The Mintlayer Coin

The Mintlayer Utility Coin (ML) serves as the lifeblood of the Mintlayer network, maintaining its security and functionality. The ML coin has three critical roles:‍

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Staking: ML coin holders can partake in the blocksigner auction to stake coins and become a blocksigner for a week. By running a node, holders can collect transaction fees and rewards from the blocks they sign, thereby validating financial activity.

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Community Engagement: ML coin holders are encouraged to contribute to the decision-making process, sharing their views on the protocol's future development.

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Ecosystem Tools: The network incentivizes users to use ML coins to pay for fees, exclusive services, and products within the protocol.

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Although you can use ML coins to pay fee’s Mintlayer's design allows it to operate without a specific gas token or coin. What this means is transaction costs can be paid by ML coins or any MLS token that is accepted by the block producer.

You can learn more about the ML Coin’s utility on our blog and the tokenomics on the ML Coin page.

The initial unlocked coin supply is set to 15,820,000 ML. At launch of the mainnet, 400,000,000 ML was created. 200,000,000 more ML will be available in the form of block rewards until the 600,000,000 ML hard cap, expected to occur approximately 10 years after the genesis block.

Various network operations, such as minting an MLS-01 token, require the burning of a certain amount of coins. As a result, the total supply of ML tokens decreases over time, creating a deflationary economic model in the long term.

Mintlayer's ML coins are used for the proof-of-stake consensus mechanism the Mintlayer blockchain is built on. 

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ML coins serve various other purposes, evolving with the development of the ecosystem. 

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3 Phases of ML Coin Utility

The utility of ML coins unfolds across three phases. 

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1.In the Testnet phase which has already passed, ML coins were available for developers and the public, enabling them to purchase services from RBB Lab, sponsor the ecosystem fund, and accumulate enough coins for staking once the mainnet launches. 

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2. In our current Mainnet phase, ML coins are necessary for all transaction fees and executing smart contracts. Users can stake ML coins to participate in the consensus mechanism and earn block rewards. 

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3. The third phase in the future, Decentralized Finance Utility, sees ML coins continue as the native coin of the expanded DeFi ecosystem.. 

For the complete and in-depth understanding of the utility of ML coins, please read the full article at the Mintlayer blog.

Mintlayer's ML coins can be obtained from several major exchanges, including Gate.io, MEXC, Bitmart, Poloniex, Bitget, and BingX. If you're interested in acquiring ML coins, you'll need to create an account with these platforms. 

At present, Mintlayer has not distributed any coins to DeFi exchanges. However Atomiq DeFi is working on the Atomiq DEX which will enable ML coins to be swapped directly with Bitcoin, Stable coins and any MLS-01 tokens.

Originally, prior to the launch of our Mainnet, we decided to launch the original token on Ethereum. Since the Mainnet launch, we have begun to migrate ML over to Mintlayer mainnet and are slowly phasing out the Ethereum version of the token.

If you still have ML as an ERC20 token, we highly suggest you migrate your tokens from ERC20 to Mintlayer Mainnet coins via our migration portal. The ERC20 version of ML will still be available but will be phased out, with the migration portal open until January 2026.

Currently, the only non-custodial light-wallet (a wallet that doesn’t require to download, store and validate the whole network) that can hold native ML coins is the Mojito Wallet. Mojito can store ML coins, MLS-01 tokens, and Bitcoin. Additionally, you can hold native ML on exchange wallets with Gate.io, MEXC, and Bitget, which are Mintlayer Mainnet compatible.
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Alternatively, if you have the ERC-20 version of ML (Note: we are phasing out the ERC20 version), you can use any ERC20 wallet available like MetaMask or Trust Wallet. Some other exchanges which haven't added Mintlayer Mainnet compatibility, such as Bitmart, Poloniex, and BingX, allow you to store ML within their exchange wallets.
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However, remember that only native ML coins can be staked using the Mojito wallet and Mintlayer block explorer.

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First you must have the Mintlayer Mainnet native ML coins to be able to delegate your coins. After you have acquired the coins you need to move them to Mojito Wallet Wallet Browser Extension or Mobile app. Once you have the coins on the app you can head to the Mintlayer blockexplorer and choose a pool to delegate to. For more information head to the Mintlayer Staking page.  

For maximum returns and control, you can manage your own ML staking pool. This option offers the highest APY and requires your active involvement in network operations. You'll need a minimum of 40,000 ML and must run your node 24/7—ideal for those deeply engaged in network governance.
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To get started, download the Node GUI and set up your pool within the application. If you encounter any difficulties, please join our Node Operators Telegram channel, where you can receive direct assistance from other node operators and our team members.

Yes, ML coin can be used to pay transaction fees  on the Mintlayer blockchain. However, we are currently investigating the possibility to allows users to pay fees with ML coin or any MLS-01 token that a blocksigner will accept. This means that users will have the flexibility to choose ML or whichever MLS-01 token they want to use for transaction fees, rather than being limited to only using ML coins.

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It is worth mentioning that this adaptability is based on a free-market approach. This will allows for a more diverse and flexible fee payment system on the Mintlayer blockchain.

To learn more about the uses and benefits of ML coins, visit the Mintlayer coin utility post on our blog.