Twitter Space Recap
Introduction
Myx.finance, held its first significant conversation of the new year on January 4, 2024, at 8 AM EST. Maxi from OKX Ventures and Kylo from Foresight Ventures participated as guests. They discussed the opportunities and challenges of perpetual trading DEX and DeFi, the reasons MYX attracts investors, and shared their perspectives on the potential of MYX and the wider DeFi market.
Ryan, MYX’s CPO, detailed the product mechanism, emphasizing the innovations in decentralized finance (DeFi) and perpetual trading DEX, as well as MYX’s future strategy. He discussed the main challenges decentralized exchanges face in competing with centralized exchanges and how MYX is addressing these challenges.
How to view perpetual trading DEX?
Maxi emphasized that sustainable products have become increasingly popular in recent years and predicted significant market expansion in the coming years. He also highlighted that teams with successful centralized exchange operation backgrounds are the main contributors to this growth.
Kylo noted that investment in DeFi can be divided into four aspects: product, personnel, risk-taking, and system design. He likened investment projects to solving puzzles, where finding the best products in each category is key. He also stressed the importance of an excellent team and good mechanical design as crucial factors for investment success. Kylo praised MYX’s team and mechanism design.
Ryan believes that perpetual trading and futures are essential for cryptocurrency users, as they provide better hedging and speculation tools. He pointed out that decentralized perpetual trading has a lower market share compared to centralized trading, indicating its huge growth potential. Ryan also emphasized the need for innovative methods to make decentralized trading mainstream.
Why choose to invest in MYX?
Maxi is optimistic about the product market’s growth and expects significant expansion in the coming years. He emphasized the MYX team’s strength, their expertise in trading platform operations, and innovative product design as key factors in attracting investors.
Kylo focused on MYX’s capital efficiency mechanism, highlighting the multiple availabilities of LP tokens as a prominent feature. He believes this reflects the team’s strong risk management capabilities, crucial for attracting significant trading volume.
Ryan expressed gratitude to investors and emphasized MYX’s commitment to innovation. He compared their development to a transformative technological advancement, aiming to revolutionize trading efficiency in DeFi. He provided a detailed introduction to the matching pool mechanism, believing it sets a new standard in capital efficiency and is comparable to centralized counterparts.
What are the core competitiveness and technical barriers of MYX?
Ryan noted that the DeFi market is highly competitive, presenting both challenges and opportunities. He emphasized the need for a team to integrate innovation, strong financial capabilities, and a deep understanding of market demand for success. He highlighted MYX’s experienced team, adept at managing large funds and cultivating active communities. Ryan introduced MYX’s unique trading engine — the matching pool mechanism, which achieves high capital efficiency by pairing transactions in a liquidity pool, thus obtaining a large number of unpositioned squaring contracts with limited capital. This method, he believes, enables MYX to compete with centralized exchanges in terms of capital efficiency and reduced transaction costs, promoting DeFi trading to become mainstream.
What can be improved and innovated in DeFi?
Maxi mentioned that DeFi products face challenges in User Experience compared to traditional centralized exchanges. He believes that applying the mature operational experience of centralized exchanges to DeFi products, especially in terms of mobile User Experience, is key to enhancing DeFi’s attractiveness.
Kylo discussed the key features of DeFi products, emphasizing the need to meet the different needs of both liquidity providers and traders. He mentioned that successful DeFi projects need to balance the interests of these two types of users to create more attractive financial products. He also pointed out the gap between current DeFi projects and traditional users, suggesting that innovative methods are needed in the future to attract and meet the needs of this client base.
Ryan emphasized the importance of improving capital efficiency to reduce transaction costs, which he believes is key to attracting users from centralized exchanges to DeFi. He proposed achieving this by improving the design and mechanism of DeFi products.
How to deal with future challenges and opportunities?
Ryan identified capital efficiency as one of the main challenges facing DeFi products. Improving this aspect can reduce transaction costs and attract users to decentralized trading. He also noted that although centralized exchanges (CEX) may have an advantage in transaction speed, actual traders value cost, quality, and security more. Therefore, improving these aspects of DeFi products is crucial to gaining a competitive advantage and promoting the popularity of decentralized trading.
What are MYX’s future product plans?
- User growth and risk management: Focus on user growth and risk management. Plans include launching VIP and referral systems similar to those in centralized exchanges to reduce transaction costs and improve User Experience.
- Trading mechanism innovation: Introduction of functions like cross-margin accounts and session keys to simplify the trading process and reduce transaction fees.
- Expand currency and chain: Plans to deploy on multiple blockchains and increase the variety of tradable tokens.
- Risk reserve and time rewind function: Establishing a risk reserve pool as a safety net and developing a time reversal function to deal with extreme market conditions.
Which fields will attract investors’ favor?
Kylo believes that areas with huge potential for the future include AI and GameFi. He points out that in these sectors, users can not only buy and sell assets but also earn rewards by participating in activities. He thinks that as token prices rise, these areas will attract more users, creating a self-reinforcing cycle.
Conclusion
This session focused on the development, capital efficiency, innovation strategy, and future prospects of MYX in the decentralized finance (DeFi) field. The guests discussed how to attract investors and users by improving capital efficiency and product innovation. Additionally, the conference emphasized the growth potential and challenges faced by the DeFi market, particularly in User Experience and marketing strategies. The MYX team demonstrated their deep understanding of industry trends and response strategies, especially innovative measures to improve transaction efficiency and risk management. This sharing not only reflects MYX’s determination to innovate in DeFi but also highlights the dynamic development of the entire industry.
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For collaboration: marketing@myx.finance
