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Koi Finance (KOI) is not a thriving crypto project. Itâs a ghost. Launched as a DeFi platform on zkSync Era, KOI was meant to be a one-stop hub for swapping, farming, and bonding tokens with near-zero fees. But today, it has $0 in daily trading volume, only 201 holders, and no active development. If youâre wondering whether KOI is worth your time, the answer is simple: itâs not.
What Koi Finance was supposed to be
Koi Finance started as Mute Protocol, a DeFi project built on zkSync, Ethereumâs Layer 2 scaling solution. In April 2024, the team rebranded to Koi Finance and swapped MUTE tokens for KOI at a rate of 1 MUTE to 12.5 KOI. The goal? To create a faster, cheaper, and more flexible decentralized exchange on zkSync.
Technically, it had potential. Koi offered two types of liquidity pools: concentrated (like Uniswap V3) and standard (like Uniswap V2). It let users place limit orders, stake tokens for higher yields, and even buy bonds to earn rewards. A standout feature? You could pay gas fees in any token you held-no need for ETH. Transactions claimed to finish in under a second, thanks to zkRollup tech.
The interface was clean. The team had real blockchain experience-they built the first Bitcoin-to-UTXO atomic swap and worked on Zerocoin privacy tech. But none of that mattered if no one used it.
Why KOI crashed harder than the rest of crypto
When KOI launched, zkSync was already crowded. SyncSwap controlled nearly 70% of the DEX market on zkSync. SpaceFi, zkSwap, and others were growing fast. Koi Finance didnât offer anything new enough to steal users.
Its price peaked at $0.09344 on April 23, 2024-the same day it rebranded. Since then, itâs lost 99.16% of its value. As of November 14, 2025, KOI traded at $0.0007693. Thatâs not a market dip. Thatâs a collapse.
Why? Because no one was trading it. CoinMarketCap reports $0 in 24-hour volume. No oneâs buying. No oneâs selling. Even the official website shows no live trades. The tokenâs market cap is just $393,000, while its fully diluted value (if all 1 billion tokens were in circulation) is $786,000. That means over half the supply is locked up, unused, and worthless.
Who still holds KOI-and why
There are only 201 wallet addresses holding KOI. For comparison, Uniswap has over 1.2 million holders. SyncSwap, a zkSync rival, has tens of thousands. Koiâs tiny holder count isnât accidental. Itâs a sign of total abandonment.
Most of these 201 holders are likely early investors who never sold after the rebrand. Or maybe bots. Thereâs no community behind it. No active Discord. No Telegram group. No recent Reddit posts. The official Twitter account (@koi_finance) has 4,200 followers-less than 10% of what SyncSwap has.
Even the projectâs GitHub repo hasnât seen a meaningful update since March 2024. No new code. No bug fixes. No features. The team vanished.
The rebrand that didnât save anything
The switch from Mute to Koi wasnât a fresh start. It was a last gasp. Mute Protocol had already lost most of its users and liquidity before the rebrand. Swapping tokens at a 1:12.5 ratio didnât create value-it just diluted it further.
There was no marketing push. No partnerships. No influencers promoting it. No press coverage from major outlets like Messari or Delphi Digital. No analyst reports. No exchange listings beyond tiny, low-liquidity ones.
Rebranding doesnât fix a broken product. It just changes the name on a tombstone.
Can you still use Koi Finance today?
Technically, yes. You can connect your wallet to the Koi Finance website and try to swap KOI for other tokens on zkSync. But hereâs the catch: thereâs no liquidity. No oneâs trading. So if you try to sell your KOI, you wonât find a buyer. If you try to buy, youâll see empty pools.
Even if you had KOI, you couldnât earn meaningful yields. Farming rewards dried up because no oneâs depositing tokens. Bonding programs stopped because no oneâs participating. The entire ecosystem is frozen.
And forget about developer tools. Thereâs no API. No documentation. No SDK. No tutorials. If youâre a developer looking to build on Koi, thereâs nothing to build on.
How Koi Finance compares to real zkSync DEXs
Hereâs what real DeFi projects on zkSync look like in 2025:
| Feature | Koi Finance (KOI) | SyncSwap | SpaceFi |
|---|---|---|---|
| 24-hour trading volume | $0 | $50M+ | $15M+ |
| Active users (est.) | 0 | 50,000+ | 20,000+ |
| Token holders | 201 | 50,000+ | 30,000+ |
| Development activity | None since March 2024 | Weekly updates | Weekly updates |
| Community channels | Inactive | Active Discord, Telegram | Active Discord, Telegram |
| Price (Nov 2025) | $0.00077 | $0.12 | $0.08 |
Koi Finance doesnât just lose to these projects-it doesnât even register as competition. SyncSwap and SpaceFi have real users, real volume, and real teams building daily. Koi is a shell.
Is KOI a good investment?
No. Not even close.
Investing in KOI today is like buying shares in a company that shut down its factory, fired its staff, and deleted its website. The token has no utility, no liquidity, and no future.
Some might argue, âItâs cheap-whatâs the risk?â But the risk isnât losing money. The risk is wasting time, holding an asset that canât be sold, and getting caught up in a dead projectâs ghost story.
Thereâs no recovery path. No roadmap. No team announcement. No news. The market has spoken: KOI is dead.
What happened to the team?
The original developers behind Mute/Koi had solid credentials. They built advanced ZK tech before. That makes their failure more puzzling.
But technical skill doesnât guarantee success in DeFi. You need community. You need marketing. You need trust. You need to outlast the competition.
Koi Finance had none of that. The team disappeared after the rebrand. No updates. No explanations. No apologies. Just silence.
Itâs a lesson: even the smartest teams can fail if they ignore the human side of crypto.
Final verdict: KOI is a cautionary tale
Koi Finance isnât a crypto coin you should research, buy, or hold. Itâs a case study in how not to build a DeFi project.
It had the tech. It had the timing. It had the team. But it had no users. No trust. No momentum. And in crypto, thatâs fatal.
If youâre exploring zkSync, stick with SyncSwap, SpaceFi, or other projects with real volume, active teams, and communities. Avoid anything with $0 trading volume and fewer than 500 holders. Theyâre not hidden gems-theyâre digital graves.
Is Koi Finance (KOI) still active?
No. Koi Finance has been effectively abandoned since mid-2024. Thereâs been no development activity on its GitHub since March 2024, no updates to its website, and zero trading volume on all exchanges. The team has not made any public statements since the rebrand.
Can I trade KOI on Coinbase or Binance?
No. KOI is not listed on any major exchange like Coinbase, Binance, or Kraken. It only exists on tiny, low-liquidity DEXs on zkSync, and even there, no one is trading it. You canât buy or sell it meaningfully.
Why did Koi Finance fail when zkSync was growing?
Koi Finance failed because it didnât differentiate itself enough from stronger competitors like SyncSwap and SpaceFi. Even though it had good tech, it lacked marketing, community building, and consistent development. While zkSyncâs total value locked hit $1.2 billion in 2024, Koi captured 0% of that growth.
What happened to the MUTE tokens?
All MUTE tokens were swapped for KOI at a 1:12.5 ratio in April 2024. The old MUTE token was discontinued. The swap didnât revive interest-it just turned a dying project into a dead one with a new name.
Should I buy KOI because itâs cheap?
Absolutely not. A low price doesnât mean a good investment. KOI has no liquidity, no demand, and no future. Buying it means locking up funds youâll never be able to sell. Itâs not a bargain-itâs a trap.
Shanell Nelly
November 16, 2025 AT 01:34Koi Finance is a perfect example of how tech alone doesn't win in DeFi. You need community, marketing, and consistency. SyncSwap didn't have the fanciest tech, but they showed up every day. Koi vanished after the rebrand. Sad, but predictable.
Always remember: if the team stops talking, the project is already dead.
Aayansh Singh
November 17, 2025 AT 11:22Wow another crypto graveyard autopsy. Did you even check the on-chain data or just copy-paste from CoinGecko? 201 holders? That's not dead that's just pre-mined for whales. The real story is the 800M KOI tokens locked in vesting. This isn't dead-it's sleeping with a giant pile of cash. Wait till the unlock schedule hits.
Rebecca Amy
November 17, 2025 AT 23:10lol at people still talking about KOI đ
Darren Jones
November 18, 2025 AT 00:50Just want to say-this breakdown is spot-on. Every point is backed by data, and the comparison table? Chef's kiss. Iâve seen so many people get lured in by âcheap tokensâ-this is exactly the kind of post that saves someone from losing months of their life chasing ghosts.
Thank you for taking the time to lay this out. Seriously.
Also, if youâre reading this and thinking âbut what if it rebounds?â-ask yourself: whatâs the catalyst? No team. No updates. No liquidity. No reason. Itâs not a gamble. Itâs a funeral.
Kathleen Bauer
November 18, 2025 AT 18:24so like⊠if i bought KOI at $0.01 and now itâs $0.0007⊠is that like a 93% loss or just⊠i dunno⊠a vibe check? đ€·ââïž
also why does this feel like a 2021 meme coin but with more charts?
Carol Rice
November 19, 2025 AT 01:41THIS IS WHY YOU DONâT TRUST âTECHNICAL EXPERTSâ WHO IGNORE THE HUMAN SIDE OF CRYPTO!
They built a beautiful machine⊠and then left it in the middle of a desert with no gas, no map, and no water. The team had the brains. They had the pedigree. But they forgot one thing: crypto isnât built by engineers-itâs built by believers.
SyncSwap didnât have better code. They had better vibes. Better memes. Better Discord mods. Better community calls. Koi? They ghosted. And now? Theyâre a footnote in a blockchain graveyard.
Donât be the next Koi. Build with heart. Or donât build at all.
Laura Lauwereins
November 19, 2025 AT 15:06Interesting how the same people who scream âdecentralization!â when a project fails are the first to cry when their portfolio loses 99%.
Itâs not the tech that failed. Itâs the fantasy. We all wanted to believe Koi was the next big thing. But the market doesnât care about your hopes.
Rest in peace, KOI. You had potential. You just didnât have people.
Gaurang Kulkarni
November 21, 2025 AT 03:42KOI is not dead it is just in sleep mode the team is waiting for zkSync to reach 10B TVL then they will come back with new features and airdrop for old holders this is a long term play dont be fooled by the volume numbers the real value is in the code not the price
Nidhi Gaur
November 21, 2025 AT 06:03bro i bought KOI at 0.02 and now its 0.0007 but i still believe in it like its my crypto baby đ„ș
also the devs are just taking a break theyâre building something bigger i swear
Usnish Guha
November 21, 2025 AT 21:57People who still hold KOI are either delusional or part of a rug pull scheme. There is no third option. This isn't a market correction it's a corpse. If you're still defending this you're not an investor you're a cult member
satish gedam
November 23, 2025 AT 01:19Hey everyone I know it hurts to see your KOI tokens drop but remember-every great project starts with a struggle. This isn't the end it's just the beginning of a comeback story. Stay strong. Keep your bags. The community will rise again. I believe in you and in KOI. đȘâš
Let's keep the faith and share this post with others who need hope. You're not alone in this journey.
rahul saha
November 24, 2025 AT 19:25It's ironic isn't it? The project built on ZK tech to enable privacy and efficiency⊠yet the team itself became the ultimate opacity. A paradox wrapped in a whitepaper. KOI didnât fail because of competition-it failed because it forgot the existential truth of crypto: trust is the only liquidity that matters. And they burned theirs at the altar of vanity metrics and rebranding theatrics.
Marcia Birgen
November 25, 2025 AT 10:52Wow. This is such a good reminder that we donât need another ânext big thing.â We need projects that stick around. That show up. That answer DMs. That update their docs. That care.
KOI had the tech. But it didnât have the heart. And in crypto? Heart wins every time.
Shoutout to the author for writing this with so much clarity. Iâm sharing this with my whole crypto group. Thank you.
Jerrad Kyle
November 27, 2025 AT 04:09This is the kind of post that makes me proud to be part of this community. No hype. No fluff. Just cold, hard, beautifully written truth.
And the table? Perfect. It doesnât just show KOI is dead-it shows how the rest of zkSync is ALIVE. SyncSwap and SpaceFi arenât just winning-theyâre setting the standard. And thatâs what matters.
For anyone still holding KOI: Iâm not judging. But please, go learn how to use a blockchain explorer. Check the contract activity. See the zero transactions. Then ask yourself: am I holding a token⊠or a memory?
Usama Ahmad
November 27, 2025 AT 14:28yeah i had some KOI too but i just moved it to a cold wallet and forgot about it
no regrets just kinda funny to see it still on my list
Nathan Ross
November 28, 2025 AT 06:55While the empirical data presented is incontrovertible, one must consider the possibility that the cessation of development activity does not necessarily equate to abandonment. It may instead represent a strategic realignment, a period of consolidation, or even a transition to a non-public development phase. The absence of public communication does not constitute proof of termination.
garrett goggin
November 29, 2025 AT 07:18Of course itâs dead. You think this was a real project? Nah. This was a pump disguised as DeFi. The âteamâ? Probably a bunch of guys in a basement with a Discord bot and a fake GitHub. The rebrand? A classic exit scam. They swapped MUTE to KOI, drained the liquidity pool, and vanished. The 201 holders? Bots. The âwalletsâ? Burn addresses with fake balances. This isnât a failure. Itâs a crime.
And the fact that people still defend it? Thatâs the real horror story.
Bill Henry
November 29, 2025 AT 18:19imagine putting all your money into a project that just⊠stopped talking. like literally no updates for over a year. i feel bad for anyone who still has this. but also⊠you kinda knew it was sketchy right? đ€
at least now you know to check the github first next time
Jess Zafarris
November 29, 2025 AT 20:46Interesting how the marketâs verdict is so clear yet people still cling to âmaybe itâll bounce.â
Itâs not about price. Itâs about signal. No updates. No liquidity. No community. Thatâs not a âbear marketâ-thatâs a tombstone with a ticker symbol.
And yet⊠I still see people buying KOI on DEXs. Why? Is it hope? Nostalgia? Or just the same old FOMO dressed up as âvalue investingâ?
jesani amit
December 1, 2025 AT 18:44Look I know it hurts to lose money on KOI but trust me Iâve been there. I held MUTE too. But hereâs the thing-crypto is not a casino. Itâs a learning experience. You didnât lose money. You paid for a lesson. Now you know to look at the teamâs activity, not just the price chart. You know to check the GitHub. You know to ask: is anyone even talking about this anymore?
Thatâs worth more than any token. Keep going. Youâre getting smarter. And thatâs the real win.
Peter Rossiter
December 2, 2025 AT 15:38KOI is dead. Move on.
Jay Davies
December 2, 2025 AT 22:44Actually, the 1:12.5 swap ratio was mathematically catastrophic. If MUTE was trading at $0.0075 before the rebrand, then KOI should have launched at $0.0006. But it launched at $0.09. Thatâs a 150x artificial inflation. The entire tokenomics were designed to create a short-term pump, not sustainable value.
And the fact that the team didnât even bother to update the tokenâs contract to reflect the new supply? Thatâs not negligence. Thatâs fraud. The 1 billion supply wasnât âfully dilutedâ-it was a trapdoor.
Carol Rice
December 4, 2025 AT 14:48Thatâs the real kicker. They didnât just fail-they manipulated. They took people who believed in Mute, told them âthis is a fresh start,â and then inflated the supply like it was a birthday cake. And now the people who held on? Theyâre holding a balloon thatâs been popped.
Itâs not a cautionary tale. Itâs a warning label with teeth.