Is this new DEX a silent assassin that will take on Uniswap?
A platform that vows to make cryptocurrency and decentralized finance trading available to the masses is gearing up to launch its decentralized autonomous organization.
Mute says that Voice Control is the first DAO to boast a dual-token system. The project aims to ensure that it is as simple as possible for enthusiasts with varying degrees of technical understanding to get involved — and this is being achieved through simple language and a visually unique decentralized application.
Voice Control enables members to have their say — or delegate their votes to a trusted community member. This distinctive configuration helps ensure the DAO doesn’t automatically favor certain parties.
All of this will pave the way for a zk-Rollup decentralized exchange known as Mute Switch, which is set to deliver a faster, cheaper, more privacy-focused experience than the first generation of DEXs.
Mute’s ecosystem upgrades the base layer of Ethereum — improving scalability while delivering an accessible interface. The new name has been inspired by the project’s core mantra of making tokens private.
Setting the scene for what users should expect, Mute’s official website says: “Imagine a Robinhood or Cash App for crypto but controlled by its users, rather than a central entity. Imagine a Uniswap DEX that's way cheaper, more scalable and has completely private trading, meaning nobody can peek into your wallet.”
How it works
It is hoped that Mute Switch will attract new users through a fresh, appealing, easy-to-use swap service. The project positions itself as a leader in private finance, otherwise known as “PriFi” for short.
Setting out why its decentralized exchange will be better than what current market leaders provide, Mute says traders will benefit from zero gas fees, quicker settlement times and a non-inflationary ecosystem.
“DEXs of today lack the privacy elements found elsewhere in the world of privacy coins back before DeFi was even a thing,” the project recently explained.
Mute explained that zk-Rollups are an off-chain scaling solution designed to help Ethereum process transactions more effectively, as the congested network battles with added pressure caused by the triple threat of DeFi, NFTs and a bull market. This trustless solution allows transactions to be verified, without the sensitive information within being known by validating parties.
Turning to a clever analogy to illustrate the speed benefits associated with zk-Rollups, the team added: “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.”
More insights from Mute here
Looking ahead
Mute says that it has the robust array of features needed to address the shortcomings associated with first-gen DeFi exchanges — and stands ready to usher Ethereum users everywhere into the next iteration of the digital economy.
Contracts for Voice Control, the DApp driving the Mute ecosystem, have now been successfully audited, and the Mute Foundation is being established to formalize the project as an official decentralized autonomous organization.
Learn more about Mute
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