Mina Protocol (MINA): how it works, supply and reviews
In short
- Type
- Layer-1 blockchain whose state is verified with recursive zk-SNARKs (about 22 KB)
- Initial supply
- 1,000,000,000 MINA; each mina divides into 1 billion nanomina
- Risks and caveats
- Default inflation of 7% a year after the first five years dilutes holders who do not stake or delegate.
- Checked
- 31 October 2026
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Key facts
- Ticker
- MINA
- Official site
- minaprotocol.com
Key facts checked on 31 October 2026 against official sources.
What is Mina Protocol
Mina Protocol is a proof-of-stake layer-1 blockchain that replaces the full chain history with a small recursive zero-knowledge proof, so its blockchain stays about 22 KB. Smart contracts on Mina are zkApps written in TypeScript. It was incubated by o1Labs and launched its mainnet on 23 March 2021.
Network and consensus
| Parameter | Details |
|---|---|
| Type | Layer-1 blockchain whose state is verified with recursive zk-SNARKs (about 22 KB) |
| Consensus | Proof of stake: Ouroboros Samasika, a version of Ouroboros Praos adapted for a succinct chain |
| Proof system | Kimchi-Pickles recursive proof system |
| Smart contracts | zkApps written in TypeScript, enabled on mainnet by the Berkeley upgrade (June 2024) |
| Node roles | Block producers must include a zk-SNARK with each block; SNARK workers produce the proofs |
| Launched | Mainnet launched on 23 March 2021 |
Supply and issuance
| Parameter | Details |
|---|---|
| Initial supply | 1,000,000,000 MINA; each mina divides into 1 billion nanomina |
| Inflation | Planned nominal inflation starts at 12%, falls to 7% over five years and stays at 7% by default |
| Staking rewards | Block rewards adjust to the inflation target, so non-stakers are diluted |
| Planned change | The Mesa upgrade (MIP6) would halve slot time to 90 seconds and halve the coinbase reward; mainnet date not yet set |
What MINA is used for
- Staking to produce blocks, directly or by delegating to a staking pool
- Paying transaction fees and buying SNARK work in the Snarketplace
- Governance of protocol parameters such as inflation
Who develops and governs Mina Protocol
- Developer
- Incubated by o1Labs, whose CEO and co-founder is Evan Shapiro
- Foundation
- Mina Foundation, a non-profit steward that issues grants and manages community assets
- Governance
- Protocol changes ship as Mina Improvement Proposals (MIPs) in hard-fork network upgrades
- Open source
- Yes; the OCaml implementation is in the MinaProtocol/mina GitHub repository
History
| Date | Event |
|---|---|
| 14 May 2020 | NCC Group audits the protocol under its earlier name, Coda Protocol. |
| October 2020 | O(1) Labs publishes the Mina economics and monetary policy whitepaper. |
| 23 March 2021 | Mina mainnet launches. |
| June 2024 | The Berkeley hard fork brings zkApp smart contracts to mainnet. |
| — | The Mesa hard fork is in testing on the Mesa Trail network; mainnet date to be announced. |
Security and audits
- Protocol audits listed by the project include NCC Group (2020, 2022), Gauntlet (2020 staking economics), Least Authority (2023 Pickles) and Veridise (2024 o1js).
- A community bug bounty program is listed on the security page.
Security incidents
| Date | What happened | Source |
|---|---|---|
| 26 October 2022 | Network halt: A chain-halting bug in the block production code paused Mina mainnet block production for 2 hours and 6 minutes on 26 October 2022; o1Labs released a hotfix (1.3.1.2) and an emergency soft fork to block producers on 27 October. The retrospective says no funds were at risk. Funds returned: Not applicable: the retrospective states that no funds were at risk. | minaprotocol.com |
Risks and caveats
- Default inflation of 7% a year after the first five years dilutes holders who do not stake or delegate.
- Hard forks are not backward compatible, so every node operator must upgrade before each fork.
Official links
- Website: minaprotocol.com
- Docs: docs.minaprotocol.com
- Whitepaper: docs.minaprotocol.com/assets/economicsWhitepaper.pdf
- Source code: github.com/MinaProtocol/mina
- Network upgrades: docs.minaprotocol.com/network-upgrades
Questions and answers
What is Mina Protocol?
Mina is a proof-of-stake layer-1 blockchain that uses recursive zero-knowledge proofs to keep the chain about 22 KB. Its native coin is MINA.
Who created Mina?
Mina was incubated by o1Labs, led by co-founder and CEO Evan Shapiro; the non-profit Mina Foundation stewards the protocol.
What is the supply of MINA?
The initial supply was 1,000,000,000 MINA. Inflation was designed to start at 12% and fall to 7% a year.
When did Mina launch?
Mina mainnet launched on 23 March 2021. The project was earlier known as Coda Protocol.
Sources
- Mina Docs — Mina Protocol
- Mina Docs — Proof of Stake
- Mina Docs — Network upgrades
- Mina Docs — Mesa upgrade
- Mina Docs — Security
- Mina: Economics and Monetary Policy (O(1) Labs, October 2020)
- Mina Protocol — Mainnet launch (23 March 2021, Wayback)
- Mina Protocol — About (Wayback, October 2026)
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