Announcement: MinexBank Market Behaviour Update
Don’t miss important announcement from Boris Shulyaev, CEO of MinexSystems. Find out more about latest MNX monetary policy changes.
Dear Minexcoin community,
On May 1, it will be exactly 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.
Also, I want to remind you results of the first Memorandum. Absolutely all goals declared in this document have been completed, and Minexcoin 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.
We are 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. Firstly, 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 rate 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 (https://minexbank.com/memorandum ). Namely to such interests:
Daily 0.19%
Weekly 1.34%
Monthly 5.83%
Quarterly 17.5%
Half yearly 35%
Annual 70%
However, I want to reemphasize 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.
Of course, we take 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.
I am sure that these innovations will have a positive impact on the further MNX development and will be perceived by the community with understanding. As always, we’re trying 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 you 24/7. I believe, only with the full support of the community, we will be able to achieve all the global Minexcoin goals. Thank you and stay tuned!
This text comes into force from the moment of its publication on April 24.
Yours faithfully,
Boris Shulyaev, CEO of MinexSystems
