Singapore-Based Mystiko Network’s XZK Token Falls Over 40% After Listed on Bitget, ByBit and Other Crypto Exchanges – What Happened?

Mystiko's $XZK Token Struggles to Find Footing After Exchange Debut

Despite a splashy debut on major exchanges like Bitget, Bybit, and Gate.io on 18 June, Mystiko Network's $XZK token has seen a concerning downward trend.

In the short time since its listing, the token's price has plummeted by over 40%, trading at the price of $0.1015, raising questions about investor confidence and the project's future.

About Mystiko Network

Founded in Singapore in 2021, Mystiko Network is a blockchain technology company building the foundational layer for secure and private Web3 transactions.

Their core product, the Mystiko SDK, is a universal zero-knowledge (ZK) development kit that empowers developers to create blockchain applications with enhanced scalability, interoperability, and most importantly, privacy.

So how does Mystiko work?

Mystiko's ZK-powered technology addresses a critical need in Web3 – scalability and privacy.

Blockchains, by their very nature, are public ledgers, meaning transaction details are visible to anyone.

This lack of privacy can be a deterrent for some users, especially in sectors like Decentralised Finance (DeFi) and cryptocurrency payments, where financial privacy is paramount.

Mystiko's SDK tackles this challenge by providing developers with the ability to integrate privacy features into their applications.

This allows users to conduct confidential transactions, manage assets privately, and make shielded business decisions across various blockchain layers (Layer 1, Layer 2), wallets, bridges, and even decentralised exchanges.

Several advantages for Web3:

• Reduced Costs: Transactions processed through Mystiko's ZK infrastructure are significantly cheaper compared to traditional blockchains.
• Effortless Scaling: Mystiko's ZK technology facilitates smooth scaling for blockchain applications, allowing them to handle a higher volume of transactions efficiently.
• Unbreakable Bridges: Cross-chain transactions, often vulnerable points in the blockchain ecosystem, are secured by Mystiko's ZK proofs, minimising the risk of hacks and exploits.
• Enhanced User Privacy: Users gain complete control over their on-chain identity. Account balances, transaction history, and other sensitive data remain hidden, fostering a more private and secure Web3 experience.

The impact is two-fold.

Individuals gain control over their financial privacy, while developers can leverage Mystiko's tools to create a new generation of privacy-focused dApps, attracting a wider user base to the Web3 ecosystem.

A Community-Driven Powerhouse in a Competitive Market

Web3 is a bustling space, so what makes Mystiko stand out?

Mystiko Network differentiates itself in a saturated blockchain market by focusing solely on providing robust privacy infrastructure.

Within a year of launching its V1 mainnet in March 2023, Mystiko has processed over $137 million in volume across five major blockchains.

Additionally, it has empowered over 55,000 unique wallets to conduct over 220,000 transactions while saving on ZK costs.

To date, the metrics have significantly increased:

• Total ZK Transaction: 1.26 million
• Total ZK Volume: $271 million
• Unique wallets: 137,000

Furthermore, the community has expanded notably, with a significant increase in X (formerly Twitter) followers and Discord members.

Perhaps most importantly, Mystiko has established itself as the industry's first auditable ZK platform.

This ensures user protection against illicit activity and upholds compliance standards, fostering trust within the community.

Having achieved product-market fit and demonstrably thriving independently, Mystiko is now poised for its next chapter – community-driven growth and development.

This shift empowers its users to actively participate in the platform's evolution, ensuring its long-term sustainability and continued innovation in the privacy-focused Web3 space.

$18 Million Seed Funding Secured

Back on 20 March, Mystiko.Network had closed an impressive $18 million seed funding round.

This significant investment, led by the illustrious Peak XV Partners (formerly Sequoia Capital India/SEA), underscores the immense potential of Mystiko.Network to revolutionise the Web3 landscape.

The round attracted a stellar cast of participants, including industry heavyweights like Samsung Next, Hashkey Capital, and Coinlist.

Renowned figures like Sandeep Nailwal (co-founder of Polygon) and angel investor Naval Ravikant also joined the table, further validating Mystiko.Network's groundbreaking vision.

This funding influx comes on the heels of remarkable achievements for Mystiko.Network's V1 mainnets.

In less than a year, these networks have facilitated a staggering transaction volume exceeding $134 million across a diverse range of five layer 1 and layer 2 blockchains.

This impressive feat is complemented by a thriving user base exceeding 54,000 active participants, solidifying Mystiko.Network's position as a major player in the decentralised technology arena.

Mystiko Community Sale on CoinList Sees A Smashing Success

The Mystiko Community Sale on CoinList, held from 28 March to 4 April, was a resounding triumph.

With participation from over 20,260 supporters across 100 countries, the sale raised a staggering $11.25 million, exceeding the initial target by 300%.

Here are some key highlights:

• Total Sold: 75,000,000 XZK tokens ($11.25 million)
• Initial Offering Sold Out: 50,000,000 XZK tokens ($7.5 million)
• Additional Allocation Sold Out: 25,000,000 XZK tokens ($3.75 million)
• Global Support: Over 20,260 supporters from 100+ countries

Who is the Mastermind?

Also known as Vanessa, Qiying Kuang is the founder of Mystiko.Network and a former director at Binance.

She holds a master's degree in environmental engineering from Tsinghua University and has an impressive educational background with a degree from Yale University ('18) and Tsinghua University ('15).

At Binance, she served as the Director of Binance NFT & Charity and initiated the 'NFT for Good' Alliance, demonstrating her commitment to leveraging blockchain technology for social impact.

Linkedin: https://www.linkedin.com/in/qiyingkuang/

X: https://x.com/QiyingKuang (inactive)

Why the Downward Trend?

Despite a successful funding round, strong community support, and a promising use case, Mystiko's $XZK token has seen a significant price drop since its exchange debut.

The current market downturn may be a contributing factor, but it's important to note that the long-term viability of the project will depend on Mystiko's ability to deliver on its promises of scalability, privacy, and developer adoption in the competitive Web3 space.

Worth Investing?

Coinlive adopts a cautious stance on recommending investments in Mystiko.Network.

While new projects often generate initial hype and promise, the platform advises taking a long-term perspective before committing investments.

This approach allows for a thorough observation of how the project unfolds over time, beyond its initial stages.

Such vigilance is crucial in assessing the sustainability and potential risks associated with emerging technologies and platforms in the dynamic cryptocurrency and blockchain sectors.

By maintaining a watchful eye on developments, investors can make more informed decisions based on the project's performance and market evolution.