MYX_Finance is the project for the 15th wallet TGE from Binance, providing a brief overview to help everyone understand its highlights!
Agreement Status
As an on-chain derivative, since the mainnet launched in February 2024, MYX Finance has accumulated 200,000 trading addresses in one year, with a TVL of 40 million USD and a trading volume reaching 47 billion USD. Currently, the project ranks tenth in the derivatives track on Defillama.
Token Economics
$MYX has a total supply of 1 billion tokens, with an initial liquidity of 10%. Along with this Binance TGE, it is estimated that about 15% liquidity will be available in the market at the opening, which is considered a moderate opening scale.
The use case for the $MYX token is conventional voting governance and staking rewards, with no particularly different functions.
VC Team
Secured investments from Hongshan, OKX Ventures, DWF Labs, HashKey Capital, etc., raising a total of 5 million USD in both 2023 and 2025.
Valuation
The VC valuation for 2023 is 50 million USD, and the valuation for 2024 is unclear; both fundraising rounds were 5 million USD each. Considering other players in the same track, even if the current market is not very good, a market cap of 10 million USD at opening should not be a problem.
Hidden Concerns
From discussions on Twitter, the CEO's past project BMYX has had a bad record, and there are traces of a token issuance group behind the funding.
Summary
Referring to the recent token trends after the Binance wallet TGE, even if the opening market cap is not high, as long as it is below the VC's breakeven price, the project team will have potential motivation to pump the price. Based on the above premise, if the market cap is below 10 million after opening, I would choose to hold and continue observing. If it is around 20 million to 30 million, I would choose to sell half.