MYX raises US$5 million, detonating a new generation of derivatives market

2023-11-28 21:00

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MYX recently completed a seed round of financing worth $5 million at a valuation of $50 million. The round was led by HongShan (Sequoia China), with other investors including Consensys, Hack VC, OKX Ventures, Redpoint China, HashKey Capital, Foresight Ventures, GSR Markets, Alti5, Leland Ventures, Cypher Capital, Bing Ventures, and Lecca Ventures. These funds will be used to accelerate MYX's technological innovation and market expansion, and to promote the rapid launch and scale development of its mainnet product.

TL; DR

1. MYX is an innovative decentralized perpetual exchange that achieves zero-slippage trading through its unique Matching Pool Mechanism (MPM), and efficiently matches long and short positions, resulting in a capital efficiency of up to 125x and increasing unlimited possibilities.

2. MYX reconstructs the entire transaction process, ensuring system stability through intelligent funding rates, and increasing scalability through the use of upcoming LP yield exchange features.

3. The MYX team, with its extensive experience in managing exchanges with monthly trading volumes in the billions and assets exceeding $1 billion, is committed to creating a simple yet rich product experience for users. At the same time, the team has a diverse funding background, ensuring stable resource cooperation and operations after the project goes live.

MYX's Core Design: Matching Pool Mechanism Engine

Working Principle

· In the traditional point-to-pool model, LP directly bears the counterparty risk of both long and short sides, and each transaction occupies a certain amount of liquidity, resulting in low capital efficiency. However, in MYX, through the MPM mechanism, long and short traders are matched, and when the counterparties of long and short trades are formed, the liquidity temporarily occupied by the exposure will be quickly released, allowing LP's capital efficiency to be infinitely amplified in an ideal state.· This innovative mechanism aims to provide sustainable returns based on real user needs for traders, market makers, and LPs, abandoning the old model of over-reliance on token incentives or trader losses. The Matching Pool Mechanism helps users achieve new breakthroughs in risk management and profit maximization, promoting the trading ecosystem to move forward in a more fair and sustainable way.

Transaction Costs

Meanwhile, MYX also adopts a dual oracle mode to ensure that the execution price of transactions is always in the best interest of users, allowing them to experience zero slippage trading and avoid additional costs due to slippage.

MYX is committed to optimizing users' trading experience, making it more efficient and economical. We not only provide the best rates, but also offer users the best execution prices and lowest holding costs, shaping a more competitive trading environment for our users.

MLP Scalability

MYX redefines the role of liquidity providers and enhances their risk management capabilities by launching the MLP yield swap fund, which also provides multi-level scalability.

Within the platform, LP funds serve as a link between market makers and users, providing market makers with new fundraising channels and allowing users to earn stable returns through participation. This optimizes liquidity and efficiency of fund usage, enhancing the overall appeal of the platform.

At the external level, MLP is essentially a non-leveraged tool and has no risk of bankruptcy. It can be combined with third-party protocols such as lending and staking in the DeFi ecosystem to introduce leverage or create synthetic assets, thereby providing users with more diversified investment strategies and potential for increased returns.

From a broader perspective of the DeFi ecosystem, the development of cross-chain technology enables MLP to support transactions on different public chains. This not only strengthens the interoperability of the entire ecosystem, but also opens up new markets and investment channels for MLP, greatly expanding its application scope and potential revenue opportunities. With the continuous development and improvement of cross-chain solutions, the high capital liquidity and adaptability of LP funds will become a major competitive advantage for MYX.

Keeper System

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MYX has also introduced a crucial decentralized component: the Keeper system. This system gives token holders and LP stakers greater participation, allowing them to become guardians of the platform. Keeper plays an important role in ensuring the autonomy and security of smart contract operations, while also enhancing the decentralization and sustainability of the entire platform.

By participating in the Keeper system, community members can not only receive token rewards, but also share transaction fees, which increases their sources of income and directly promotes the activity of the platform economy. With the expansion of MYX's cross-chain liquidity function, the role of Keepers becomes even more critical as they help to promote the free flow of capital between different chains, thereby playing an important role in expanding the scope of LP and enhancing the connectivity of the entire DeFi ecosystem. Therefore, the Keeper system is not only a part of MYX's decentralized architecture, but also the core of its LP fund scalability strategy.

用户体验

translates to

User Experience

As an ambitious platform, MYX always puts user experience first. Through the innovative Matching Pool Mechanism (MPM), zero-slippage trading is achieved, ensuring that every transaction is executed at the best price, greatly reducing trading friction. In terms of transaction fees, we provide the lowest on-chain transaction fees, with regular users only paying 0.045% for Maker trades and 0.07% for Taker trades. Our VIP users can enjoy fees as low as 0.02%, providing users with the most competitive transaction rates in the market.

At the same time, the holding cost is also a focus of our attention. We do not have any borrowing costs, and we also have an intelligent funding rate system. The platform's long and short open interest determines the funding rate. By introducing market makers on a large scale, we can make the long and short open interest tend to balance, making the user's long-term holding cost lower.

In addition, MYX provides a user experience similar to that of centralized exchanges, simplifying the operation process and equipped with comprehensive trading guides and tutorials, as well as 24/7 online customer service, to ensure that even first-time users can easily trade.

These mechanisms all run on-chain, have passed PeckShield's contract audit, and SlowMist's audit is also about to end. This series of audits further ensures the security and reliability of the platform, providing users with an efficient and low-cost trading environment.

Risk Control

In MYX, LP does not rely on profiting from traders' losses. Instead, it chooses to seamlessly connect the liquidity between CEX and DEX through an intelligent funding rate adjustment system and a large-scale market maker model, increasing the overall market liquidity while also minimizing the common problem of uncompensated losses in traditional DEX.

This unique approach allows LPs to manage risk exposure more easily and effectively, achieving hedging. Even in the face of extreme market volatility or even liquidity depletion, MYX can effectively prevent malicious attackers from profiting from liquidity depletion by adopting the DPL+ADL mechanism. The application of this mechanism greatly enhances market stability and liquidity, eliminates potential risks and attacks, and protects the interests of traders and liquidity providers. MYX has laid a solid foundation for the stability and reliability of the trading ecosystem through comprehensive risk control measures.