Mixin

Mixin Network is an open-source, cross-chain layer-2 protocol designed to make cryptocurrency transfers fast, free, and self-custodial. Built on a PoS-BFT-DAG (Proof-of-Stake, Byzantine Fault Tolerant, Directed Acyclic Graph) consensus architecture, the network connects over 35 public blockchains — including Bitcoin, Ethereum, and Solana — under a unified infrastructure that claims over one million transactions per second and sub-second finality with no transaction fees. The project launched in late 2017 and is headquartered in Tokyo, Japan.

How Mixin Network Works

Mixin operates as a peer-to-peer smart-contract network that sits on top of existing blockchains rather than replacing them. Assets on connected chains are secured in threshold-signature multisig vaults and remain spendable only through Mixin's distributed node set. The consensus layer uses a combination of TEE-BFT (Trusted Execution Environment with Byzantine Fault Tolerance) and a Directed Acyclic Graph structure, which allows transactions to be processed in parallel rather than sequentially, producing the network's high throughput figures.

Full nodes must stake a minimum of 10,000 XIN tokens to participate in consensus. Light nodes perform verification checks and vote on node trustworthiness through a punitive PoS model where dishonest nodes forfeit their staked collateral. For privacy, Mixin adopts Bitcoin's UTXO model and the CryptoNote algorithm, distributing each transaction as three sets of ghost data alongside randomized transaction identifiers.

Developers interact with the network either at the Kernel (Mainnet) level via its source code or through the Mixin API, which wraps the Mainnet's interfaces and simplifies application development.

Core Products

Mixin Messenger is Mixin's flagship product: an open-source, end-to-end encrypted messaging application (built on the Signal Protocol) with an embedded multi-chain cryptocurrency wallet. Available on iOS, Android, and desktop, it allows users to hold, send, and receive assets across all supported blockchains inside a familiar chat interface. Users access trading bots, DeFi tools, and financial applications directly within the messenger's mini-app ecosystem.

Mixin Safe is a production-grade Bitcoin custody service aimed at individuals, families, and institutions. It uses Bitcoin Script timelock technology alongside multisig and multi-party computation (MPC) protocols. Features include joint accounts for collaborative asset management, social recovery through trusted contacts, batch transaction processing, whitelist controls for internal risk management, and complete account and transaction history exports. Mixin Safe positions itself as self-custody infrastructure for high-value Bitcoin storage without dependence on any single centralized party.

Mixin Route provides decentralized trading services including automated market maker (AMM) functionality, aggregated exchange routing, and access to decentralized stablecoins, all while staying within Mixin's zero-fee settlement layer.

Solana Integration

Mixin Network added Solana to its supported blockchain list in May 2021, bringing the total number of integrated chains to 35 at the time. The integration means Mixin Messenger users can hold and trade SOL tokens directly within the application, with all intra-Mixin settlements remaining near-instant and gas-free. Solana is also included in Mixin's gas fee subsidy program, introduced in 2025, which reimburses users the following month for any on-chain gas fees paid when interacting with external Solana (and other chain) transactions from imported wallets.

Users can import existing Solana wallets into Mixin using standard 12- or 24-word mnemonic phrases or private keys, and add watch-only Solana addresses for monitoring purposes. The wallet also supports signing transactions and interacting with Solana DeFi applications and Web3 dApps directly through the interface.

XIN Token

The XIN token is Mixin Network's native asset, issued on Ethereum with a fixed and capped supply of 1,000,000 XIN. At the November–December 2017 initial distribution, 400,000 XIN were sold on the BigONE exchange, 500,000 were reserved for full node operators, 50,000 were allocated to developers, and 50,000 went to early Mixin Messenger users. The token's primary utility is collateral for full nodes: operators must stake 10,000 XIN to run a full node, aligning validator incentives with network security.

XIN reached an all-time high of approximately $2,320–$2,387 in January 2018. As of mid-2026 the token trades significantly below that peak, with a fully diluted market cap reflecting the fixed one-million-token supply.

Team and Background

Mixin was founded by Cedric Fung, who serves as CEO. Fung's background spans mobile software and early crypto infrastructure: he dropped out of Shandong University to develop Android applications that reached over 100 million installs, co-founded YiXia Technology in 2011, and built the mobile game-streaming platform SHOU.TV, which attracted more than 10 million users. In 2017, Fung personally wrote the full codebase for the BigONE exchange in a single month before turning attention to Mixin Network. The core team largely traces back to shared stints at YiXia and Shou.TV beginning in 2012. Dan Lee, a former BigONE COO and INBlockchain core team member, has served as COO.

The company operates under the entity Mixin Ltd and is based in Tokyo.

Security and the 2023 Breach

Mixin Network suffered its most significant security incident on September 23, 2023, when an attacker compromised a third-party cloud service provider's database that Mixin relied on for withdrawal processing. The breach granted unauthorized access to Mixin's hot wallets, resulting in losses of approximately $200 million — the largest single DeFi exploit of 2023 at the time. Stolen assets included roughly $95.3 million in ETH, $23.7 million in BTC, and $23.6 million in USDT.

Mixin confirmed the incident publicly on September 25, 2023. The network subsequently launched a new mainnet on October 27, 2023, with node rewards resuming normally under the updated infrastructure. The incident drew scrutiny from some users over the practical degree of decentralization given the reliance on centralized cloud providers for hot wallet infrastructure.

Mixin's security model for cold and self-custodial storage — particularly Mixin Safe — emphasizes mature, proven cryptography (multisig, MPC, Bitcoin Script timelocks) rather than novel experimental approaches, and specifically separates the hot-wallet operational layer from the self-custody layer that Mixin Safe targets.

Ecosystem Standing

Mixin Network reports over 10 million customers, more than $1 billion in user-managed assets under management, and lifetime transaction volumes exceeding $1 trillion processed through its network. The platform's zero-fee, high-throughput design is intended to address two persistent friction points in multi-chain crypto use: high gas fees and slow settlement times. By abstracting away the complexity of interacting with individual chains, Mixin positions itself as a self-custodial gateway to the broader multi-chain ecosystem — with Solana among the supported chains — accessible to users through an interface that resembles a conventional messaging application more than a crypto protocol.