Minimax Finance DeFi protocol review

The protocol displays vaults from multiple platforms – like Pancakeswap, Beefy, Venus, etc. So you can farm crypto on all these protocols via Minimax Finance, no need to open positions on all of them.

The website loads pretty fast, the interface is simple and easy to understand.

It’s possible to set stop loss and take profit for staking, lending and farming. If the token price dips below the stop loss level or goes above the take profit level, the tokens will be automatically swapped for stable coins.

There are interesting pools with CAKE and DOT tokens. I wanted to stake some strong tokens from the top 100 on Coinmarketcap, which at the same time had good growth potential and high APY (20% or more). For me DOT is a super interesting token for mid-term and long-term investment (among other top 10-15 blockchain-based tokens, such as NEAR/SOL/ETH etc.). It’s very hard to find an APY of 10% or more for such fundamental tokens. Luckily I found a DOT pool on Venus with about 22% – a very high APY for such a solid token. It’s not a fixed APY, but hopefully it’ll stay above 20%.

I also wanted to mitigate the potential risk of the market going down, with the worst case scenario meaning I’d lose more than 20% of my initial depo. That’s why I decided to stake my DOT via minimax finance – they got a stop loss feature for staking. At that moment the DOT price was about 18 bucks, so I set stop loss equal to 15. They also have a take-profit option, which isn’t that interesting imho.

There’s a separate section for positions, where you can see all the positions you’ve got and the amount of earnings:

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It’s possible to modify and withdraw the positions at any time.

One can create multiple positions per vault and set individual stop loss and take profit for each position.

Here’s the platform team plans to do next:

* Launch on Polygon, followed by other blockchains
* Combination of yield farming and algorithmic trading
* Display and easy migration of positions from other protocols to Minimax Finance
* Auto-selling of rewards to increase yield
* Telegram bot for position notifications

Risks:

1. Like with any DeFi protocol, smart contracts may get hacked. The smart contracts were audited by Hacken, however the current version of the smart contracts is different from the ones that were audited. The latest version of the smart contracts is open source and is available on bscscan.
2. Minimax Finance sources vaults from other protocols, which may get hacked.
3. They integrated Gelato Network to process stop loss and take profit events. If Gelato Network is compromised , stop loss and take profit events may not get processed.

Points to consider:

* The protocol has no token yet
* Only BNB smart chain is supported at the moment
* There should be more interesting pools for staking (looks like they are working on this)
* TVL is quite low as of now:

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Please be aware that this article is not financial advice and do your own research.

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