MYX, incubated by D11 Labs, recently completed a $5 million seed round of financing with a valuation of $50 million. This round of financing was led by HongShan (Sequoia China), and other investors included Consensys, Hack VC, OKX Ventures, Redpoint China, HashKey Capital, Foresight Ventures, GSR Markets, Alti5, Leland Ventures, Cypher Capital, Bing Ventures, Lecca Ventures, etc. These funds will be used to accelerate MYX's technological innovation and market expansion, and promote the rapid launch and large-scale development of its mainnet products.
TL; DR
1. MYX is an innovative decentralized sustainable exchange that achieves zero-slippage trading through the original Matching Pool Mechanism (MPM) and efficiently matches long and short positions, making capital efficiency as high as 125x, increasing unlimited possibilities.
2. MYX restructures the entire transaction process, ensures system stability through intelligent funding rates, and increases scalability through functions such as LP income swaps that will be launched in the future.
3. The MYX team, with its rich experience in managing exchanges with a monthly turnover of hundreds of billions and assets exceeding $1 billion, is committed to creating a simple and rich product experience for users. At the same time, the team has a diverse background of investors, which can ensure the stability of resource cooperation and operation after the project goes online.
The core design of MYX: Matching Pool Mechanism Engine
MYX's original Matching Pool Mechanism engine subverts tradition. Under this engine, LP will only bear the net exposure of the platform's open positions. Therefore, LP is no longer involved in long and short transactions, but focuses on efficient management and hedging risks, and does not rely on traders' losses to make profits. When long and short transactions are balanced, capital efficiency is maximized; in the case of an imbalance in long and short transactions, LPs and market makers receive fair compensation through continuous and stable funding rates.
working principle
In the traditional peer-to-pool model, LP directly bears the counterparty risk of both long and short parties, and each transaction occupies a certain amount of liquidity, resulting in low capital efficiency. In MYX, long and short traders are matched through the MPM mechanism. When the long and short transaction counterparties are formed, the liquidity temporarily occupied by the exposure will be quickly released, so that the capital efficiency of LP can be infinitely magnified under ideal conditions.
This innovative mechanism aims to provide traders, market makers and LPs with sustainable returns based on real user needs, abandoning the old model of over-reliance on token incentives or trader losses. Matching Pool Mechanism helps users achieve new breakthroughs in risk management and profit maximization, and promotes the trading ecosystem in a more fair and sustainable way.
transaction cost
MYX is equipped with an excellent Matching Pool Mechanism trading engine, providing users with the most competitive transaction fees in the market. The Taker fee is only 0.07%, and the Maker fee is as low as 0.045%. VIP users have the opportunity to enjoy an excellent transaction fee rate as low as 0.02%.
At the same time, MYX also adopts a dual oracle model to ensure that the transaction execution price is always the most favorable to the user, allowing users to experience zero slippage transactions, thereby avoiding additional costs caused by slippage.
MYX is committed to optimizing the user's trading experience and making it more efficient and economical. We not only provide the best rates, but also provide users with the best transaction execution prices and the lowest holding costs, creating a more competitive trading environment for users.
MLP Scalability
MYX has redefined the role of liquidity providers by launching the MLP Yield Swap Fund, increasing its risk management capabilities and enabling multi-level scalability.
Within the platform, the LP fund serves as a link between market makers and users, providing market makers with a new fundraising channel while also allowing users to obtain stable returns through participation, thereby optimizing capital liquidity and utilization efficiency and enhancing the overall attractiveness of the platform.
On the external level, MLP is essentially a non-leveraged tool with no bankruptcy risk. 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 the possibility of increasing returns.
From the perspective of the broader DeFi ecosystem, the development of cross-chain technology enables MLP to support transactions on different public chains, which 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 profit 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 of MYX.
Keeper System
MYX also introduces a key decentralized component: the Keeper system. This system empowers token holders and LP stakers to participate more, allowing them to become guardians of the platform. Keepers play an important role in ensuring the autonomy and security of smart contract operations, while this mechanism also enhances 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 platform economic activities. With the expansion of MYX's cross-chain liquidity function, the role of Keepers becomes more critical. They help 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 part of MYX's decentralized architecture, but also the core of its LP fund scalability strategy.
user experience
As an ambitious platform, MYX always puts user experience first. Through the original Matching Pool Mechanism (MPM), zero slippage transactions are achieved to ensure that every transaction of the user is executed at the best price, which greatly reduces transaction friction. In terms of transaction fees, we provide the lowest transaction fees on the chain. Ordinary users only need to pay 0.045% when conducting Maker transactions and 0.07% when conducting Taker transactions. Our VIP users can enjoy a fee as low as 0.02%, providing users with the most competitive transaction rates on the market.
At the same time, the holding cost is also our focus. We do not have any borrowing fees, and we also have an intelligent funding rate system. The platform's long and short open positions determine the funding rate. By introducing market makers on a large scale, we can balance the long and short open positions, thereby lowering users' long-term holding costs.
In addition, MYX provides a user experience similar to that of a centralized exchange interface, simplifies the operation process and is equipped with comprehensive trading guides and tutorials, as well as 24-hour online customer service to ensure that users can easily get started with trading even if they are first-time users. These mechanisms are all run on-chain and have passed the contract audit of PeckShield, and the audit of SlowMist is about to end. This series of audits further ensures the security and reliability of the platform, providing users with a highly efficient and low-cost trading environment.
risk control
In MYX, LP does not rely on profiting from traders' losses. Instead, it chooses to achieve seamless liquidity connection between CEX and DEX through an intelligent funding rate adjustment system and a large-scale market maker model, increasing the overall liquidity of the market while also avoiding the common problem of uncompensated losses in traditional DEX to the greatest extent.
This unique approach allows LPs to manage risk exposure and achieve hedging more easily and effectively. Even when the market encounters extreme volatility or even liquidity is exhausted, MYX can effectively prevent malicious attackers from taking advantage of liquidity exhaustion to make profits by adopting the DPL+ADL mechanism. The application of this mechanism has greatly improved the stability and liquidity of the market, eliminated potential risks and attacks, and protected 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.
User Advantages
For trading users
1. Fair trading market: open source smart contracts, zero MEV, and no reliance on user losses for profit.
2. Low transaction costs: When trading, you can enjoy the lowest transaction fee on the chain, reducing your transaction costs; when holding positions, you do not need to pay loan interest, reducing the cost of long-term holdings
3. Best Depth: Ensure that transactions are executed at the best price, with no spreads or slippage for large market orders, and enjoy the trading advantages
4. User experience: Friendly interface, easy start for beginners. Trading guide, 24/7 professional customer service, always solve problems. Diverse strategies, easy to follow orders, easy trading, extremely convenient.
For LP users
1. Sustainable high returns: Based on the powerful MPM unique mechanism, MYX achieves neutrality of LP positions and higher matching efficiency, providing users with stable and high returns.
2. Smarter risk control system: Equipped with an intelligent risk control system, it comprehensively prevents risks such as network downtime, oracle attacks, liquidity runs, unilateral markets, and asset collapses, and is committed to providing a safer, more efficient, and competitive trading environment to protect the safety of user assets.
Capital investment and recognition
Under the current environment, MYX successfully completed a $5 million seed round of financing with a valuation of $50 million, relying on its original MPM mechanism and the team's deep technical and operational background. This round of financing has been favored and supported by Sequoia Capital and many investment institutions, involving multiple market ecosystems, including CEX, market makers, and some local communities, providing a solid foundation for the continued development of the project.
Founder’s thanks and outlook
Mark, the founder of MYX, said: "We are very honored that this round of financing has been favored by many top capitals even in such a sluggish market environment. This is not only due to the efforts of our team, but also reflects the recognition of the capital parties for our entrepreneurial philosophy, execution path and innovation capabilities. Faced with the potential market size of nearly US$900 billion per quarter in the decentralized derivatives track, we have always believed that the most important thing is how to achieve the growth of the overall transaction scale through product innovation, mechanism innovation, and business innovation rather than competition between protocols.
In fact, we are standing at a critical time node at this moment. With the progress of BTC spot ETF and the upcoming halving of BTC production next year, we may enter a new cycle at any time. Only products that can adapt to the needs of the times and users can win the first place among many competitors. For MYX, our ambition is never the number of trading volume or handling fees. We always look forward to the day when MYX can become the clearing and settlement center for decentralized derivative transactions on the chain and fully release the infinite potential of our matching pool transaction engine. Of course, this is also inseparable from the strong support of capital and ecological partners. I hope that we can push the decentralized derivatives protocol to a new height together.
Summarize
MYX, a decentralized perpetual exchange leading the forefront of financial innovation, has stood at the forefront of Defi and embraced the challenge.
MYX has adopted a series of innovative mechanisms, including optimizing liquidity, reducing transaction costs, improving user-friendliness, and improving risk control strategies. These mechanisms not only solve the problems of traditional trading platforms, but also create huge advantages for users and liquidity providers. At the same time, it has received support from many top capitals, which further confirms the market's high recognition of MYX's innovative model and future development potential.
As decentralized perpetual exchanges continue to grow, MYX will be committed to continuously optimizing platform performance and user experience to cater to the rapid growth of market and user demand, and strive to build MYX into a world-leading decentralized perpetual contract trading platform.
MYX not only represents innovation, but also stands for efficiency and sustainability. It has injected new vitality into the field of decentralized finance and will continue to drive the entire industry forward. We look forward to MYX's future success and providing an excellent trading experience for a wider range of users. Follow MYX and start your decentralized trading journey.
contact us
https://linktr.ee/myxfinance
