MUTE

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Mute

Mute Overview

Mute is a decentralized finance (DeFi) platform built on zkRollup technology, specifically on the zkSync network. It offers a variety of features designed to provide liquidity incentives and low-cost trading services for cryptocurrency traders.

Key Features

• Mute Switch: A decentralized exchange (DEX) that supports limit orders and uses AMM (Automated Market Maker) algorithms suitable for both stablecoin pairs and regular coin pairs.
• Mute Amplifier: A staking and mining platform with a complete APY mining algorithm, aiming to incentivize users to become liquidity providers (LPs) for various pools on Mute Switch.
• Mute Bonds: A bond market where users can sell LP tokens directly in exchange for Mute tokens, helping to maintain the liquidity of the pools and allowing users to purchase Mute governance tokens at a lower cost.

Benefits

• Liquidity Incentives: Users can earn rewards by providing liquidity to the platform's trading pairs.
• Staking: Staking Mute tokens allows users to earn a share of the platform's transaction fees.
• Bonding: Selling LP tokens in the bond market provides users with a predictable return on their investment over a fixed period.

Governance

• Mute DAO: A decentralized autonomous organization that governs the protocol's development, decision-making, and management through a locked-based vote system using Mute tokens.

Advantages of Mute

• Low Fees and Scalability: Mute uses zkRollup technology, which allows for high throughput and low latency transactions. This means that transactions settle in seconds rather than minutes and at a fraction of the cost of traditional Ethereum transactions.
• Community Governance: Mute is designed to be community-driven, with users able to participate in governance and decision-making through the platform's token, MUTE. This allows users to have a direct say in the future direction of the platform.
• Yield Earning: Users can earn yields through staking and liquidity provision. By staking MUTE tokens, users can earn a share of the platform's transaction fees, while providing liquidity to the platform's trading pairs allows users to earn additional rewards.
• Bond Market: Mute offers a bond market that allows users to participate in various bonds with varying levels of risk and reward. This provides users with a way to earn a predictable return on their investment over a fixed period.

Disadvantages of Mute

• Complexity: The use of zkRollup technology and the governance system can be complex for new users to understand and navigate.
• Vesting Periods: The vesting periods for bonds can limit the liquidity of the MUTE tokens received, which may not be suitable for short-term traders.
• Loss of Exposure: By selling their LP tokens, bondholders lose their exposure to the underlying asset, which may not be ideal for some investors.
• Market Risks: Like all decentralized finance platforms, Mute is subject to market risks and volatility.

Founders of Mute

The founders of Mute are not explicitly mentioned in the provided sources. However, it is known that Mute was previously known as NIX Platform, suggesting a rebranding effort. The specific names of the founders are not available in the given information.

Investors in Mute

• Investment Rounds: Mute conducted two investment rounds, including an ICO and a Token Launch. However, detailed information about the investors and the specific dates of these rounds (except for the Token Generation Event) is not publicly available.
• Token Generation Event (TGE): The TGE for Mute successfully concluded on March 11, 2021, at 04:17 (UTC+3).
• Funding Details: The total amount raised by Mute in these rounds is not specified in open sources.

Is Mute Halal?

No, the halal status of Mute and other cryptocurrencies is not universally agreed upon among Islamic scholars. The main reasons for disagreement include:

• Lack of Central Authority: Some scholars argue that cryptocurrencies lack a central authority and are open to speculation, which makes them impermissible.
• Speculative Nature: The speculative nature of cryptocurrencies and their use for illegal activities are also cited as reasons for them being haram.
• Regulatory Uncertainty: There is a need for greater regulatory certainty over the usage and trading of cryptocurrencies before they can be considered halal by some scholars.
• Diverse Opinions: Different Islamic scholars and institutions have varying opinions, with some considering cryptocurrencies halal if they do not breach Islamic prohibitions on interest, contractual uncertainty, and gambling, while others deem them haram due to the absence of central authority and their speculative nature.