As of August 6, the MYX token experienced extreme price fluctuations. According to Bitget data, its price surged from 0.113 USD to 2.1 USD over the past three days, an increase of over 1800%. However, within just 24 hours, the price plummeted 60% to 0.8237 USD, currently reported at 1.05 USD. (Note from Rhythm BlockBeats: As of August 6 at 11:55, MYX has rebounded to 1.44 USD)
On August 7, on-chain analyst @ai_9684xtpa exposed key movements. MYX's early investment institution Hack VC withdrew 1.27 million MYX (approximately 2.157 million USD) from the airdrop contract within 7 hours. Among them, 445,000 MYX were sold off at an average price of 1.68 USD through an address starting with 0x259, cashing out 747,000 USD.
This move triggered market panic, rapidly depleting token liquidity. Amidst the crash, Binance's MYX contract trading volume peaked at 7 billion USD in a single day, with intense long and short battles.
This steep price curve instantly attracted countless eyes.
Backtracking to November 2023, MYX.Finance secured a seed round financing of 5 million USD at a valuation of 50 million USD. Sequoia China led the round, with over ten institutions including Consensys and Hack VC following suit.
With the support of capital, MYX.Finance debuted its innovative MPM (Matching Pool Mechanism) engine. It promises to achieve zero slippage trading with up to 125 times on-chain leverage to directly address the pain points of 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 that it would soon launch TGE and has published 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 among the project partners.
One year later, key actions landed. At the end of May 2025, the MYX node staking system 'Keeper System' officially launched. Layer2 public chain Linea, Sequoia China, and other institutions participated in node elections. This system established a value closed loop: node income is directly used to repurchase MYX tokens, rewarding stakers.
The official website shows that the total locked value (TVL) of MYX.Finance has reached nearly 27 million USD. The total trading volume has surpassed 8.4 billion USD, with over 170,000 users.
At the same time, the official website shows that the total income of MLP liquidity providers has continued to rise, increasing from 35,000 USD on April 1, 2025, to the current 14.45 million USD. These numbers have become a footnote to the ecosystem's activity.
Harvesting controversy
Behind the prosperity, the community's memories have not faded. In 2023, the BRC-20 inscription token BMYX associated with MYX.Finance experienced turmoil, with users accusing it of 'harvesting.'
Image source: @_FORAB
Until the eve of this year's MYX token TGE, there were still comments pointing directly at its incubating institution D11 Labs, claiming that several projects incubated by it had 'adverse effects.' 'I thought it had already gone to zero' expressed the despair of investors at that time.
In the face of doubts, 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 they also reserved 4% of the total token supply for future dynamic adjustments to compensation, ensuring fairness.
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