MYX Mainnet Launch Space Review
Quick Take
In a significant stride towards revolutionizing decentralized trading, MYX proudly announces the successful launch of its mainnet. This milestone underlines MYX’s dedication to addressing the capital efficiency bottleneck on the blockchain, thereby fostering wider market adoption of decentralized trading. The introduction of MPM, a Decentralized Market Maker, enables the support of unlimited open contracts with limited capital through an innovative funding rate system. These mechanisms collectively ensure balanced open contracts, reward liquidity providers with high returns, minimize transaction costs, and provide a robust safety net for rapid open contract reduction without relying on additional liquidity.
Mainnet Launch event
Ryan, APAC of Offchain Labs (Arbitrum), Benson, Partner at OKX Ventures, Jjian from SlowMist, and Chichi, Partner at Hack VC, participated in the MYX mainnet launch event and shared their insights. During its inaugural press conference, MYX unveiled its core differentiation — the matching pool mechanism, designed to significantly enhance on-chain capital efficiency comparable to centralized exchanges. MYX operates without an order book, executing trades based on Oracle prices to offer the best liquidity and lowest fees on blockchain.
Ryan, Chief Product Officer, warmly welcomed guests from esteemed partner organizations, emphasizing MYX’s vision for Web 3.0 applications to transition away from Web 2.0 infrastructure. This allows traders to store and transact assets on-chain without moving them to centralized exchanges for trading and hedging activities.
The launch event highlighted MYX’s commitment to innovation, security, and user experience, with future plans to expand its ecosystem, introduce more features, and engage the community further.
- User Experience and Security Focus: Prioritizing user experience and security, we began with questioning if we would invest our own funds into the protocol.
- Security and Risk Management: As foundational pillars of operating an exchange, our experience with Cex derivatives taught us the importance of security. We underwent four audits (two by SlowMist and two by PeckShield), extensively testing our product until satisfied with the achieved security level, demonstrated by investing our own money.
- System Monitoring and Risk Reserve Fund: With an accounting system for constant monitoring, support from SlowMist for 24/7 oversight, and a risk reserve fund starting with millions of dollars expected to grow with operation, we can manage risks by temporarily pausing and resuming trading seamlessly.
- Growth Tools: Launching a gem system to reward trading, liquidity provision, friend referrals, and leaderboard achievements.The system is an essential component of the airdrop. Upcoming VIP system cuts trading fees to 0.01% for makers and 0.02% for takers, with a referral system offering fee rebates.
- Trading Expansion: Plans to list a broader range of assets, including major coins and niche ones, with added features like cross-margin trading for increased flexibility.
- Smoother Onboarding: Implementing a copy trading system for newcomers, direct USDC purchases via bank accounts or credit cards in certain regions, and introducing a gasless account abbreviation feature to ease trading access.
MYX invites community members, potential users, and investors to join its rapidly growing ecosystem. Together, we can shape and enjoy the future of decentralized trading.
About MYX
MYX is at the forefront of blockchain innovation, committed to developing solutions that address the key challenges of decentralized trading. By enhancing capital efficiency and user experience, MYX aims to push the boundaries of blockchain technology.
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For collaboration: marketing@myx.finance
