MYX Finance: Achievements, Adjustments, and Aspirations for the Future

TL;DR

• MYX Finance, launched in Feb, has quickly become the fastest-growing DEX in 2024, reaching a $100M daily trading volume in just 36 days. dYdX and GMX took 184 days and 86 days to achieve it respectively. By June, MYX Finance’s average daily trading volume had stabilized at $200 million.
• MYX Finance users can trade perpetual futures smoothly with 0 slippage, low fees, high capital efficiency, and diverse trading functions thanks to the Matching Pool Mechanism (MPM).
• MYX Finance will boost cross-chain integration, introduce new features including Copytrading and Seamless Trading, and launch more incentive campaigns with bigger rewards in the second half of 2024.
• MYX Finance aims to be the go-to liquidity hub for decentralized trading, driving mass adoption of decentralized perpetual future trading and elevating the trading experience.

The evolution of the crypto world, centered around currency decentralization since Bitcoin’s inception by Satoshi Nakamoto, has seen a shift towards financial decentralization with the emergence of Ethereum. This transition has brought decentralized protocols like lending and AMM SWAP to the forefront, providing convenience to Web3 users. Trading, a core aspect of crypto space, has traditionally relied on centralized exchanges (CEXes) due to DeFi infrastructure limitations. However, innovations such as Layer 2 and Dencun Upgrade are now propelling decentralized trading to the forefront, with DEXes like Uniswap and dYdX offering promising alternatives to CEXes and reshaping the landscape of cryptocurrency trading.

Unlike AMM and order book models introduced by Uniswap and dYdX, MYX leverages its innovative next-generation P2POOL2P engine, MPM, to become a new species of pool-model perpetual DEX, breaking through the bottleneck of low on-chain capital efficiency and allowing on-chain traders to enjoy 0 slippage and CEX-level fees for the first time. In light of this, MYX Finance embarked on this journey with our unique product, clear strategy, firm commitment, and full confidence.

Over the past months, Guided by “User-Centric” philosophy, we have achieved great strides in improving our platform, and become the fastest growing DEX in 2024! As we look back, we are filled with a profound sense of gratitude for our community and team, and we feel obliged to share insights of the MYX journey that you may not know before.

MYX Finance’s Story

Our story began back in 2023, when some likeminded financial elites and DeFi experts gathered together. After years of working in top CEXs, traditional finance and crypto funds, we identified inborn flaws in CEXes, like lack of privacy, asset security risks, compliance risks, limited asset availability, lack of composability and more.

On the other hand, DEX naturally possesses advantages such as transparency, privacy, composability, and fairness. As a crypto protocol, MYX utilizes tokenomics design to address the trilemma of interests, balancing the interests of users, employees, and investors. In an ideal crypto world, MYX’s vision is to connect the interests of all community members, unleashing a more powerful force.

• “2024’s Breakout DEX: MYX Finance”

After extensive research and development, MYX testnet was launched in August 2023. In November, with the unique MPM product design and reliable operation plan, our team completed a $5 million seed round of financing with a valuation of $50 million, led by HongShan (Sequoia China), Consensys, Hack VC, and other top-tier VCs. MYX Finance wants to extend our thanks to investors for recognizing our team and product in the midst of a highly uncertain bear market.

Boosted by the strong support of investors and the community, MYX Finance Phase 1 and 2 Testnet was successfully concluded in February. During this stage, we optimized performance and added risk management measures until we could feel comfortable committing our own capital into MLPs and opening positions on MYX. Only then did we launch MYX Finance Mainnet on Feb 18th and embarking on a journey to make MYX Finance “the fastest growing DEX in 2024”.

In 36 days, MYX achieved the milestone of $100M daily trading volume, making it the fastest-growing DEX in 2024 , while our predecessors, dYdX and GMX, hit this record in 184 days and 86 days respectively. The team was surprised by the surreal growth fueled by the support from the community and quantitative trading firms who enjoyed slippage-free trading and low fees offered by MYX. The daily trading volume of MYX reached $1.6 billion and the average daily trading volume stablizes at $200 million this month.

• User-Centric Tokenomics and Reward Campaigns

MYXers have been the most valuable assets. Guided by “User-centric” Philosophy, we offered MYX traders and supporters as much profit as we could in tokenomics design and aridrop campaigns.

During the testnet shell event, MYX airdroped 1,000,000 MYX tokens to reward early participators. After mainnet launch, we rolled out “Project Origin” , an initiative that is set to distribute 20% of MYX Finance tokens, totaling 200,000,000 tokens, to community members and supporters across several incentive campaigns. For each of the first 2 phases of “Project Origin” Cambrian and Ordovician Period, MYX has already distributed 23,000,000 $MYX tokens separately to participants.

Along with long-term incentives, we also held short-term incentive campaigns like trading competitions and cohosted campaigns to encourage and reward MYXers’ participation. Such a combination of long-term and short-term rewards boosted the growth of our userbase and popularity — — MYX Finance now ranks 8th in 7d trading volume, leaving GMX, Paradex, Aark and Gains Network behind.

• “At the Forefront of Perp DEX Innovations”

MYXers’ feedback and trading experience is our “Top 1 Principle”. Based on feedback from users and team members, MYX Finance has finished rounds of iterations to cater to sophisticated user needs on a monthly basis after the mainnet launch. Though MYX Finance is not on par with dYdX or GMX in brand recognition or user numbers yet, we believe traders will love the easy-to-understand interface, slippage-free trading and the cheapest fees on DEX once they get their hands on the product.

Supported by the novel Matching Pool Mechanism(MPM), MYX Finance users can trade perpetual futures with 0 slippage, extremely low trading fee with rebate, smooth trading process and high capital efficiency. With the real-time index prices sourced from Pyth Oracle, MYX users can trade without the impact of sudden price fluctuations or manipulation, which might happen in less liquid orderbook exchanges. We also introduced VIP system, which is rarely seen in DEXs to encourage and reward more loyal MYX traders. The comprehensive cost, which takes into account of average slippage and fees, to open/close positions could be less than top CEXes.

• “Building Strong Partnerships in DeFi”

DeFi world is a block-building game and MYX Finance is deeply aware that partnerships and cooperations are key for DeFi projects. MYX Finance has built broad partnerships with many industry leaders, including public chains (Arbitrum and Linea), infrastructure providers(zk.Link and OKX wallet), blockchain media (The Block and Cointelegraph), institutions (KRONOS AND GSR). These partnerships empower MYX Finance with top-tier products and largely expedites our pace to be one of the best Perp DEX products.

• Building a Thriving International Community

The community scale is the best evaluation criteria for project popularity and MYX.Fiance has made an outstanding performance. During Bug Bounty Program, community members contributed over 120+ feedback and MYX gave out rewards of 7000USDT. Over 30,000 registered to join Testnet. As of today, MYX Finance has been one of the most popular Perp DEXes in Japan, Korea and Russia, and the number of our community members in these 3 countries has reached over 22000.

Transforming Perpetual Trading: MYX’s Vision

Despite these achievements, we’re aware that there is still a lot of room for improvement in our product optimization, token listing and operations strategy. The warm and beneficial feedback from MYXers spurs on us to keep a self-revolution spirit.

• Better Trading Experience

Product experience is the key weapon in MYX’s arsenal. Recently we have completed a major upgrade. We enhanced MYX Order Execution Check, Fee Determination Logic, and introduced Maker Rebate System, Maker-Only Orders, and Decentralized Referral System. Looking ahead at the next half of 2024, MYX Finance will keep launching new features including Copytrading, Seamless Trading, multi-collateral support and more, to optimize trading experience. MYX Finance has partnered with market makers to provide better liquidity to further enhance UX and improve risk and return profile for LPs.

At MYX, we embrace true decentralization, with our execution logic embedded in smart contracts deployable on any chain. This approach ensures transparency, credibility, privacy, and composability — key benefits of a truly decentralized protocol.

• Bigger Airdrop Rewards

“Project Origin” does not end here. MYX Finance will promote long-term airdrop campaigns and short-term incentive campaigns to offer MYXers their well deserved rewards. MYXer’s interest is of utmost priority for us.

After fully listening to user feedback, we have decided to extend our long-term incentive campaign until the TGE. Additionally, more rewards will be airdropped to encourage members of the seed community. Long-term users will receive airdrops by simply trading and holding $MLP tokens. This improvement will save time for long-term participants who do not have the opportunity to engage in short-term incentive activities.

In the meantime, various short-term campaigns will be held to provide MYXers with more opportunities to win not only MYX tokens but also tokens from popular projects during other events. The reward amount will be significantly greater than that of previous campaigns.

• More Chains and Asset Intergrations

MYX Finance will remain steadfast in our commitment to inclusivity by integrating more wallets and chains into our platform this year. The adoption of non-EVM assets and popular long-tail assets will be expedited to accommodate users’ diverse trading requirements. We believe the expansions will ensure that users from diverse blockchain ecosystems can seamlessly access and utilize the features and benefits offered by MYX Finance.

MYX ‘s Mission: Propel the Mass Adoption of Perp DEX

The cryptocurrency trading landscape has been dominated by CEXes, known for their speed and ease of use,and DEXes, valued for their trust and transparency. However, both platforms come with inherent drawbacks. CEXs, while user-friendly, pose risks related to security, privacy, and custodial trust. DEXs, on the other hand, often struggle with high transaction costs,complex user interfaces, and limited liquidity.

In response to these challenges, MYX Finance was created to bridge the gap between the efficiency of CEXs and the security of DEXs. MYX Finance introduces a series of innovative solutions to tackle these key issues. Matching Pool Mechanism enables MYX Finance to offer high yields to LP while largely reducing trading cost. User-friendly interface and cross-chain integration are being introduced and boosted so that users can invest, manage and collateralize any of these assets as collateral, achieving cross-chain cross-dapp portfolio margin. Following the “User-Centric Philosophy”, MYX Finance has full confidence to build MYX into a top perpetual trading place.

MYX Finance does not aim to defeat any of our competitors. The purpose of MYX Finance is to be the liquidity hub of decentralized trading and our mission is to push forward the mass adoption of decentralized perpetual future trading and propel trading experience to the next level. Trust is the rarest and most valuable token in DeFi world, and we’re very proud to say MYX Finance is winning it.

With the greatest thankfulness and sincerity, we invite all MYXers to jumpstart this DEX journey with us. Let’s create the moment together!