NewsFlash Articles Data Fundraising BlockBeats Pro

The decentralized derivatives protocol MYX mainnet is now officially online

Read this article in 10 Minutes

MYX has successfully completed a US$5 million seed round of financing, led by HongShan

The content you provided is:

Source: MYX

MYX Mainnet Launch

The decentralized derivative protocol MYX has announced the official launch of its mainnet. Through its innovative MPM mechanism, it achieves 0 slippage trading and efficient long and short position matching, greatly improving capital efficiency and fund turnover rate, comparable to centralized trading platforms. During the testnet phase, MYX successfully attracted 60,000 users, demonstrating its strong market appeal. It is worth noting that this mechanism has brought considerable returns to LPs, which is particularly prominent among similar products. This achievement highlights MYX's outstanding ability to build a secure and efficient trading platform, as well as its significant profit-making ability, aiming to redefine decentralized derivative protocols.

With the launch of the mainnet, MYX will introduce a gem system, where trading users will receive gems according to the rules. These gems will become important credentials for future airdrop plans.

TL; DR

During the MYX testnet phase, its innovative MPM mechanism successfully attracted 60,000 users, demonstrating its significant market appeal. This mechanism not only significantly improves capital efficiency and fund turnover rate, comparable to centralized trading platforms, but also brings considerable returns to LPs. This achievement showcases MYX's significant advantages in improving performance and enhancing profitability.

After the MYX mainnet goes live, a gem system will be launched, and trading users will receive gems according to the rules. These gems will serve as important credentials for future airdrop plans. Additionally, a VIP and referral system will be introduced to enhance user experience and provide more practical value.

MYX mainnet will launch the 'Time Travel V1.0' feature, aimed at solving the problem of liquidation caused by transaction interruption due to network issues, keeper failures, and oracle price issues. 'Time Travel V2.0' will allow historical prices to be used to process unexecuted orders, thus protecting user interests and ensuring smooth transactions.

MYX plans to enhance its trading mechanism, expand its range of supported currencies and chains, and introduce features such as full-margin leverage and account abstraction to simplify the trading process and reduce transaction fees. These measures are expected to bring more growth and development opportunities for users and the platform, while better meeting user needs.

Funding Results

Previously, MYX had successfully completed a $5 million seed round of financing, led by HongShan, and received support from many well-known investment institutions including Consensys, Hack VC, OKX Ventures, Foresight Ventures, Redpoint China, HashKey Capital, GSR Markets, Alti5, Leland Ventures, Cypher Capital, Bing Ventures, and Lecca Ventures.

Testnet Summary

First Stage Testnet Data

Second Phase Testnet Data

In the two testnets of MYX, the platform has achieved significant results, successfully attracting 60,000 users. This achievement not only reflects the active participation of the community, but also demonstrates a strong interest in the MYX platform. Through its MPM mechanism, MYX has achieved a significant improvement in capital efficiency and fund turnover rate, reaching a level comparable to centralized trading platforms, demonstrating its powerful ability to handle large-scale transactions. It is worth mentioning that this mechanism has brought considerable returns to LPs, which are particularly prominent among similar products, demonstrating MYX's high efficiency in capital utilization and bringing users high profits. These achievements demonstrate MYX's efforts in improving technical performance and maximizing user benefits, highlighting its innovation in the field of decentralized derivative protocols.

In addition, the BUG bounty program implemented by MYX highlights the importance placed on community feedback. By encouraging participation from community members and developers, the platform has not only enhanced security, but also optimized the overall architecture. These measures have laid a solid foundation for the successful launch of the MYX mainnet and provided strong support for the platform's continued development in the decentralized finance field, showcasing MYX's innovative spirit in decentralized derivative protocols.

Mainnet New Features

1. Gem System: MYX will launch a Gem System, where trading users will receive gems according to the rules, which will serve as important credentials for future airdrop plans.

2. Time Travel: MYX mainnet will launch the 'Time Travel V1.0' feature, aimed at solving the problem of liquidation caused by transaction interruption due to network issues, keeper failures, and oracle price issues. 'Time Travel V2.0' will allow processing of unfilled orders using historical prices, thus protecting user interests and ensuring smooth transactions.

3. KEEPER Status Monitoring: By monitoring the status of KEEPER in real time, the stable operation of the trading system is ensured, thereby ensuring the security of user transactions.

4. Establishment of Risk Reserve Fund: In order to cope with extreme market conditions, MYX has established a 2m risk reserve fund as a safety net to protect user assets and ensure trading security.

5. Platform performance improvement: By optimizing the trading architecture, MYX has improved the transaction processing speed and system response capability, bringing users a smoother trading experience.

6. Improved user experience: The user interface of MYX has been redesigned to be more intuitive and user-friendly, significantly improving the convenience of user operations.

BMYX Function

1.BMYX not only serves as evidence of the early plot of the project, but also symbolizes the value recognition of early supporters and their deep involvement in the project.

2. The project team is actively preparing to introduce more features and value for BMYX, and a series of innovative empowerment plans will be announced soon. Everyone can look forward to more surprises and updates that will be released for this project.

3. Looking ahead, BMYX will play an even more important role as a key credential in the field of air drops, bringing more exciting returns to its holders.

Shells' Journey

1. The project team expresses deep gratitude for the enthusiastic support and assistance provided by users during the testing period. Every contribution from users is crucial to the development of the project.

2. As a reward for the long-term support of community members, Shells will be included in the project's core airdrop plan.

3. Only users who hold OAT are eligible to participate in the airdrop campaign. The project team will announce the specific airdrop rules and conditions in the near future.