Imagine a private Uniswap that’s faster, cheaper and more scalable.
The statement above caught my attention while I was surfing through the official website of Ethereum layer-2 based ZK-Rollup project — MUTE. Since its inception, Uniswap has metamorphosed into a stable platform used by millions of cryptocurrency enthusiasts for a number of decentralized financial activities. Automated Market Making (AMM) and secure swaps have added much flair to decentralized cryptocurrency exchange; this accounts for the exponential growth of Uniswap and other similar platforms.
Crypto space is arguably the most dynamic technology sphere; each passing day births new solutions and significant improvements to existing solutions. Emergence of Uniswap and other highly efficient decentralized exchanges and AMM protocols shifted attention from centralized exchanges to decentralized and community powered alternatives. The explosion of De-Fi followed this as De-Fi projects took the crypto space in a storm. Ethereum’s Layer-1 was swamped!
Billions of transactions daily from tens of De-fi platforms; an unsuspecting ethereum layer-1 would soon get overwhelmed by this rapid spike in use. Transaction fees hit an all-time-high, but users had an even bigger problem to worry about. In addition to the unbearable fees, congestion of the ethereum blockchain greatly reduced the efficiency of applications built on it. Failed transactions, ‘sloth-speed’ transactions…Uniswap and other platforms built on the mainnet were ‘unusable’.
Cross-chain projects; Binance smart chain (BSC), Fantom and Polygon gained so much attention as they offered faster and cheaper alternatives to applications built on the ethereum blockchain. However, the ‘ethereum killer’ paradox couldn’t suffice as applications built on ethereum blockchain remained superior and showed more professionalism than those emerging from these cross-chains.
In a rather audacious move, MUTE is offering a lasting solution to issues faced by De-fi applications built on ethereum’s layer-1 via a multi-solution product — MUTE SWITCH. To enable its technologies, Mute switch is shifting away from the poorly scalling layer-1 and utilizes the much faster and scalable ethereum layer-2 to build a decentralized exchange which not only makes De-fi work better but totally changes the concept forever!
The thought of a faster, fee-less and secure decentralized exchange must fascinate you; but Mute switch goes miles beyond that to add a feature craved by every human — PRIVACY.
The idea of staying in control of the visibility of your transactions, deciding who sees your activities and who doesn’t, surely appeals to the majority; apart from cryptocurrencies and blockchain technology, privacy keeps climbing the stairs in the hierarchy of human social needs. Despite being termed a ‘miscellaneous’ and social need, privacy could be more important than you’ll ever imagine it to be. Most (every) cryptocurrency wallet address are boring codes and rarely bear the name of their owners (except they wish to include this for blockchains that offer such feature). Every transaction is actually private as the owners of the addresses can hardly be traced.
However, this could only be a level in our craving for privacy; In the near future, we might grow to despise the fact that our transactions could be traced at all, even when they can’t be traced to us in person. We might want to ‘stay ghost’ in the near future, at least for the fun of it. This is the main reason why proper privacy coins emerged and took over the trends when they did.
Mute’s privacy-conscious and high throughput De-fi platform introduces the concept of Pri-Fi. A privacy focused De-fi platform which returns the right to visibility to the users, Mute Switch is poised to break boundaries! Good bye De-Fi? without chewing words, this appears to be the possible case!
Mute’s Pri-Fi ensures users’ privacy via a Zero knowledge protocol which keeps transactions hidden and inaccessible by eavesdroppers. In a combination of privacy and De-fi, it’s security, privacy and decentralization, three most sought-after virtues in everyday finance. While some might fail to realize the need for transaction privacy, it presents a huge utility to the larger number of blockchain users. Contemporary De-fi platforms offer personal wallet-level security while users perform core transactions from the comfort of their personal wallets. These transactions are however not private and can be traced at anytime and by anyone. Pri-Fi, pioneered by MUTE offers a fix for this in the most fashionable manner.
Mute Switch is set to launch, in a sneak peek released earlier by the team, its impressive User interface crowns its expected high performance. But privacy remains the most important feature…for me.
Mute switch’s ZK powered privacy resists front-running transactions. Due to the requirement for blocks to confirm, it is possible for bots to monitor large transactions in the mempool that will influence the price of the ERC20 asset and then place buy or sell orders in front of these transactions thus profiting greatly. Mute’s technology protects traders from this manipulative practice thanks to its anonymity and privacy. Bots, unable to track these large transactions are also unable to exploit the liquidity pool. This ensures fair trading.
Mute continues to impress on all fronts, it’s hard to name a more promising De-fi and cryptocurrency project; number one for me! With more exciting stuffs to come, Pri-fi is sure to light up the de-fi and crypto as a whole.
Ce-Fi was good; it’s been a great ride with De-fi, right now it’s time to go private. Hello Pri-Fi! Hello MUTE!
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