MYX: December 26 to January 16 Review
Introduction
In the past, we have focused on the successful launch of the second phase of the MYX testnet, a significant milestone in our continuous journey of innovation. This review aims to provide a comprehensive overview, including major progress during the testnet phase, a market overview, and the latest updates on the platform.
We delve into the latest market developments, with special attention to the 11 spot Bitcoin ETFs approved by the U.S. SEC on January 11, which recorded astounding trading volumes on their first day. Additionally, we will revisit the highlights of the Twitter Space event held on January 4, which centered on the latest trends in DeFi and decentralized exchanges, and how we are addressing these challenges and opportunities.
In terms of platform updates, you will learn about our latest improvements in the Keeper system, system carrying capacity, funding fee missions, and other key functionalities. These updates are aimed at enhancing user experience and increasing the stability and efficiency of the platform.
We will also share MYX’s future product plans and development direction, demonstrating our ongoing commitment to innovation and improving user experience. Thanks to the support and participation of our community members, we look forward to your testing experiences and feedback on the MYX phase2 testnet.
Market Overview
- On January 11, the U.S. SEC officially approved 11 spot Bitcoin ETFs, including those from VanEck, Bitwise, Fidelity, Franklin, Valkyrie, Hashdex, Ark Invest, Grayscale, BlackRock, WisdomTree, and Invesco Galaxy.
- The ETFs launched on the first day attracted 700,000 individual trades, with a trading volume of $4.6 billion.
Platform Updates
- Keeper System Update:
Aimed at further enhancing the system’s efficiency and stability, providing higher quality services to users.
2. Enhanced System Carrying Capacity:
We have enhanced the system’s carrying capacity, offering a more stable trading environment to users.
3. New Funding Fee Missions:
New funding fee missions have been added to the Shell system, offering users more opportunities to earn rewards.
4. Shell Reward Adjustment:
We have increased the difficulty of earning rewards for trading profits in the Shell system. Now, for every 15U of profit, 1 Shell will be rewarded.
5. New Position Information Sharing Feature:
A position information sharing button has been added to the position interface. Users can share their position information, including trading pairs, long/short direction, leverage multiplier, profit rate, opening price, and latest price.
6. Authorization Pop-up Optimization:
An authorization signature pop-up will be displayed when there is no signature authorization cache for the user. Scenarios requiring authorization signature include:
- Opening the page in a browser without signature cache.
- First network switch in a browser with existing cache.
- Exceeding the signature’s validity period (15 days).
7. Enhanced User Interaction Experience:
Fine adjustments have been made to the user interface, improving the convenience and intuitiveness of operations.
8. Improved 404 Page:
When a user enters a non-existent domain page, they will be redirected to a 404 page, where they can quickly access the homepage or trade.
Trading Data
- Addresses:43806
- Total Trading Volume:235b
- TVL:523.57m
- Capacity of Trading Volume:449.48x
- Capital Efficiency:20.4x
Event Overview
In the MYX Twitter Space event held on January 4, 2024, we focused on the latest trends in DeFi and decentralized exchanges. Hosted by UMA, the event invited industry experts Maxi (OKX Ventures), Kylo (Foresight Ventures), and our CPO Ryan for an in-depth discussion. Main topics included the development opportunities and challenges of decentralized perpetual exchanges, analysis of reasons why MYX attracts investors, and discussions on the potential of MYX and the overall DeFi market prospects.
Discussion highlights included:
- Prospects of Decentralized Perpetual Exchanges: Guests were optimistic about the future development of the decentralized perpetual exchange market and discussed its growth potential.
- Reasons for Investing in MYX: The market growth potential of MYX, the team’s
expertise, and unique product design.
- MYX’s Core Competitiveness: Ryan introduced MYX’s matching pool mechanism, emphasizing its innovativeness in enhancing capital efficiency.
- Challenges and Innovations in DeFi: The importance of improving user experience and marketing strategies was discussed.
This event not only showcased the development and strategic direction of MYX but also highlighted the growth potential and challenges of the DeFi market. We encourage community members to participate in testing MYX phase2 testnet and share their testing experiences and feedback on MYX and Discord.
Future Product Plans
- User Growth: Plans to launch a VIP system and referral system similar to centralized exchanges, aimed at reducing trading costs and improving user experience.
- Trading Mechanism Innovation: Introduction of cross-margin accounts and session keys to simplify the trading process and reduce fees.
- Expansion of Tokens and Chains: Planning to deploy on multiple blockchains and increase the variety of tradable tokens.
- Risk Reserve and Time Rewind Function: Establishing a risk reserve fund as a safety net and developing a time rewind function to address extreme market conditions.
Conclusion
Looking ahead, we will continue to develop innovative products and features to adapt to the ever-changing market demands and enhance our position in the competitive DeFi market. We believe that with the support of the community and the efforts of our team, MYX will achieve greater success and set new standards in the decentralized exchange field.
Thank you for your reading and support, and we look forward to growing and succeeding together with you on the journey of MYX.
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For collaboration: marketing@myx.finance
