Having been in the crypto space for ten years, I've seen too many projects rely on PPT financing, but I've never seen one like MYX, backed simultaneously by three giants: Sequoia, LINEA, and Binance Labs.
No fluff today, let's get straight to the point—why is #MYX rewriting the game rules for on-chain perpetual contracts?
The matching engine of traditional DEXs operates as a black box; MYX, in contrast, has a 'node staking network':
The entire network only selects 21 super nodes, using real MYX tokens to vote for each node to gain real-time matching rights. Fee sharing is directly linked to staking amount. The node list is refreshed weekly, and staking rankings are publicly displayed in real-time.
Sequoias are investing heavily as nodes, aiming for more than just a 0.03% fee share.
This 'staking-voting-matching-yield-reflow' flywheel model essentially transforms the VIP seats of centralized exchanges into a decentralized 'auction market.' The more staked, the greater the voice; institutions can earn passively while controlling the market. This play is ten times more aggressive than being an LP.
While other projects keep their whitelist mechanisms under wraps, MYX lays everything bare:
Node APY yield rates, historical yield curves, and lock-up periods are all on-chain and verifiable. Users can easily view the 'hidden cards' of 21 nodes on the staking page and even check how much fees a certain node distributed to users last week.
This level of transparency is like handing the monitoring permissions of the exchange's backend directly to the users. After reviewing the on-chain data of over a dozen projects, Han Jie dares to say that MYX is one of a kind.
MYX's token design can be considered a textbook case of 'anti-pattern':
Dynamic profit-sharing rate: The larger the node staking amount, the lower the fee-sharing ratio. Non-linear release: Earnings are not credited daily but gradually unlocked by block. Punishment mechanism: Direct deduction of staked tokens for node misconduct.
This directly keeps short-term speculators at bay; currently, 80% of the staked pool consists of institutional and long-term players' chips.
Han Jie calculated that the current node annualized yield remains stable at 35%-50%, which is significantly more than some lesser-known projects' APR.
Real data speaks:
Zero slippage trading: Large orders have depth comparable to Binance. Zero borrowing costs: No more being cut down by funding rates. Gas fees drop by 80%: Trading $10,000 incurs a fee of less than 0.3.
Compared to GMX's centralized matching and Hyperliquid's off-chain order book, MYX's MPM mechanism has forged a third path.
On-chain node distributed matching. Preserving the spirit of decentralization while pulling performance close to centralized exchanges.
Data doesn't lie:
Three months after the mainnet launch, trading volume surged by 300%, TVL broke $200 million, community size doubled weekly, and the average daily message volume in the Telegram group exceeded 10,000. After strategic investment from Binance Labs, the project team directly burned 5 million tokens.
Han Jie's conclusion is very simple:
Institutions have voted with real money; Sequoia's staking volume is enough to buy half of an exchange. The node staking flywheel has just started; entering now can still yield first-mover bonuses. The on-chain perpetual contract track has finally welcomed honest players.
