Mute started out as a proof-of-work blockchain network with the goal of creating a layer-two solution using zero-knowledge proofs. The project later transitioned to the ERC-20 standard and began building on zkSync. Throughout this process, Mute remained committed to fairness and decentralization. It was launched in a fair manner, with no ICO, pre-seed, or early investments, and it was GPU mineable. About 10% of block rewards were allocated to the Mute treasury. The migration from Mute's native chain to ERC-20 was carried out through a 1:1 coin/token swap. All swaps were conducted transparently and can be verified on the Ethereum Blockchain via Etherscan.
The Treasury wallet holds approximately 8% of the total Mute token supply. These funds are being used to support the ongoing development of Mute, and the history of the treasury address and its movements can be tracked. In the future, the treasury and its assets on L2 will be controlled by the DAO through dMute.
Additionally, Mute has integrated/merged a side token called VOICE into its total supply. As part of this arrangement, VOICE token holders were able to swap their tokens for Mute tokens at a rate of 1:197,55. The resulting Mute tokens are included in the project's total supply, and holders of VOICE tokens are still able to conduct this swap via the smart contract. You can read more about this here.
The Mute Token has been live and trading on ETH L1 since January 2021.
All VCs that have positions in Mute purchased them at market values via the open market.