MYX Mainnet Launch: Redefining Decentralized Derivatives Protocol
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MYX Mainnet Launch: Redefining Decentralized Derivatives Protocol
Decentralized derivatives protocol MYX announced the official launch of its mainnet, achieving zero-slippage trading and efficient long-short position matching through its proprietary MPM mechanism.
Navigating Web3 tides with focused insightsAuthor: MYX.Finance
MYX Mainnet Launch
The decentralized derivatives protocol MYX has announced the official launch of its mainnet. Through its innovative MPM mechanism, MYX achieves zero-slippage trading and highly efficient long/short position matching, significantly improving capital efficiency and fund turnover rates—performance comparable to centralized exchanges. During the testnet phase, MYX successfully attracted 60,000 users, demonstrating strong market appeal. Notably, this mechanism delivers substantial returns for liquidity providers (LPs), standing out even among similar products. This achievement highlights MYX’s exceptional ability to build a secure and efficient trading platform, while also showcasing significant profitability potential, aiming to redefine decentralized derivatives protocols.
With the mainnet launch, MYX will introduce a Gem system, where all trading users will earn gems according to set rules. These gems will serve as key credentials for future airdrop programs.
TL; DR
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During the MYX testnet phase, its proprietary MPM mechanism successfully attracted 60,000 users, proving its strong market appeal. The mechanism significantly enhances capital efficiency and fund turnover, rivaling centralized exchanges, while delivering substantial returns for LPs. This outcome demonstrates MYX's clear advantages in performance optimization and profitability enhancement.
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Following the mainnet launch, MYX will roll out the Gem system, with trading users earning gems based on activity. These gems will act as critical eligibility tokens for future airdrops. Additionally, VIP and referral systems will be introduced to enhance user experience and deliver greater tangible value.
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MYX will launch 'Time Travel V1.0' on mainnet, designed to address liquidations caused by transaction failures due to network issues, keeper malfunctions, or oracle price discrepancies. 'Time Travel V2.0' will allow unexecuted orders to be settled using historical prices, protecting user interests and ensuring smooth trading operations.
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MYX plans to enhance its trading mechanism, expand supported currencies and chains, and introduce features like cross-margin leverage and account abstraction to simplify trading processes and reduce fees. These improvements are expected to create more growth opportunities for both users and the platform, better meeting evolving user demands.
Funding Achievement
Previously, MYX successfully raised $5 million in seed funding led by HongShan, with participation from prominent investors including Consensys, Hack VC, OKX Ventures, Foresight Ventures, Redpoint China, HashKey Capital, GSR Markets, Alti5, Leland Ventures, Cypher Capital, Bing Ventures, and Lecca Ventures.
Testnet Summary
Phase One Testnet Data
Phase Two Testnet Data
Across two phases of testing, MYX achieved remarkable results, attracting 60,000 users. This reflects strong community engagement and significant interest in the MYX platform. Powered by its MPM mechanism, MYX dramatically improved capital efficiency and fund turnover, reaching levels comparable to centralized exchanges and demonstrating robust capacity for handling large-scale trading. Notably, the mechanism delivered impressive returns for LPs—outstanding within the sector—highlighting MYX’s high efficiency in capital utilization and substantial user earnings. These achievements underscore MYX’s commitment to technological excellence and maximizing user benefits, affirming its innovative edge in the decentralized derivatives space.
Additionally, MYX’s Bug Bounty program highlighted its emphasis on community feedback. By encouraging participation from developers and community members, the platform strengthened security and optimized its overall architecture. These efforts laid a solid foundation for the successful mainnet launch and provide ongoing support for MYX’s growth in the decentralized finance ecosystem, reflecting its innovative spirit in decentralized derivatives protocols.
Mainnet New Features
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Gem System: MYX will launch a Gem system where active traders earn gems according to defined rules. Gems will serve as essential credentials for future airdrop eligibility.
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Time Travel: MYX will launch 'Time Travel V1.0' on mainnet to resolve liquidation issues caused by transaction failures due to network congestion, keeper errors, or oracle pricing problems. 'Time Travel V2.0' will enable the use of historical prices to settle pending orders, safeguarding user interests and ensuring seamless trading.
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Keeper Status Monitoring: Real-time monitoring of Keeper status ensures stable operation of the trading system, enhancing the security of user transactions.
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Risk Reserve Fund: To manage extreme market conditions, MYX has established a $2M risk reserve fund, acting as a safety net to protect user assets and ensure trading integrity.
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Platform Performance Enhancement: By optimizing its trading architecture, MYX has improved transaction processing speed and system responsiveness, delivering a smoother trading experience.
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Improved User Experience: MYX has redesigned its user interface to be more intuitive and user-friendly, significantly enhancing ease of use.
Role of BMYX
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BMYX is not only a token representing early participation in the project but also symbolizes early supporters’ recognition of value and deep involvement.
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The team is actively working to add more utility and value to BMYX, with a series of innovative empowerment plans soon to be unveiled. Users can look forward to exciting updates and developments ahead.
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Looking ahead, BMYX will play an increasingly important role, serving as a key eligibility token in airdrop events and offering holders more rewarding benefits.
The Journey of Shells
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The project team expresses deep gratitude for the enthusiastic support and assistance provided by users during the testing period. Every contribution has been vital to the project’s development.
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As a reward for long-term community support, Shells will be included in the core airdrop program of the project.
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Only users holding OATs will be eligible to participate in the airdrop. Specific details and qualification criteria will be announced by the team in the near future.
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To ensure fairness and transparency, the project will verify qualifying addresses during the airdrop process, aiming to protect the rights of all genuine users.
Special Offer
Currently, all users enjoy VIP3-level privileges, including trading fees of 0.04% (taker) and 0.02% (maker). When the VIP system officially launches, these benefits will remain unchanged for one month. After that, trading fees will be adjusted based on each user’s trading volume during the first month following VIP system activation.
Future Development Roadmap
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Expansion of Chain and Token Support: MYX plans to deploy its protocol across multiple blockchains and increase the number of supported tokens, aiming to enhance trading diversity and flexibility.
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VIP Program Launch: The upcoming VIP system aims to reduce trading costs and significantly improve the overall user trading experience.
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Referral System Implementation: MYX’s new referral mechanism will reward users who actively bring in new traders, boosting community engagement and providing tangible rewards for contributors. This initiative encourages users to leverage their networks to attract more traders, collectively driving platform growth.
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Copy Trading Fund Launch: MYX will introduce a copy trading fund to significantly lower entry barriers, enabling all users to easily follow expert strategies and profit, with on-chain transparency ensuring strategy authenticity.
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Trading Mechanism Innovation: MYX plans to introduce features such as cross-margin leverage and account abstraction to streamline trading workflows and better meet user needs.
Conclusion
With the successful launch of the MYX mainnet, this milestone marks a pivotal transition from initial testing to full operational capability, highlighting the true power of community support. Throughout this journey, the contributions of community members and users have been instrumental in driving progress. Their feedback, insights, and encouragement have played a crucial role in technological advancement and innovation. The achievements during the testnet phase—particularly the significant user growth and validation of the MPM mechanism—have laid a solid foundation for MYX’s continued evolution in the DeFi landscape. MYX extends its deepest gratitude for the trust and support received and looks forward to embarking on the next chapter of its journey together with the community.
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