Mute is a zkDeFi platform that will be launching in the next weeks and includes innovative features, such as being the first zkDEX on zkSync. But one of the most exciting aspects of Mute is the DAO, a decentralized autonomous organization that empowers its community to govern the platform.
At the core of the Mute DAO is the native $Mute token, which functions as a utility towards unlocking accessibility into the DAO. To participate in the DAO, users need to lock their Mute for a period of time (minimum 7 days, maximum 364 days) to receive a soul-bound token called dMute in return. dMute cannot be transferred and is locked to the address that receives it.
The exchange rate of Mute to dMute is a linear function of the time lock and amount of Mute being locked, allowing users to earn more dMute the longer they lock their Mute. Owning dMute grants users the ability to delegate their voteshare to other addresses and participate in governance.
The power of dMute is extensive, dictating a user’s Amplifier Boost of an Amplifier Pool, modifications to the AMM protocol fee, creation of additional Amplifier pools and reward distributions, creation of additional Bond Offerings and distributions, the ability to unlock bribe revenue, and all other Mute DAO utility.
However, it’s important to note that delegating dMute voteshare to another address means giving up all utility that the DAO offers. The Mute DAO is a powerful tool for community governance, and owning dMute is the key to unlocking its full potential.
In summary, the Mute DAO is a unique system that allows users to have a say in the direction of the platform and its value accrual. The soul-bound token, dMute, is the gateway to participation in governance, and locking MUTE for a period of time is the key to unlocking its power.
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