Having been in the crypto space for ten years, I've seen too many projects loudly proclaiming 'decentralization,' only to find that their shareholder list is filled with VC institutions.
However, MYX Finance's recent moves have truly impressed me - big players like Sequoia, LINEA, and Binance Labs have invested real money to become nodes, allowing retail investors to play Texas hold'em at the same table with them.
[Node War: 21 positions determine the life and death of the exchange]
MYX has completely shattered the traditional DEX's matching engine, creating a 'node staking network'.
There are only 21 super node positions in the entire network, and if you want to be a dealer, use MYX Tokens to vote. Sequoia has invested tens of millions of USD to grab nodes, and it's not just for that 0.03% fee share, but for the voting rights on this 'exchange life and death ledger.' The more you stake, the greater your voice in facilitating trades, which is much more exciting than being an ordinary LP.
[Transparent to a fault: You can even check how much nodes earned today]
Other projects treat whitelists like secret organizations, while MYX directly laid bare the nodes' assets. APY yield rates, historical yield curves, lock-up periods, all publicly available on-chain. When you enter the staking page, the 'old bottom' of 21 nodes is clear at a glance - you can even check how much a certain node distributed in fees to users last week. This level of transparency is like putting the exchange's backend monitoring authority directly in your hands.
[Token Economics: Specializing in various 'wool-pulling' tricks]
MYX's token design can be considered a 'textbook' on 'anti-shearing the leeks':
Dynamic profit-sharing rate: The more you stake, the lower your fee-sharing ratio becomes. Non-linear release: Earnings are not credited daily, but rather 'squeezed out' block by block. Punishment mechanism: Nodes dare to do evil? Directly deduct your staked Tokens.
This effectively keeps short-term speculators out, with 80% of the current staking pool being institutional and long-term holders. I did some calculations, and the current annualized yield for nodes is stable at 35%-50%, much more realistic than some dog projects that make daily promises.
Sequoia Capital has always heavily invested in foundational innovations that define industry rules. MYX breaks through with the 'node as facilitator' structure: Unlike GMX's centralized facilitation, it decentralizes trading execution rights to community nodes, building a co-governance facilitation network through staking volume and voting mechanisms, perfectly aligning with Sequoia's 'DeFi democratization' investment philosophy. Its multi-path facilitation model (MPM) is compatible with both on-chain and off-chain trading modes, reserving technical interfaces for liquidity aggregation and Layer 2 integration, making it a standard template for the next generation of DeFi infrastructure.
[Trading Experience: Gas fees hit rock bottom]
Real data speaks:
Zero slippage trading: Large orders are filled even more smoothly than whales. Zero borrowing costs: No longer need to be sheared by funding rates. Gas fees dropped by 80%: Trading 10,000 USD incurs a fee of less than 0.3 USD.
In contrast to GMX's centralized facilitation and Hyperliquid's off-chain order book, MYX's MPM mechanism has carved out a third path - distributed facilitation through on-chain nodes. It retains the soul of decentralization while bringing performance close to centralized exchanges, and I give this move a perfect score.
[Should I rush in or wait?]
Data doesn't lie:
Three months after the mainnet launch, trading volume surged by 300%, and the TVL locked exceeded 200 million USD, with the average daily message volume in the Telegram group surpassing 10,000.
My view is clear - institutions have already voted with their feet, and the pledge amount from Sequoia is enough to buy half of the exchange. The node staking flywheel has just started, and entering now can still earn early mining bonuses. In the on-chain perpetual contract track, we finally have players who don't do evil.