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ZK-Rollup DEX Launching on New Dual Token Ecosystem: Mute.io

Mute.io, formerly NIX Platform, is a ZK-Rollup Ecosystem launching a cutting-edge DEX offering a faster, cheaper, and privacy-centric trading, targeting market share from the current first-generation of decentralized exchanges and swap platforms.
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Decentralized exchanges (“DEXs”) have taken the financial world by storm. As of mid-February 2021, over $41B has been locked into DeFi, meaning over $41B has been locked into smart contracts on the decentralized finance ecosystem.

In other words, that money is programmed into code and locked in. That figure is up from just over $1B at the same time last year. DeFi has gone full-on mainstream with acknowledgements in the media from the likes of Mark Cuban and other A-list financial influencers.

And yet, as the Decentralized Exchange market grows at a stunning rate, the industry is looking to the next generation of products to carry it forward. That includes ZK-Rollups, the latest development in PriFi (private finance), offering an upgrade on the base-layer of Ethereum by way of improved scaling as well as bringing some of the best privacy benefits to users.

Introducing Mute Switch – the ZK-Rollup DEX

Enter Mute, formerly NIX Platform. Mute is an entire ecosystem based on ZK-Rollups, adopting branding that more accurately reflects its core mantra of making tokens private and more accessible to the masses.

Operating within this cutting edge layer-2 sidechain on Ethereum, Mute Switch is a ZK-Rollup DEX that commits to providing private and scalable trading through an accessible interface. User experience is at the heart of the offering and the platform promises to on-board hoards of new users interested in using a fresh, appealing and simple to use swap service.

NIX itself transitions to the MUTE token through a token-swap process, which remains open for the next 4 months. After this point, the existing development fund will be burned, unclaimed coins will not be carried over to the new ecosystem and scheduled inflation will cease, meaning circulating supply will equal total supply, positioning the new ecosystem as non-inflationary.

NBT, known as NIX Bridge Token, is also transitioning to the new branding, becoming VOICE token. Holders of NBT have no action to take with the transition – their tokens will receive the updated name automatically. VOICE holders govern the ZK-Rollup DAO and push the ecosystem forward via an innovative application known as Voice Control.

The rebrand comes on the heels of NIX’s well-established community that includes 30,000 Twitter followers and 4,500 Telegram members. Considering that the token has a sub-$10M market capitalization, there is room for growth while building the next-generation DEX using ZK-Rollup technology.  It is not uncommon for decentralized exchanges and L-2 scaling solutions to have valuations in the hundreds of millions or even as high as Uniswap’s $8B. Mute.io is dually positioned within both of these crypto sub-industries to have the potential to improve on tech that has come before it.

How Mute.io Improves on current DEX offering with ZK-Rollups

Mute’s ecosystem offers a robust array of features that Altcoin & DeFi traders demand for a next-generation DEX, which include:

  • Privacy-focused, scalable solution
  • Zero gas fees vs traditional DEXs
  • Substantially faster settlement times
  • No front-running bots hiking prices
  • Non-inflationary ecosystem with token buybacks

For starters, DEXs of today lack the privacy elements found elsewhere in the world of privacy coins back before DeFi was even a thing. Fast forward to today, Mute.io is launching a DEX backed by a ZK-Rollup ecosystem meaning they’re one of the leading pioneers of the PriFi scene. That means users can trade with the privacy they deserve while still getting best-in-class security.

Also, users want the benefits of a decentralized exchange but don’t want to pay astronomical fees. While Uniswap offers tremendous advantages over centralized exchanges, it can be expensive to send transactions on.

How do ZK-Rollups work?

You can think of ZK-Rollup as an off chain scaling solution that can help Ethereum process transactions more effectively. There are several elements of ZK-Rollup that make them desirable from a user and programmer perspective. For starters, one of the most important elements of understanding ZK-Rollup is the trustless nature of how the information contained with them is validated. ZK-Rollup actually stands for Zero-Knowledge Succinct Non-Interactive Argument of Knowledge, meaning information is cryptographically validated without the validating party absorbing the information. Hence there is not a reliance on good actors to keep personal information to themselves – known as a ‘trustless solution’. This technology makes them unable to know the information to begin with, but still be able to validate that its true. The potentials are endless from insurance to genetic sequencing.

Visit our blog to learn more about the benefits of ZK-Rollups.

Another desirable element of ZK-Rollups is that they speed up transaction processing on the Ethereum blockchain. ZK-Rollups are a part of the layer 2 or “L2” scaling solution family. The rollups hold smart contracts on the main chain, but perform computation and storage on a side chain. Every individual contract contains a cryptographic commitment of the larger piece of the sidechain state. L2 solutions like ZK-Rollups makes data more granular and thus more malleable (and easier to access) instead of holding data in centralized monolithic clusters.

What is Layer 2 Ethereum?

Layer 2 is a collective term for strategies that will scale the next-generation of Ethereum by processing transactions from the main Ethereum chain (layer 1). Think of Ethereum as the base layer and the L2 solutions as going on top of the pre-existing framework to make it more effective. When the network is busy, transaction speed and cost can suffer. This means user experience becomes extremely bad across trading platforms and various dapps. We all know the feeling of angst when the internet is not working as well as it should. The days of AOL landline dial ups are over and we live in the world of 5G and superfast broadband. Well blockchain is still in the early days of the equivalent of AOL 1.0. In its current state, as the network becomes busier, as transaction senders try to outbid each other, the gas price continues to rise.

How is the Mute Ecosystem Structured?

Mute is the brand name for the new ZK-Rollup ecosystem, a dual-token setup which consists of a gas-like token called ‘MUTE’ and a governance token known as ‘VOICE’. The two tokens work in harmony, with users of the ecosystem incentivized to hold either one or both of these to participate in the project’s ongoing success.

The ZK-Rollup DEX which operates on Mute.io is befittingly named ‘Mute Switch’, whereas the dApp powered by the VOICE token governing the ecosystem is known as ‘Voice Control’.

The DEX itself boasts some interesting tokenomics rarely seen in the industry. Rather than trading fees getting paid directly to AMM liquidity providers within the DEX, everything generated from usage is churned through the ‘Buy-Back and Make’ initiative, which introduces constant buy-pressure on both ecosystem tokens. This means 70% of fees generated routinely market buy-back MUTE, and 30% of fees are buying back the governance token, VOICE. This ensures captured value is first retained and recycled within the ecosystem before it’s put to use elsewhere. Future initiatives for this forward thinking project include a smart treasury, vaults, further zk-rollup dapps and interoperability with other smart-contract friendly chains such as Binance Smart Chain, Polkadot and Avalanche.

Conclusion

ZK-Rollup DEX Mute Switch, formerly NIX Platform, offers a robust array of features to improve on the shortcomings shared by the first-generation DeFi exchanges. These include best-in-class privacy, lower transaction costs, and a more efficient scaling solution. As a part of the layer two tech set, Mute.io will usher Etherum users everywhere into the next iteration of the digital economy.

To learn more about Mute and Voice, go to the website: https://mute.io or speak to the team directly on discord or telegram.




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Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact Oliver@blockonomi.com

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