Research Report | MYX.Finance Project Overview & Market Valuation Analysis

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远山洞见2025/05/06 10:06

By:远山洞见

I. Project Overview

MYX Finance is a one-stop decentralized perpetual contracts trading platform that pioneers the Matching Pool Mechanism (MPM) to enable a truly zero-slippage trading experience. Unlike traditional order book models, MPM leverages pooled matching to automatically offset long and short positions, significantly enhancing liquidity efficiency and minimizing trading friction. This approach offers users a more efficient and stable on- chain trading environment.

The platform supports USDC-margined perpetual contracts with up to 50x leverage, using Pyth Oracle for real-time index pricing to ensure transparency, fairness, and price accuracy. No registration is required, and all assets remain fully self-custodied, offering superior security. With flexible leverage and fast execution speeds, MYX provides an ideal trading infrastructure for high-frequency traders and professional institutions.

MYX features industry-leading fee structures and incentive models. Traders enjoy Taker fees as low as 0.018%, while Makers can earn rebates with negative fees as low as -0.01%. The platform also incorporates VIP levels and referral rewards to help users reduce costs and boost returns. With an annualized yield of 1294%, MYX's ecosystem is seeing growing engagement and activity.

On the security front, MYX has undergone an audit by PeckShield, and employs multi-signature mechanisms, an order book–free architecture, and community governance to build a robust security framework. With a total token supply of 1 billion, 45% is allocated to community incentives, ensuring transparent rewards and long-term sustainability. MYX Finance is rapidly positioning itself as a foundational layer for next-gen DeFi derivatives trading.

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II. Key Highlights

1. Innovative Trading Engine: MPM Enables Zero-Slippage Execution MYX is not just another DeFi derivatives platform. It’s powered by its proprietary Matching Pool Mechanism (MPM), which replaces the traditional order book with pooled matching at the protocol level. This mechanism addresses common on-chain trading issues like high slippage, slow matching, and fragmented liquidity. By bypassing order book bottlenecks, MPM achieves zero-slippage execution and high-liquidity matching. Since launch, MYX has become the default liquidity source for several trading aggregators, indicating its rise as infrastructure-level tech for on-chain derivatives.

2. High Leverage, High Efficiency: Maximize Capital Dynamics MYX supports up to 50x leverage for USDC-margined perpetuals, with real-time price feeds from Pyth Oracle. The platform combines fair pricing with strategy compatibility. Users can trade with high leverage and frequency without registration or giving up asset custody. MYX has surpassed $5.92 billion in total trading volume and has served over 177,000 unique traders, achieving growth in both user base and trading activity amid intense DEX competition.

3. Ultra-Competitive Fee Structure: Building a Sustainable Trading Loop MYX offers a top-tier fee model with Taker fees as low as 0.018% and Maker rebates as low as -0.01%. It supports VIP level discounts and referral commissions to further incentivize user participation and activity. With a 1294.47% APY, the platform ties real trading volume directly to value growth, forming an ecosystem loop from "trade-to-earn" to "earn-to-stake."

4. Robust Data Backbone CEX-Like On-Chain Experience With $40.23 million TVL, MYX has earned the trust of market makers and strategy traders through a minimalistic UX and fast matching engine. The platform integrates Telegram mini-apps, social logins, and seamless wallet creation. Collaborations with Particle, zkPass, OKX Wallet, and others are lowering Web3 adoption barriers. MYX enables features like “no downloads, no seed phrases, social login support, and cross-chain trading.”

III. Market Valuation Outlook

As Hyperliquid reignites the perpetual derivatives boom, market valuations are rapidly rising. MYX Finance, with its proprietary MPM mechanism and chain-abstracted user experience, is still at a pre-TGE (Token Generation Event) stage, with valuation yet to reflect its full potential.

Compared to leading derivatives platforms like HYPE, dYdX, and GMX, MYX already shows comparable product strength and user engagement. However, its valuation remains significantly undervalued, offering a substantial revaluation opportunity. Over the past 3 months alone, MYX recorded $5.92 billion in cumulative trading volume, $40M+ TVL, and sustained $100M+ daily volume, indicating solid fundamentals and positive user feedback. Post-TGE, MYX is well-positioned to enter mainstream derivative protocol valuations and stands out as a high-potential DeFi star in 2025.

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IV. Tokenomics

Total Supply: 1 Billion

Token Distribution:

Community Incentives – 61.57% For long-term ecosystem growth, including developer grants, community programs, and protocol expansion. 14% unlocked at TGE, remainder vested over 7 years.
Initial Airdrop – 10.00% Fully unlocked at TGE to reward early users, contributors, and ecosystem builders.
Investors – 10.93% Allocated to early strategic investors. 1-year cliff, followed by 24-month linear vesting.
Mysten Labs – 10.00% For core development and security RD. 1% unlocked at TGE, remaining vested over 4 years.
Early Contributors – 7.50% Incentivizing technical contributors and ecosystem supporters for product development and collaboration.

V. Team Fundraising

Team:

Mark Zhang – Founder CEO Former core team member at a top-3 centralized exchange (CEX) with deep experience in trading system architecture, liquidity design, and derivative product strategy. The team includes talent from traditional quant finance, leading crypto VCs, and prominent Web3 development teams with proven experience in DeFi and cross-chain architecture.

Fundraising:

Seed Round – November 28, 2023 – $5M Investors: Sequoia China, ConsenSys Mesh, Hack VC, OKX Ventures, GSR, Foresight Ventures, Cypher Capital, Bing Ventures, Lecca Venture, and others.
Strategic Round – February 2024 – $5M Investors: HashKey Capital, D11 Labs, Metalapha, FL Foundation, Woyong.

VI. Potential Risks

MPM Mechanism Risk: While MYX’s MPM has demonstrated initial matching depth and efficiency, it has yet to be tested under full market cycles or black swan events. The long-term effectiveness of its funding rate and rebate model to maintain balanced long/short positions remains to be validated with extensive real-world data.
Security in Multi-Chain Abstracted Architecture: MYX’s advanced integration of account abstraction, chain abstraction, and cross-chain settlements enhances UX but also introduces new attack surfaces (e.g., bridges, wallet permissions, smart wallet logic). As Layer 2 and cross-chain interactions grow more frequent, ongoing security diligence is critical.

VII. Official Links

Website: https://myx.finance/en
X (Twitter): https://x.com/MYX_Finance
Telegram: https://t.me/MYX_Finance

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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