The current Mute ecosystem consists of a dual token economy between — Mute & Voice.
Voice is the ecosystem DAO token, while Mute is ecosystem funding & buyback token used to grow the protocol.
A recent proposal has been made that buys out the Voice FDV marketcap and merges it with Mute — this proposal has been passed and is now in motion.
You can merge your Voice into Mute here:
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You can view both proposal results here:
This proposal seeks to buy out the entirety of Voice and merge it into the Mute token ecosystem with a fair market token merge based on marketcap VWAP over a 365 day time period . The purpose of this is to enhance ecosystem unity (easier tokenomics to understand) and to merge governance through one central token, Mute.
Currently, the 365 day Voice FDV marketcap sits at $11,232,762, while Mute sits at $44,193,044. In this event, Voice is at a 0.2542 ratio to Mute in terms of diluted marketcap.
To even out the total Mute supply to a round number, this token merge would mint an additional 25.68% of the total supply of Mute, and equally distribute it among all voice holders via a manual merge contract, making Voice obsolete and allowing Mute to establish itself as the singular token in the Mute ecosystem. This merge contract will be open forever, there is no timeline to merge your Voice into Mute. The final Mute supply after this would be 39,200,000
The current numbers here would mean 1 Voice = 179.62 Mute
This will also merge all liquidity the treasury currently has for Mute & Voice LPs. In this case, while the mute supply grows by 25.68%, its protocol owned liquidity will grow more than that since Voice has a large POL percentage in terms of marketcap, another benefit for Mute. This also makes sense of the slight increase from 25.42% -> 25.68%. This premium evens out the total Mute supply, and also gives a bit more value to Voice holders due to gas claims, LP value being brought forth, and the token utility being absorbed.
There will be an additional voting option that increases this ratio from 25.68% -> 28.25%. This would mean 1 Voice = 197.55 Mute.
This proposal benefits both Mute and Voice holders by allowing Mute holders to become governance voters, and allows Voice holders to have a joint share within the ecosystem buy back & make, ecosystem usage, and project identity.
If this proposal passes, Mute will absorb all of the utility Voice has within the ecosystem as the DAO, and become the sole token purchased from the buyback and make from the Mute Switch ecosystem.