The Binance Wallet TGE has always been the focus of many traders since its launch. Each TGE project has become a high-quality target that various trading platforms are eager to list. On May 6, during the 15th phase of Binance Wallet's TGE, the project MYX was launched, once again bringing the on-chain derivatives market to a peak.
MYX Finance is a cross-chain derivatives protocol dedicated to decentralized perpetual contract trading. It combines the high-performance matching of centralized trading platforms with the advantages of decentralized asset self-custody, allowing users to achieve zero slippage and high leverage perpetual contract trading across multiple public chains. Before its launch, it secured strategic investments from well-known investment institutions like DWF and HASHKEY, providing backing for its ecological security development. Additionally, its node staking has attracted well-known large institutions such as Sequoia China and META ALPHA, enhancing funding security and ecological vitality for its network.
So, how did MYX manage to gain endorsements and investments from so many well-known large institutions right from its inception, while also standing out in the currently booming Binance Wallet TGE? What technical supports do these institutions and retail investors find worthy of trust and affirmation in MYX?
The first is its innovatively introduced MPM mechanism, which can dynamically adjust risk and maximize capital utilization.
MPM stands for matching pool mechanism, which is directly translated as the matching pool mechanism. With this matching pool mechanism, MYX's contract market matching does not rely on traditional order books but instead uses a proprietary matching pool that aggregates all users' long and short positions within the system, allowing only matching between buyers and sellers. At this point, we can observe that if long and short demands are balanced, trades can be executed internally without needing additional external liquidity, achieving zero slippage execution while avoiding the impact of on-chain order book depth and price shocks.
Traders who focus on on-chain perpetual contracts must have noticed that a recent liquidation issue on a certain on-chain contract platform caused significant financial losses to the platform itself. In this regard, MYX's liquidity providers do not bear long or short risks; instead, they act as guarantors of matching funds. Moreover, after the matching is completed, any unused liquidity will be immediately returned to the liquidity providers, greatly improving fund security and utilization efficiency.
The second is MYX's chain abstraction technology, which can connect the liquidity of various chains and solve the asset island problem of multiple chains.
What is the asset island of multiple chains? Essentially, it means that funds on each chain can only be used on that chain. If funds are needed on one chain but must be used on another, cross-chain solutions are required, which incurs additional practical costs. This is particularly unfriendly for on-chain perpetual contracts, especially concerning capital utilization and entry opportunities.
So, MYX builds a flow liquidity routing protocol, leveraging chain abstraction technology, allowing users to complete authorization once on the MYX front end to freely engage in perpetual contracts across multiple chains such as ARB, BSC, SOL, etc., without the need for multiple signatures or manual cross-chain funds. This effectively achieves a level of intended trading, where users just need to submit the final goal of the transaction on MYX, such as opening a long position on a specific asset. The system will then make routing decisions based on factors like GAS fees and liquidity conditions to directly fulfill the user's order, saving users from complex operations and resolving the problem of multi-chain isolation.
The third is the dual-layer account model, which achieves unified asset management while isolating risks.
In MYX, an account hierarchy design has been implemented. First, the main account is responsible for managing users' assets and cross-chain transactions, which involves managing the deposit, allocation, and cross-chain of users' assets, ensuring smooth liquidity for multi-chain assets. Second, the sub-account is responsible for trading perpetual contracts, handling specific positions and operations, isolating risks associated with trading to ensure that the failure of one trade does not directly affect other assets in the main account. This hierarchical dual-account model allows users to manage assets across different chains on one platform while enjoying efficient cross-chain operations and risk control.
In summary, it is understandable why MYX Finance has received support from so many large institutions and public recognition. Through its innovative MPM mechanism, chain abstraction technology, and dual-layer account model, this 'iron triangle' redefines the efficiency of capital utilization for users, solving the multi-chain island dilemma, and allowing users to enjoy a smooth trading experience similar to that of centralized trading platforms while ensuring decentralized asset security. This will be an invaluable reference and example for the development of the multi-chain perpetual contract derivatives sector.
