In early June, $MYX@MYX Finance The Binance Alpha Launchpad was launched. Some people think it is just another ordinary moment of "contract projects queuing up to be listed on Binance", but if you put it in the timeline of MYX's entire development, you will find that behind it is an ambitious on-chain transaction paradigm.
I have been watching MYX for the past six months. It didn’t just explode, it was advancing along the way:
In March, the airdrop activity was launched on BNB Chain’s official platform DappBay, with 10,000,000 MYX distributed;
In April, we jointly launched the "MY PARTI" campaign with Particle Network to continuously enhance the cross-chain account experience;
In May, we completed the IDO with PancakeSwap and Binance Wallet, with oversubscription reaching 30,000%;
At the end of May, the VIP membership system was launched, and about 10 $MYX could get trading discounts without lock-up;
On June 18, the Binance Futures contract market was officially launched.
This is not the old process of "issuing coins - increasing popularity - going online", but more like a complete closed-loop construction of a DeFi project from infrastructure, user system to trading experience.
What problem does MYX solve?
To sum up in one sentence: MYX is trying to solve the problem that DeFi user experience is always lower than CEX.
From a product perspective, the two core designs it proposes are worth mentioning:
1. Chain abstraction + two-tier account model
There are two major difficulties in traditional DeFi transactions:
First, it is difficult for user assets to cross chains (a bridge is required);
The second is frequent authorization signatures and interrupted experience.
MYX’s approach is to host user assets in the underlying account (Layer 1 Vault), but the actual transaction occurs in the logical account (Layer 2 Trader), achieving:
Users can use any chain assets to open positions in any market (for example, using BNB Chain’s USDT to trade Arbitrum’s ETH perpetuals);
No need for frequent signatures, transactions are as smooth as CEX;
However, the assets never leave the user's wallet, ensuring self-custody.
2. Decentralized nodes (Keeper System) execute transactions
Currently, the "matching problem" of on-chain perpetual contracts is often criticized, either with high latency or large slippage. MYX delegates matching and order execution to the node network and designs an incentive mechanism to ensure performance.
The nodes participating on the launch day included well-known institutions such as Linea, FL Foundation, and Sequoia China (HongShan), indicating that this is not only a test of a technical model, but also an institutional alliance experiment.
Does MYX’s opportunity really lie in “trading”?
When many people look at MYX, their first reaction is "on-chain sustainability", but I think this judgment is actually too superficial.
If MYX's ultimate goal is only to become an on-chain perpetual platform, then it will need to face multiple strong competitors such as GMX, dYdX, Hyperliquid, etc., and the ceiling of this market is actually not high.
But its real potential may lie in:
Establish a middle-layer protocol of "chain abstraction + account unification" to connect the trading markets of multiple chains;
Integrate "self-hosting + high performance" into a new standard;
Small users can also enjoy CEX-level liquidity, slippage and trading experience, but all their assets are in their own hands.
In other words, MYX is not "challenging CEX" but making DeFi as easy to use as CEX.
A few final questions worth pondering:
🧠 MYX's VIP system has a very low threshold and does not require lock-up. Will it hurt the sense of value of long-term holders?
🧠 Can decentralized matching really withstand the challenges of MEV and latency at high frequencies?
🧠 If every chain does "chain abstraction" in the future, what is MYX's moat?
🧠 Do you think MYX is more like “dYdX for DeFi” or “chain abstraction infrastructure”?
Everyone is welcome to discuss in the comment section, especially friends who have used MYX, to share your real experience.
This project may not be the fastest-growing one, but it is trying to reconstruct the way we understand DeFi.