Original title: (From an 1800% Surge to a Halving: MYX's 'Value Closure' Was Breached by Institutional Cash-Out)
Original author: Nicky, Foresight News
As of August 6, the MYX token experienced extreme price volatility. According to Bitget data, its price surged from $0.113 to $2.1 in the past three days, an increase of over 1800%. However, within just 24 hours, the price plummeted by 60% to $0.8237, currently reported at $1.05. (Rhythm BlockBeats note: As of August 6, 11:55 AM, MYX has rebounded to $1.44)
On August 7, on-chain analyst @ai_9684xtpa revealed key movements. MYX's early investor Hack VC withdrew 1.27 million MYX (approximately $2.157 million) from the airdrop contract within 7 hours. Among them, 445,000 were sold at an average price of $1.68 through an address starting with 0x259, cashing out $747,000.
This move triggered panic in the market, and token liquidity quickly dried up. During the crash, Binance's MYX contract trading volume soared to $7 billion in a single day, with intense long and short speculation.
This steep price curve instantly attracted countless eyes.
Looking back to November 2023, MYX.Finance secured $5 million in seed round financing at a valuation of $50 million. Sequoia China led the investment, followed by more than ten institutions including Consensys and Hack VC.
With the support of capital, MYX.Finance launched with its original MPM (Matching Pool Mechanism) engine. It promises to achieve zero slippage trading, with up to 125 times on-chain leverage addressing pain points in on-chain derivatives.
In June 2024, MYX.Finance became one of the first projects in the Linea Ecosystem Investment Alliance (LEIA). At the end of July this year, Linea officially announced the upcoming TGE and has disclosed the token economics.
On August 6, the decentralized trading platform Etherex, launched in collaboration with Linea, Consensys, and Nile, will introduce its native token REX, with MYX.Finance as a project partner.
A year later, key actions were implemented. At the end of May 2025, the MYX node staking system 'Keeper System' was officially launched. Layer 2 public chain Linea, Sequoia China, and other institutions participated in node elections. This system created a value closure: node income is directly used to repurchase MYX tokens, benefiting stakers.
The official website shows that the total locked value (TVL) of MYX.Finance has reached nearly $27 million. The total trading volume has surpassed $84 billion, with over 170,000 users.
At the same time, the official website shows that the total income of MLP's liquidity providers has continued to rise, from $35,000 on April 1, 2025, to now $14.45 million. These figures have become footnotes to an active ecosystem.
Harvesting controversy
Behind the prosperity, the community's memory has not faded. In 2023, the BRC-20 inscription token BMYX, associated with MYX.Finance, went through turmoil and was accused by users of 'harvesting.'
Image source: @_FORAB
Until the eve of this year's MYX token TGE, there were still comments pointing directly at its incubating organization D11 Labs, claiming that several projects incubated by it had 'adverse impacts'. 'I thought it had already gone to zero' expressed the despair of investors at that time.
In the face of skepticism, MYX.Finance's CEO Mrak Zhang publicly promised compensation.
At the end of May 2025, it was announced that BMYX Holder compensation would be distributed according to the plan. The plan specifies: 30% in USDT equivalent stablecoins + 70% in MYX tokens (unlocked in phases). The team stated that 4% of the total token supply has been reserved for future dynamic adjustment of compensation to ensure fairness.
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