 500 MNX per month.
Minexcoin previously completed all the goals it set out in its first Memorandum and has achieved the following macroeconomic indicators:
In a short time reached the 20 USD/MNX average exchange rate(through the basket of the top ten cryptocurrencies).
Upon reaching the rate mentioned above, the MXN to USD growth rate was set at the 42.7% per annum. This rate corresponded to the average annual growth of the market capitalization of top ten cryptocurrencies in 2016 — the first half of 2017.
The company is entering a new phase of MNX development. As you may have noticed from the figures above, today’s volume of parked coins is approaching 30% of the total number of all MNX in the market. For the team and you, dear community, it means two things.
According to the MNX development roadmap, meeting this target requires an adaptation of interest rates to the base annual rate(it is 70% at the current moment).
Secondly, according to the basic economic principles, because of the excess of supply over demand, there is a disproportion arise. It puts pressure on the course of Minexcoin and hinders its further growth.
Based on these facts, MinexBank starts the process of adjusting interest rate policy. In 16 days after the publication of this message, the parking rates will be reduced to the base rate of 70% per annum envisaged by MinexBank Memorandum. The interest rates are as follows.
Daily 0.19%
Weekly 1.34%
Monthly 5.83%
Quarterly 17.5%
Half yearly 35%
Annual 70%
Minexcoin want to remind the public that parking payments at the moment have reached 130 000 MNX per month. Such a volume of monthly increase in the monetary base negatively affects the exchange rate of MNX, that does not satisfy investors’ expectations.
Reduction of parking payments and adaptation of interests to the base rate are aimed to achieve goals outlined in the second Memorandum, namely the sustainable planned growth of the MNX price of 84.88% per annum.
The company will ttake into account the fact that market might be affected by short-term negative trends after the implementation of new rates. Therefore, I’d like to focus that our team is completing work on mechanisms to neutralise such an impact.
By the way, access to new exchanges is just one of them. The more detailed information you will get from our future publications.
Minexcoin are also aiming to conduct a completely open policy and to engage in dialogue every participant of the project. If you have any questions, our official channels are open to users 24 hours a day.
About MinexSystems
“Minex Systems Limited”, a Hong Kong registered company, specializes in blockchain product development. The company offers solutions which work on the unified MinexSystens ecosystem and include the best of both conventional financial and crypto worlds.
To date, the company’s flagship products are Minexcoin cryptocurrency and MinexBank, an autonomous algorithm for controlling the volatility of the coin.
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