Mute, DeFi Platform on ZK-Rollups, to Launch on Syscoin NEVM
Eindhoven Netherlands, 16 Nov 2021 – From Mute’s inception, the project has been focused on leveraging ZK-Rollup technology in order to introduce the world to better DeFi. Appropriately, Mute is expected to be the first Automated Market Maker (AMM) to function on ZK-Rollups. Ultimately the project aims to provide a fast, scalable, privacy-focused DeFi ecosystem.
“We are looking forward to bringing our DeFi dApps to the SYS network. Both teams are simultaneously working with other partners to achieve cross-chain liquidity between other EVM based ecosystems as well.”
Syscoin expects to launch Layer 1 of NEVM, its EVM-based smart chain, to mainnet, in or around Q4 2021. Layer 2 of NEVM, specifically support for ZK-Rollups and a reference implementation, is expected shortly after the mainnet deployment of L1.
Integration Kickstart! Syscoin Foundation Issues Grant to Mute
Bootstrapping this integration effort is important to the Syscoin and Mute communities. Syscoin Foundation is pleased to announce it will fund integration costs for Mute in the amount of $100,000 USD in SYS. This aligns with the foundation’s mission of fostering Syscoin’s ecosystem.
The board of Syscoin Foundation is highly selective with grants. Our TVL incentive program, its structure, and broad availability to projects will be published soon in a separate press release by Syscoin Foundation.
Why Mute Is Building On Syscoin
Mute intends to provide a superior platform for DeFi and governance, a state-of-the-art user experience, and better security. Syscoin removes the need for expensive fees while inheriting arguably the best security while doing so.
The combination of Syscoin and ZK-Rollups enables Mute with a lot of possibilities. Examples include going gas-less! Imagine an onboarding period in which users are exempt from paying fees and gas. Speaking of fees in general, they can simply be extracted from whatever token is being sent. Users have a better experience when they aren’t required to spend a separate gas token in order to fund transfers. Furthermore, ZK-Rollup providers can take into consideration their tx fee rates and structures, pick any tokens they wish to accept for fees, and swap those for SYS at any time to fund L1 settlement.
More generally, there are a lot of other important advantages that Syscoin NEVM brings for DeFi projects like Mute and other EVM-based solutions. Here’s a brief summary.
- True scaling, and independent fee markets, powered by ZK-Rollups
- Proven L1: Bitcoin merge-mined PoW and Bitcoin-compliant consensus
- Decentralized quorum-based chainlocks at every block make Syscoin’s L1 highly resistant to selfish mining and reorgs.
- Long-range MEV (Miner Extractable Value) solved due to finality offered through chainlocks.
- In cases where Optimistic Rollups are desired, Syscoin’s finality makes safe settlements possible in mere hours, not days or weeks.
- EIP-1559: Indefinitely functional L1 economy focused on utility
- Viability for decentralized Web3 served by the thousands of incentivized and independently operated full nodes composing Syscoin’s network
- Protocol adaptation enables portability of value between the two primary blockchain evolutionary paradigms, Bitcoin and Ethereum, on a single coordinated platform
Mute makes cryptocurrency more accessible by providing an L2 based DeFi suite utilizing ZK-Rollup scalability.
About Syscoin Foundation
Officially founded on December 11th, 2018, Syscoin Foundation is a registered nonprofit that represents the Syscoin core development team, secures the code repositories, and oversees public relations for the protocol.
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