Upbit Lists New BTC/MINA Trading Pair, Will It Cause Altcoin Chaos?

Key Points:

• Upbit announces BTC/MINA trading pair listing, causing altcoin price fluctuations.
• Mina deposit support opens within 3 hours, with restrictions on initial purchases and sell orders.
• Mina blockchain uses zero-knowledge proofs for ideal architecture and fast syncing of consensus state.

On July 11, 2023, South Korea’s largest exchange, Upbit, announced the listing of the BTC/MINA trading pair. The MINA trading opening time is scheduled for 16:00 KST. Upbit listings tend to cause large fluctuations in altcoin prices.

According to the announcement, MINA deposit support will open within 3 hours of posting the notice. However, MINA only supports deposits from the Mina network, and deposits through other networks, such as BSC, are not supported. For the first one-time MINA deposit, except for 1 MINA, the amount deposited is deposited out of the total amount deposited due to the characteristics of the MINA network and wallet address.

In order to provide a safe trading environment and accurate market information to members, orders under the following conditions are restricted after adding a new digital asset to the BTC market. The transaction support start time is 16:00 on July 11, 2023. The initial purchase order is limited to about 5 minutes when adding a new digital asset.

The sell orders for MINA are limited to -10% or less of the previous day’s closing price (0.00001494 BTC) on CoinMarketCap. When adding a new digital asset, the market price and pre-order are limited for about an hour.

As of July 11, 08:50 (KST), the price of the new digital asset confirmed on CoinMarketCap is 0.00001532 BTC. It is important to note this point and be mindful of losses due to rapid market price fluctuations in the initial stage of transaction support.

Mina is a layer-1 blockchain with a 22KB blockchain and zero-knowledge smart contracts (“zkApps”) written in TypeScript. The Mina Protocol uses zero-knowledge proofs to build an ideal blockchain architecture. Unlike early blockchains like Bitcoin and Ethereum, Mina’s blockchain always remains a constant size of about 22KB, which is the size of a few tweets. It is possible to verify the current consensus state of the protocol using one recursive, 22KB zero-knowledge proof. This means participants can quickly sync and verify the current consensus state of the network.

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