Mute (MUTE)

Mute is a zkRollup based DEX, farming platform, and Bond platform built on Ethereum and zkSync.

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release: April, 2023

History

• From their docs (4-2023):

"Mute started out as a proof-of-work blockchain network with the goal of creating a layer-two solution using zero-knowledge proofs. The project later transitioned to the ERC-20 standard and began building on zkSync."

Audits & Exploits

• Bug bounty program can be found [insert here].
• Had a Code4rena (27-4-2023) and a QuillAudit.

Governance

Mute DAO

• From their docs (7-2023):

"[Coming in Q3] Total On-Chain Governance Locked Mute holders (dMute) will control every aspect of the Mute protocol, including the treasury and revenue streams."

• From their docs (12-2022):

"The native Mute token, MUTE, functions as a utility towards unlocking accessibility into the Mute DAO, which is a locked based vote system based on a soul-bound token, dMUTE (DAO Mute.io Token)."

Treasury

• From their docs (4-2023):

"The Treasury wallet holds approximately 8% of the total Mute token supply. In the future, the treasury and its assets on L2 will be controlled by the DAO through dMute."

Token

Launch

• The Mute Token has been live and trading on ETH L1 since January 2021.

Token Allocation

• From their docs (4-2023):

"40,000,000 $MUTE

Mute started out as a proof-of-work blockchain network with the goal of creating a layer-two solution using zero-knowledge proofs. The project later transitioned to the ERC-20 standard and began building on zkSync. It was launched in a fair manner, with no ICO, pre-seed, or early investments, and it was GPU mineable.

The Treasury wallet holds approximately 8% of the total Mute token supply.

Additionally, Mute has integrated/merged a side token called VOICE into its total supply. As part of this arrangement, VOICE token holders were able to swap their tokens for Mute tokens at a rate of 1:197,55. The resulting Mute tokens are included in the project's total supply, and holders of VOICE tokens are still able to conduct this swap via the smart contract.

All VCs that have positions in Mute purchased them at market values via the open market."

Technology

• Whitepaper or docs can be found here.
• Code can be viewed here.
• Deployed on zkSync v2 (3-2023).

How it works

• From their docs (4-2023):

"The Mute Switch is designed to have a dynamic setup for Liquidity Pools so that both Stable and Normal AMM curves can be utilized. The Mute Switch comes prefabbed with a built in LP governance & delegation system. This allows for complex protocols to be built on-top of the Mute Switch protocol, but also allows for dynamic fees within any LP pool. The LP governance system allows for the fee of the pool to be changed based on an account that controls more than 50% of the pool votes. Votes are directly correlated to the LP token supply balances. However, a LP provider may choose to delegate their 'votes' to another provider, allowing parties to lobby for delegates, thus increasing their pool weight."

Fees

• From their docs (4-2023):

"Fees for each pool are independent of other pools. Each type of pool has a min-max fee that can be set by LPs: - Stable: 0.01%-2% - Normal: 0.01%-10%

The protocol has 2 type of fees:

1. Dynamic (% of the LP pool fees)
2. Fixed (fixed % of the overall trade)"

Staking

• From their docs (12-2023):

"This lock based system requires MUTE holders to lock their MUTE for a period of time (7-364 days), and in return receive a new soul-bound token, dMUTE. After the lock period is expired, you are able to redeem and burn your dMUTE back to your original MUTE balance, continue to hold dMUTE, or redeem & re-up a different time lock."

Roadmap

• Can be found here (7-2023):

"~Q3 2023

Limit Orders using Gelato Implement limit orders to allow traders to set the price they wish to initiate trades.

Total On-Chain Governance Locked Mute holders (dMute) will control every aspect of the Mute protocol, including the treasury and revenue streams.

~Q4 2023 and beyond

Porter Additions Implement ZK Porter for added privacy and significantly reduced gas fees vs rollup. Porter brings much-needed privacy to L2 and allows those with low capital to once again take advantage of DeFi.

Investigate Porter Shards Initially, Porter will be validated by zkSync's Guardian network. Still, there is an option to create our own shard, validated by Mute validators, opening up some powerful and exciting opportunities for the Mute ecosystem. A feasibility study will be carried out, and findings passed on to the DAO for their consideration."

Team, Funding and Partners

Team

• Full team can be found [here].
• Seems anon, from their docs (12-8-2023):

"Before Mute, the team created the first Zero-Knowledge Atomic Swap protocol between BTC and UTXO based chains, along with innovative work on Zerocoin and Sigma addressing schemes and transactions."

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