MYX mainnet launch
The decentralized derivatives protocol MYX has officially announced the launch of its mainnet. Through its innovative MPM mechanism, it has achieved zero-slippage transactions and efficient matching of long and short positions, significantly enhancing capital efficiency and capital turnover rate, rivaling that of centralized exchanges. During its testnet phase, MYX successfully attracted 60,000 users, demonstrating its strong market appeal. Notably, this mechanism has provided LPs (Liquidity Providers) with substantial returns, which are particularly prominent among similar products. This achievement highlights MYX's exceptional ability to construct a trading platform that is secure,efficient,transparent,and demonstrates its significant profitability, aiming to redefine the decentralized derivatives protocol landscape.
With the mainnet going live, MYX will introduce a Gem system, where traders will receive Gems according to the rules. These Gems will serve as vital credentials for future airdrop plans.
TL; DR
- During its testnet phase, MYX's unique MPM mechanism successfully attracted 60,000 users, proving its significant market appeal. This mechanism not only significantly enhanced capital efficiency and fund turnover rate, competing with centralized exchanges, but also provided Liquidity Providers (LPs) with substantial returns. This achievement demonstrates MYX's notable advantages in improving performance and enhancing profitability.
- Following the launch of the MYX mainnet, a Gem system will be introduced, where traders will receive Gems according to specific rules. These Gems will serve as important credentials for future airdrop plans. Additionally, the introduction of VIP and referral systems aims to enhance user experience and offer more practical value.
- The MYX mainnet will feature the 'Time Traveller V1.0' function, designed to address the issue of negative balance caused by liquidation interruptions due to network issues, keeper failures, and oracle price problems. 'Time Traveller V2.0' will allow the use of historical prices to handle unexecuted orders, thereby protecting user interests and ensuring smooth transactions.
- MYX plans to facilitate trading by enhancing trading mechanisms, expanding coin and chain support, and introducing features such as cross-margin leverage and account abstraction. These measures are expected to provide more growth and development opportunities for both users and the platform, while better meeting user needs.
Fundraising milestones
Previously, MYX successfully completed a $5 million seed funding round, led by HongShan, and received support from numerous well-known investment institutions 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 1 Testnet Data
Phase 2 Testnet Data
Throughout its two testnet phases, the MYX platform achieved remarkable success, attracting 60,000 users. This accomplishment reflects not only the community's active participation but also a strong interest in the MYX platform. Through its MPM mechanism, MYX significantly increased capital efficiency and capital turnover rate, reaching levels comparable to centralized exchanges and showcasing its capability to handle large-scale transactions. Notably, this mechanism provided Liquidity Providers (LPs) with substantial returns, which stood out among similar products, demonstrating MYX's efficiency in capital utilization and delivering high returns to users. These achievements underscore MYX's efforts to enhance technical performance and maximize user benefits, highlighting its innovation in the decentralized derivatives protocol sector.
Furthermore, MYX's implementation of a bug bounty program emphasizes its commitment to community feedback. By encouraging participation from community members and developers, the platform not only enhanced its security but also optimized its overall architecture. These measures laid a solid foundation for the successful launch of the MYX mainnet and provided robust support for the platform's continued development in the decentralized finance sector, showcasing MYX's innovative spirit in the field of decentralized derivatives protocols.
New features of the MYX mainnet
- Gem System: MYX will introduce a Gem system where traders will receive Gems according to specific rules, serving as essential credentials for future airdrop plans.
- Time Travel: The MYX mainnet will launch the 'Time Traveller V1.0' feature, aimed at addressing the issue of negative balance caused by liquidation interruptions due to network issues, keeper failures, and oracle price problems. 'Time Traveller V2.0' will allow for the use of historical prices to handle unexecuted orders, thus protecting user interests and ensuring smooth transactions.
- KEEPER Status Monitoring: By monitoring the status of KEEPERs in real-time, the stability of the trading system is ensured, safeguarding the security of user transactions.
- Establishment of a Risk Reserve Fund: To deal with extreme market conditions, MYX has established a 2 million risk reserve fund as a safety net to protect user assets and trading security.
- Platform Performance Enhancements: By optimizing the trading architecture, MYX has improved transaction processing speed and system responsiveness, offering users a smoother trading experience.
- User Interface Enhancements: The user interface of MYX has been redesigned to be more intuitive and user-friendly, significantly improving the convenience for users.
The role of BMYX
- BMYX serves not only as a testament to the project's early narrative but also symbolizes the value recognition and deep involvement of early supporters in the project.
- The project team is actively preparing to introduce more functionalities and value to BMYX, with a series of innovative empowerment plans set to be announced soon. Everyone can look forward to more surprises and updates to be released by the project shortly.
- Looking ahead, BMYX will play an increasingly important role as a key credential in airdrop activities, bringing more exciting rewards to holders.
The journey of shells
- The project team deeply appreciates the enthusiastic support and help provided by users during the testing phase. Every contribution from users is crucial to the project's development.
- As a reward for the community members' long-term support, Shells will be included in the project's core airdrop plan.
- Only users who hold OAT are eligible to participate in the airdrop activities. The project team will announce the specific airdrop details and conditions in the near future.
- To ensure the fairness and transparency of the airdrop, the project will check eligible addresses during the airdrop process, aiming to protect the rights of all genuine users.
Special offer
All users enjoy VIP3 privileges, including a 0.04% fee for takers and 0.02% for makers. These privileges will be retained for one month after the official launch of the VIP system. Thereafter, based on each user's trading volume in the month following the VIP system's launch, their trading fees will be readjusted.
Future development plans
- Coin and Chain Support Expansion: MYX plans to deploy its protocol across multiple blockchains and expand the variety of supported tokens to enhance the diversity and flexibility of trading options.
- VIP Mechanism Launch: The upcoming VIP system from MYX is designed to reduce transaction costs and significantly improve the overall trading experience for users.
- Invitation System Implementation: MYX's new invitation mechanism aims to reward users who actively bring in new traders, enhancing community engagement and providing tangible rewards for those who positively contribute to the platform's growth. This encourages users to leverage their social networks to attract more traders, collectively promoting the platform's development.
- Copy Trading Launch: MYX will introduce a copy trading fund with the goal of significantly lowering the barrier to entry, enabling all users to easily follow professional strategies and profit, while ensuring the authenticity of strategies through a transparent, on-chain mechanism.
- Trading Mechanism Innovation: MYX plans to introduce features such as cross-margin leverage and account abstraction to simplify the trading process, better meeting the needs of users.
Conclusion
With the successful launch of the MYX mainnet, this milestone event not only signifies the project's transition from initial testing to full-functional operation but also showcases the true value of community strength. Throughout this process, the support of community members and users has been a key driving force in advancing the project. Their feedback, insights, and encouragement have played a crucial role in technological development and the pursuit of innovation. The achievements during the testnet phase, especially the significant growth in user numbers and the successful validation of the MPM mechanism, have laid a solid foundation for MYX's continued development in the decentralized finance sector. MYX expresses deep gratitude for the trust and support of its users and looks forward to embarking on new chapters of the MYX journey together with community members.