Recently, the $MYX Finance project has indeed become extremely popular, with top institutions like Sequoia and Binance scrambling to invest. Their decentralized derivatives exchange operates quite differently from traditional ones.
Let's talk about money first. Sequoia directly invested $5 million and locked up 500,000 $MYX as nodes. The most aggressive move was that they distributed 70% of the node earnings to the community, which skyrocketed the locked amount to $40 million within two weeks. Binance is also making moves, purchasing 25,000 $MYX and coordinating an IDO in their own wallet, clearly aiming to set the pace.
Technically, they developed a matching engine called MPM, claiming it can increase capital utilization to 125 times that of ordinary exchanges. In simple terms, it automatically pairs long and short positions, only using funds from the pool for unmatched trades, which minimizes idle capital. Testing has shown it can achieve zero slippage and allow for 50x leverage. Even more impressively, they have interconnected over 20 chains, enabling direct trading without hopping between them, with daily trading volumes reaching $220 million even during bear markets.
Currently, the most valuable are the 21 node positions, selected weekly through voting. Whoever gets elected can determine the transaction fees and leverage ratio. This 'whoever bets more gets to decide' model has turned the token from a mere speculative product into a governance tool with real power.
Recently, Canada approved the SOL staking ETF, making it easier for institutional funds to enter the market. The $MYX economic model of 'staking to earn fees - trading consumption - buyback and burn' could very well become the next hot commodity in the upcoming bull market. However, it is important to note that this new play also carries significant risks, and we need to see if the subsequent actual operations can withstand the pressure.