Sequoia India leads, three-minute overview of the new ZK player Mystiko
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Sequoia India leads, three-minute overview of the new ZK player Mystiko
Mystiko operates as a universal ZK SDK, enhancing blockchain scalability, interoperability, and privacy.
Navigating Web3 tides with focused insightsAuthor: 1912212.eth, Foresight News
The term ZK, once highly anticipated by the market, seems to have emerged at an inopportune time. Amid a lackluster market, interest has plummeted. Compounded by controversies surrounding token airdrops for ZK protocols such as ZKsync, Polyhedra, and Taiko, both market capital and sentiment have hit rock bottom.
During this quiet market cycle, are there any overlooked new ZK projects? As a Web3 infrastructure layer, Mystiko was among the first selected for CoinList's Summer 2022 Seed Program. In March this year, Mystiko raised $18 million in a seed round led by Sequoia Capital India/SEA (now Peak XV Partners), with participation from Samsung Next, HashKey, CoinList, Naval Ravikant, and others—a truly elite lineup of investors and funding amount.
What is Mystiko?
Mystiko is a foundational layer for Web3. Operating as a universal ZK SDK, Mystiko enhances blockchain scalability, interoperability, and privacy. Its SDK enables developers to build blockchain applications that reduce costs, scale easily, securely interact across chains, and protect users’ on-chain identities (such as account balances and transaction histories).
According to data from its official website, Mystiko has processed over $2.7 billion in total transaction volume and more than 1.26 million transactions.
At the end of March this year, Mystiko’s token XZK was sold on CoinList at a price of $0.15 per token. A total of 20,260 participants purchased 75 million tokens, raising $11.25 million.
What can users and developers do?
Most enterprises and users are reluctant to disclose certain data publicly. Blockchain, as the foundation of Web3, is designed to be transparent and traceable, exposing all user transaction data—including account balances, asset holdings, and transaction history—to the public, which brings significant drawbacks.
Mystiko.Network secures detailed user transaction information on and between blockchains using zero-knowledge proof technology.
For users, wallets or dApps authorized through Mystiko.Network (https://camowallet.app/) prevent exposure of income and spending behaviors on-chain, safeguarding their trading strategies from being discovered by other traders.
Developers can integrate Mystiko’s universal ZK SDK to build any DApp. For blockchains, both L1s and L2s can leverage Mystiko as a ZK layer—applicable not only for single-chain transactions but also cross-chain transfers. For cross-chain bridges, Mystiko can serve as a ZK bridge enabling private cross-chain transactions.
Wallet providers can use Mystiko to enable asset management within trusted environments. DeFi DApps such as DEXs can become ZK-DEXs via Mystiko. Cryptocurrency payment DApps can execute C2C and C2B payments while protecting recipients’ on-chain income history.
What are Mystiko’s technical highlights?
Mystiko employs a technology called "Snark of Snark" to enhance security and reduce gas fees (see image below). Mystiko.Network has integrated ZK Rollup, making transaction costs on the mainnet 50–90% lower than other major existing ZK solutions.
Mystiko also uses JoinSplit technology, allowing users to transfer and withdraw arbitrary amounts from their total deposited assets. JoinSplit consumes one or two input (deposit) values and generates one or two output (withdrawal) values.
For example, if a user makes three deposits on Mystiko.Network—10 ETH, 20 ETH, and 30 ETH—on the Ethereum mainnet, they can now choose to withdraw any amount under 50 ETH with full ZK functionality. This feature enhances flexibility and helps users improve capital efficiency. Additionally, if both sender and receiver are Mystiko users, they can transfer funds without touching public chains.
Mystiko has also specifically designed a decentralized auditing system for on-chain ZK transactions and established a Decentralized Audit Committee tasked with monitoring transaction flows from suspicious deposits by bad actors.
XZK Token Economics
Mystiko’s native token XZK has a total supply of 1 billion tokens, allocated as follows: 20.8% for community incentives, 20% for private sale, 15% for core contributors/advisors, 11% for developers, 10% for marketing, and 10% for ecosystem development.
Currently, the primary utilities of XZK are staking and governance. Mystiko’s operation relies on ZK-Rollup miners and relayers, and to become either, XZK holders must stake a certain amount of XZK tokens. Additionally, XZK holders can participate in network governance voting, and users holding 100 million tokens or more can directly submit proposals.
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