3 months ago Binance Smart Chain users were introduced to a new fully decentralized and noncustodial protocol for private transactions called Morphose and their governance token MORPH. The protocol provides users with a simple and the most private way to make private transactions. Unlike other solutions, Morphose doesn’t depend on any off-chain third-party relayer that may reduce the privacy of a transaction.
So far, Morphose has proven herself with more than 1600 BNB in more than 700 deposits passed through the protocol. MORPH has also been proven with 100 BNB collected in it’s presale and 48x ATH from presale price. The users of the protocol, on every occasion, thanked the Morphose community for providing them value to support their basic need in life — privacy.
Morphose is now launching on Polygon with the presale of xMORPH reward token between 1st and 10th of July 2021. Protocol now supports MATIC and ETH as well as BTC, BUSD, USDT, USDC, CAKE and QUICK tokens. Morphose also just had the second security audit from ABDK consulting.
Morphose is a fully decentralized and non-custodial protocol for making private transactions.
Blockchains allow transferring digital assets in a public and decentralized fashion. However, pseudonyms used in transactions might be traceable and linkable. Morphose breaks the on-chain link between source and destination addresses to enable transactional privacy on a Blockchain — without relying on an off-chain relayer third-party that may risk the privacy.
Morphose works by allowing the user to deposit to a Morphose denomination smart contract in a predefined amount such as 1 BNB or 1 ETH. Using the secret note given at the time of deposit,the user can then withdraw the same predefined amount from the pool with a new address — naturally breaking the link between the depositor and withdrawer.
Zero-knowledge proofs (zkSNARKs) enable obfuscating deposited token history without revealing which exact deposit corresponds to the secret. Unlike other privacy protocols, to pay the gas fee to withdraw funds to an empty wallet, Morphose doesn’t put a third party off-chain relayer between the depositor and withdrawer. Morphose uses an integrated faucet that drips the gas fee to withdraw on request.
MORPH is the governance token of Morphose Protocol, only on Binance Smart Chain with 100K supply. In the coming months, to support the protocol, MORPH will be a privacy token using ZK Rollups layer-2 privacy-preserving solution, similar to ZkDai.
Morphose protocol is basically a cryptocurrency mixer. As in all cryptocurrency mixers; the traffic, as well as the amount lying on smart contracts, are important to keep the anonymity of the protocol. Privacy use of the protocol tends to be seasonal. In off-seasons and down-markets, the protocol still needs a minimal amount of traffic to support everyday users. This traffic can be created by ‘farmers’ using the protocol just like the privacy users, but with the goal of earning profit.
The use of xMORPH is to reward users who use the protocol profoundly to create constant traffic on the protocol. However, similar to combined-staking in yield farming protocols, to keep the token value stable; Morphose will only reward xMORPH to depositors who already hold xMORPH (and MORPH) in their wallet.
By depositing cryptocurrency to the protocol (such as ETH) while having a deposit amount worth of xMORPH tokens in the deposit wallet; the protocol can be used for free by getting the commission amount of xMORPH tokens back, and up to 400% APR in xMORPH can be earned as
long as the deposit stays in Morphose. If the depositor wallet also holds a deposit amount of MORPH tokens, then up to 600% APR can be earned.
In order to create liquidity for xMORPH on QuickSwap and to support the development of Morphose in newer Blockchains; 25% of the 10M supply of xMORPH tokens will be offered to the public with a presale price of ~0.1$ in MATIC. The presale will take place between the 1st and the 10th of July 2021 on the DxSale Platform. Right after the presale ends, xMORPH will be listed automatically on QuickSwap by DxSale with a listing price of ~0.2$ in MATIC.
MORPH token holders will have a major advantage on Polygon xMORPH presale. Any presale investor who holds at least %30 investment amount worth of MORPH tokens in the same wallet, will get 30% more xMORPH than the investment amount in airdrops. If the investor holds at least %50 investment amount worth of MORPH for more than 2 months, the investor will get 50% more xMORPH tokens
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