I have thought more than once how great it would be if I could short the shitcoin. After all, the market is filled with a large number of worthless coins, and there are unscrupulous manipulators crazily harvesting retail investors!
My intuition tells me that the probability of successfully shorting the 'shitcoin' is very high.
According to statistics from platforms like PumpFun and FourMeme, over 90% of MEME coin projects have a lifespan of less than a month.
And the number of retail investors who can profit from this is very few, accounting for less than 5%! These data all show the rapid elimination of the market's low-quality projects.
Because of this, a few days ago when I saw @MYX_Finance announce the upcoming launch of permissionless on-chain contract trading, I immediately felt it was a great opportunity to address the market pain points!
It not only makes shorting the 'shitcoin' possible but could also completely change the trading ecology of Perp DEX!
Let me briefly explain the concept of "permissionless": In DEXs (like Uniswap), permissionless means that users can freely exchange tokens or trade spot, and the platform does not restrict trading to specific tokens. This openness greatly enhances market flexibility, inclusivity, and user choice.
According to information from RootData, MYX has raised a total of $10 million, with investors including top institutions like Sequoia China, ConsenSys, Foresight Ventures, HashKey Capital, and Hack VC.
In the latest funding announcement on March 8, 2025, MYX Finance further disclosed its commitment to creating a 'chain abstraction liquidity layer' aimed at solving the two major pain points of DEX: 'liquidity fragmentation' and 'complex user experience.'
The multi-chain environment is one of the main reasons for the fragmentation of Web3 liquidity and the high operational barriers for users, and it is also one of the core pain points of Web3 after the maturity of blockchain technologies like Layer 2.
For example, when users switch between different public chains (such as Ethereum, Arbitrum, Solana), they need to frequently handle cross-chain bridges and gas fees, which not only takes time but also increases capital risk.
It is worth mentioning Hyperliquid, which has sparked the trend of Perp DEX. As a pioneer in decentralized perpetual contract trading, Hyperliquid's daily trading volume once exceeded $1 billion.
However, the trading process has significant barriers: users must first transfer assets to Arbitrum, then deposit them into a Hyperliquid account, which may take tens of minutes or even hours.
This not only increases the risk of user churn but also limits its market expansion.
MYX's choice to embrace chain abstraction technology is indeed a wise move. Its chain abstraction partner is Particle Network, whose leading product—another DEX UniversalX—stands out in the DEX market competition in 2025.
This advantage will also be fully reflected in MYX. After users have a MYX account, they just need to top up the universal account generated by MYX and can use chain abstraction technology to perform gasless trades on any contract trading pair supported by MYX.
I also noticed that MYX's official announcement mentioned that it has introduced a 'gasless trading' feature, which automates gas fee processing and inter-chain switching through smart contracts, further simplifying the trading process. In actual experience, users only need to set a gasless trading password and perform the first wallet signature, and subsequent operations only require one-click confirmation to complete cross-chain asset exchanges or contract openings, completely disengaging from the wallet, making the experience gradually closer to centralized exchanges.
However, gasless trading only supports single chains, and when users need to switch chains to choose different trading pairs, they still need to prepare funds on multiple chains. In contrast, the universal trading model of chain abstraction adds wallet signature operations for each interaction.
With chain abstraction technology as support, combined with permissionless on-chain contract trading, MYX has shown strong user attraction.
From the perspective of industry development, the permissionless contract mechanism can effectively curb the frequent harvesting of the market by worthless coins. By introducing a market-oriented short-selling verification mechanism, low-quality projects will be exposed more quickly for their true value, reducing retail investors' risks of buying high.
Taking the centralized exchange landscape as an example:
One of the core advantages of the leading exchange Binance is its strict token review process, concentrating liquidity on a few high-quality tokens, resulting in a significant wealth creation effect (although this was from the previous bull market, it still helped Binance accumulate sufficient liquidity and user base).
However, second- and third-tier exchanges, such as Gate, Bitget, and MEXC, have adopted different strategies. They attract short-term speculators to participate in spot or contract trading, especially short selling, by frequently launching small tokens. For example, Bitget once attracted a large amount of short-seller capital due to quickly listing contracts for popular MEME coins, with daily trading volume surging by 30%. This strategy has made these exchanges very profitable.
However, the market environment has changed drastically. In the super strong MEME cycle of 2024, tens of thousands of new coins emerge daily through platforms like PumpFun, and Binance's strict selection strategy has begun to fail. It has become common for spot listings to be at peak prices, for instance, a popular MEME coin plummeted 70% on its first day of listing, triggering a tide of criticism.
To address this situation, Binance is accelerating the launch of token contract trading, allowing the short-sellers to validate tokens in the market. Many tokens even cannot withstand the first wave of short selling, and their prices quickly drop to zero. For example, a popular project at the end of 2024 saw its price drop by more than 90% within a week due to concentrated selling pressure from short-sellers, never to recover!
Permissionless on-chain contract trading will allow all tokens to be shorted, which introduces a high-intensity stress test for the entire market.
Moreover, it may also reshape the logic of on-chain 'conspiracy trading': after the manipulators lure in buyers, short-sellers can quickly intervene to suppress prices, forcing the manipulators to incur higher costs.
Since MYX can achieve permissionless trading of on-chain contracts, the permissionless mechanism is likely to become standard for decentralized perpetual contract exchanges (Perp DEX), leading a new round of transformation in the DEX market!
In the latest tweet from MYX CPO @RyanMYX, he also shared more of MYX's future plans and vision! https://x.com/RyanMYX/status/1918191114135454138
Ryan mentioned that there are still early opportunities on-chain in the future, and MYX has prepared more highlights for Alpha, such as:
1) Fees as low as 0.01%;
2) 0 trading slippage;
3) No wallet needed, can log in via social login;
And the gasless feature and permissionless on-chain contracts brought by the previously mentioned chain abstraction technology!
Imagine, in the future, any token on-chain can be traded on MYX, whether it's a fleeting shitcoin or a well-packaged 'rug pull' project, we can profit through shorting or hedging, with very low rates and wear, and low operational thresholds. Doesn't that feel like a wealth opportunity is coming?
After checking his data, I found that after announcing the migration from opBNB to BNB Chain on March 19, he experienced a brief pain period, and the TVL soared to the current 41.27M.
Currently, MYX's TVL ranks nineteenth overall on BNB Chain and first in the derivatives track.
According to official data panel statistics, MYX's cumulative trading volume has reached $58.9 billion, with revenue of $22.7 million and 170,000 users.
This data further proves MYX's strength.
Unfortunately, the official airdrop event will end on May 5, and I can see that I have missed the early opportunity.