We are in a tech revolution…no doubt. New and better ways; past inventions were cool, contemporary ones are clever, and cool too. A little flashback takes you down the memory lane; and as if time never moved, many things could change in a very short while!
Well, that’s just me thinking deep and trying to ‘reinvent the wheels’ with my thoughts. Reinventing the wheel isn’t always a waste of time, lol. The crypto space is arguably the fastest moving space, everyday births a change. We are basically ‘Switching’ from one solution to another. Each time this happens, a new way of doing things emerge. New concepts, new technologies, optimization, ‘copy and pastes’; the crypto space witness at least one of these every day.
The traditional way of exchanging cryptocurrencies via centralized exchanges and the idea of moving cryptocurrencies to a hot wallet controlled by a central body was simply ‘scary’. Buying cryptocurrencies from custodian exchanges could really be a nut to crack. Despite the fact that contemporary custodian exchanges are furnishing their services to simplify using their platform for routine cryptocurrency swaps, one would still opt for an easier alternative…if they exist. The stress of creating user profiles on cryptocurrency exchanges is a huge turn off for cryptocurrency enthusiasts, especially when you’re addicted to the idea of ‘doing it faster’. For exchanges requiring KYC verification, this burden is multiplied.
After a few years of searching, alternative ways of exchanging cryptocurrencies emerged. While the common goal was to provide better alternatives to centralized exchanges, some of these new solutions were in fact, less secure and more tedious. Nevertheless, they suggest clever workarounds.
Decentralized solutions were promising, the crypto community was quick to embrace the alternatives they developed. Prior to the rise of De-fi, projects proposing decentralized financial solutions built amazing prototypes while centralized solutions ruled the space. Decentralized finance protocols bring a whole lot into play, they present what centralized platforms claimed to be…and many more! Liquidity pools, liquidity benefits, farms, staking pools! Decentralized services and related DeFi platforms deserve the whole love they enjoy from cryptocurrency communities.
Uniswap, the most popular decentralized exchange on the ethereum blockchain quickly became a commanding figure in the crypto space. With billions of transactions swimming through the platform, ethereum transaction fees were soon sent into a frenzy. Platforms similar to Uniswap quickly emerged and filled the space. Rug pulls, ‘technical exploitations’, lucrative airdrops…the excitement these platforms brought filled up the minds of every cryptocurrency enthusiast. Tons of new and existing cryptocurrency projects got listed on these services. Even separate blockchain projects developed technologies to enable creation of wrapped tokens.
Ethereum blockchain would soon run into scalability issues as the relatively ‘stiff’ layer-1 was easily worn-out by the sudden influx of new users and these billions of transactions.
You guessed right; new and existing projects presented relatively cheaper and faster platform for building defi applications. Another ‘switch’? yes…but an incomplete one. Despite these new alternatives scoring above the ethereum blockchain in significant areas; most De-fi enthusiasts stuck with the ethereum blockchain. In a time where the outrageous fee of the ethereum blockchain has caused so much spillage to blockchain users, one would expect a cheaper alternative to gain an increased attention. But, as if the cryptocurrency community is getting accustomed to paying fees, ethereum still ranks above these cheaper and faster alternatives in terms usage and economic growth.
These alternatives haven’t done badly anyways as a good percentage of defi applications utilize these platforms to build their solutions. Each one of them have also seen tremendous growth and the ease of use is unarguable. But their solution is far from final and the switch from ethereum’s layer-1 remain Incomplete.
But it’s high time! Time to do things better, time to move from a relatively ‘old’ concept? A change? Well, that won’t be a wrong statement.
Personally, I call it a ‘SWITCH’. A switch from the congested layer-1 to the smart and scalable leyer-2. MUTE is presenting a literal SWITCH! A new way to perform Defi transactions. For ardent believers, of ethereum blockchain; MUTE brings its solution right at your door-step. Tired of paying fees and standing in a queue even on the hyped ‘cheaper’ and ‘faster’ alternatives? You know what to do—switch, lol.
Alright, I’m not even kidding. Mute Switch is powered by ZK-Rollup, it utilizes this protocol to build a highly efficient and cheap decentralized exchange on ethereum’s Layer-2. Mute Switch features a personalized decentralized exchange platform with enhanced user privacy and security. Building on Layer-2 takes the bulk of Mute Switch’s transactions off ethereum’s congested mainnet (Layer-1), improves scalability and ensures high efficiency.
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 any time and by anyone. Pri-Fi, pioneered by MUTE offers a fix for this in the most fashionable manner.
Get ready to switch, recent updates by the project reports tremendous breakthroughs as the platform nears its initial release. Following the deployment of a ‘near-finished’ version of the Mute Switch on the Ropsten network the development and testing team continues to assess the features of the application to ensure stability and efficiency before the release of the beta version.
A Sneak Peek?
Mute switch, a blue-themed robust defi platform is designed to suit every blockchain and defi enthusiast regardless of their technical abilities. It features user-friendly and easy-to-understand interfaces to enable users grasp the platform at a glance.
To reduce the hassles of using the platform, especially for newbies; Mute switch will feature an automated wallet connection prompt. Users on arrival will be required to connect their personal wallet to the platform. Wallet connection procedures are simplified and self-explanatory, users will be able to understand the layouts and connect their wallets to the platform with the least possible effort. Users will be able to connect to the platform using any wallet which supports platform connection (e.g. Trust Wallet, Metamask etc).
An easy-to-use personal Layer-2 wallet
To assess users’ funds on the platform and allow cheap and efficient swaps; users will be required to move funds to their layer-2 wallets on Mute switch from their layer-1 wallets. Layer-2 wallets provide personal-wallet-level fund security. Layer 2 wallets are managed by smart contracts and users in fact retain complete control of their funds.
The wallet page displays the basic actions closely, these actions can be performed in one click. A simplified user interface is constant throughout the platform, the wallet page is not different to this. It’s the easiest wallet you’ll ever use!
High throughput swaps
Done with connection and layer-2 deposit? ZK-Rollup powered Mute switch will provide users with the best cryptocurrency exchange experience. This is achieved through efficient technologies and a properly designed user interface. Two closely placed containers shows the available trading pairs and the swap details. Users will be able to toggle between pairs and perform swaps just the way they want it. And yes, don’t worry about the fees!
Mute Switch is coming, it’s bound to be an interesting run of days as we approach the release. According to the project’s roadmap, exciting ‘economy improvement’ programs will follow the platform release as the Mute ecosystem continues to grow!
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