Shorting shitcoins is likely a profitable venture in the crypto world!!!
I have always had a strong intuition: shorting shitcoins has a very high probability of success!
According to data disclosed by platforms such as PumpFun and FourMeme, over 90% of MEME coin projects do not last even a month.
Shitcoins and MEME coins are rampant, with countless junk projects appearing everywhere, while unscrupulous developers shamelessly exploit retail investors, causing them great distress. Many crypto enthusiasts must have fantasized: if only we could short these shitcoins, wouldn't we make a fortune! $MYX is such a project: simply put, future Alpha will be created by the community, and once a memecoin is born, it can be launched for perpetual trading on MYX.
It is also for this reason that when I saw the announcement of permissionless on-chain contract trading, I instantly realized this is a great opportunity to address the current market pain points!
First, let's talk about the amazing logic behind MYX's price doubling—permissionless contracts: curbing the harvesting of junk coins.
Just when everyone was feeling helpless, MYX.Finance announced the upcoming launch of permissionless on-chain contract trading, which is undoubtedly a bombshell, instantly creating a surge in the crypto space. This move not only makes shorting shitcoins a reality but could also fundamentally change the trading ecology of Perp DEX. From the perspective of industry development, the permissionless contract mechanism can effectively curb the frequent harvesting of junk coins in the market. By introducing a market-based short selling validation mechanism, low-quality projects will be exposed to their true value more quickly, reducing the risk for retail investors in high positions.
Taking centralized exchanges as an example, Binance has created a significant wealth effect due to its strict coin listing reviews and liquidity concentrated in a few high-quality tokens. Meanwhile, second and third-tier exchanges attract short-term speculators to participate in short selling by frequently listing small tokens.
However, in the super strong MEME cycle of 2024, Binance's selective strategy began to fail, with frequent occurrences of spot listings hitting peak prices. In response to this situation, Binance accelerated the launch of token contract trading, allowing bears to validate tokens in the market. Permissionless on-chain contract trading will allow all tokens to be shorted, which is equivalent to introducing a high-intensity stress test for the entire market, reshaping the logic of on-chain 'conspiracy trading'.
Next, let's look at future plans: leading a new round of change in DEX.
In a recent tweet by MYX CPO Ryan, he shared more plans and visions for MYX's future. Highlights include fees as low as 0.01%, zero trading slippage, social login without needing a wallet, and the introduction of gas-free on-chain contracts through chain abstraction technology, making MYX an almost perfect trading environment for on-chain traders.
Currently, MYX's data performance is also impressive. After migrating from opBNB to BNB Chain, TVL has soared to 41.27M, ranking nineteenth overall in BNB Chain and first in the derivatives track. The cumulative trading volume has reached 58.9 billion USD, with revenue of 22.7 million USD and 170,000 users.