Minexcoin have recently announced that their blockchain-based payment system platform is making some important changes to their monetary policy. Communications released by Minexcoin CEO Boris Shuyaev contains important information about the next development stage for MNX and the current market situation of the project.
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Milestones hit by the MNX Team
The Minexcoin project has hit all milestone targets and is now moving forward to focus on the adaptation of its parking rates. Minexcoin holders will be equal to coinbase’s rate of 70% per annum.
On the 1st of May 2018, marked six months since MNX had first appeared on the market. This is a significant milestone that brings to fruition the project results and the quality of the work the Minexcoin team have put in. As time has passed, the MinexBank technology operates according to the planned parameters and the expectations of the community.
To date, the number of MNX wallets to be downloaded has exceeded 14,000 with 10,398 registered MinexBank users. Minex has 16,023 active parkings. The volume of parked coins is 1,030,620 MNX. The amount of parking payments for the entire period of MinexBank activity exceeded 400,000 MNX and the amount of the month parking payments reached 127,500 PM.
The Minexcoin development team successfully reached all their set milestones in their first Memorandum and in a short time reached the USD/MNX 20 average exchange rate(through the basket of the top ten cryptocurrencies), upon reaching this rate the MXN to USD growth rate was set at the 42.7% per annum. This rate corresponded to the average annual growth market capitalization of top ten cryptocurrencies in 2016 and the first half of 2017.
Minexcoin is entering a new phase of MNX development. The volume of marked coins is approaching 30% of the total number of all MNX in the market.
What it all means for the community at-large
This means two things for the community. The MNX development roadmap, meeting this target requires an alteration of interest rates to the base annual rate, currently set to 70%. Secondly according to the basic economic principles, because of the excess of supply and demand, there is a disproportionate rise. This is putting unnecessary pressure on Minexcoin and its development and growth.
Minexcoin have started adjusting the interest rate policy. The parking rates are imminently about to be reduced. The interest rates are as follows.
Daily – 0.19%
Weekly – 1.34%
Monthly – 5.83%
Quarterly – 17.5%
Bi-annually – 35%
Annually – 70%
As a reminder to the public that parking payments have reached 130,000 MXN per month.
This volume see’s a monthly increase in the monetary base, this is negatively affecting the exchange rate of MNX, this 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.
Minexcoin preparing for the future
Minexcoin will hold to account the fact the market might be affected by short-term negative trends after the new rates are set into place. Therefore. Minex would like to focus their team on completing work on mechanisms to neutralise such an impact — giving access to new exchanges is just one of them.
Additionally, the company also plans to conduct a completely open policy and to engage in communications with every participant of the project.
For more Information, visit the Minexcoin website at – https://minexcoin.com