#MYXFinance引领BSC链上永续未来

On the evening of July 3, the price oracle failure of MYX Finance, a perpetual contract agreement on the BSC chain, caused abnormal liquidation of some users' positions, which triggered heated discussions in the community. After the incident, the MYX team released an accident report within 6 hours and announced a full compensation plan within 24 hours. The funds will be paid directly from the platform insurance fund and the team reserve.

Let’s take a look at the incident review: Oracle delay triggers a chain reaction

According to the official announcement, the accident was caused by a short delay in the Chainlink oracle that MYX relied on on the BSC chain, which caused a deviation between the platform's internal price index and the actual market price. Some high-leverage positions were mistakenly liquidated by the system due to failure to update prices in a timely manner. The affected users were mainly concentrated in the ETH and BTC perpetual contract markets.

Quick response: Full compensation but doubts remain

MYX promised to complete the compensation within 7 working days and upgrade the oracle system. Some affected users approved of the processing speed, but there were still doubts:

1. Why is multi-oracle redundancy not adopted?

2. Why did the MPM mechanism that the platform is so proud of fail to buffer this risk?

3. Is the size of the insurance fund sufficient to cover more extreme market conditions?

Industry insiders’ views

Supporters: Compared with some platforms that shirk responsibility, MYX's attitude of taking responsibility is an improvement in the DEX field. (A DeFi researcher)

Critics: This exposes the naivety of emerging contract platforms in dealing with extreme market conditions. Institutional-level risk control cannot rely solely on post-event compensation. (Derivatives trader)

$MYX

Subsequent impact

Despite the rapid handling of the incident, the MYX token MYX still fell 12% in 24 hours. The team said it will release a complete technical improvement plan next week, including the introduction of a backup oracle network and a dynamic insurance fund mechanism. @MYX Finance