MYX token surged over 1,000% in one month, reaching a $3.35B market cap and becoming a top 50 crypto asset.
MYX Finance offers zero-slippage perpetual trading with its Matching Pool Mechanism, cross-chain support, and staking rewards exceeding 100% APY.
Despite growth, risks include manipulation doubts, token unlock pressure, and high leverage liquidations that could trigger major price corrections.
In 2025, crypto markets are turbulent, and MYX is a standout. From an August low of $0.046 to an early-September all-time high of $18.36, MYX rose over 1,000% in a month. The annualized growth reached 27,000%. Market cap climbed to $3.35B, placing it in the top 50. 24h spot volume exceeded $640M. Perpetual volume reached $8.9B. As the native token of MYX Finance, this surge drew strong investor attention.
WHAT IS MYX FINANCE
MYX Finance is a non-custodial decentralized derivatives exchange (DEX). It focuses on on-chain perpetuals and lets users trade almost any token with up to 50x leverage. Its edge is the Matching Pool Mechanism (MPM). This mechanism uses smart matching to deliver zero-slippage trades and lower liquidity costs. It supports cross-chain operations on BNB Chain, Arbitrum, and Linea.
The platform’s total value locked (TVL) has surpassed $56M, showing strong DeFi potential. The total MYX supply is 1B. Current circulating supply is about 134M, or 13.4% of total. The token has broad utility. Holders can join governance, stake for fee-sharing (APY over 100%), get trading fee discounts by holding 10 MYX, and run Keeper nodes to improve platform efficiency. This multi-use design supports MYX’s value. Recent catalysts further fueled market enthusiasm and pushed price higher.
CONTROVERSIES AND RISKS: MANIPULATION SUSPICIONS AND UNLOCK PRESSURE
The rally has controversy. Many question abnormal volumes. TVL is only $56M, yet perpetual volume is $6B–$9B. Some analysts suspect wash trading or Sybil attacks. A Bubblemaps report said the early airdrop (14.7% of supply) may have been influenced by Sybil accounts, raising fairness concerns. On X, users such as @Pandafather2008 called MYX a “price manipulation platform,” urging caution.
Token unlocks are another risk. Only about 20% of supply is circulating. Low float supports fast price rises, but future unlocks could cause pullbacks. VC tokens (20% of supply) will start unlocking on Nov 6 over 18 months. Community rewards (1.5%) will also unlock in November. After 39.36M tokens (3.94% of supply) unlocked on Sept 6, price fell 60%. Similar events may recur. High leverage adds risk. 24h liquidations reached $39.76M, showing high volatility. Some experts warn the rally fits the Wyckoff “markup” phase and may enter a distribution phase, with a potential pullback to $3.5–$5.
OUTLOOK: DEFI RISING STAR OR SHORT-TERM BUBBLE?
MYX’s rise reflects the big potential of DeFi perpetuals. Compared with dYdX and GMX, MYX offers a differentiated MPM model and cross-chain support. Backing from firms like Sequoia and Consensys adds credibility. But manipulation doubts and high leverage risks remind investors that hype may not match fundamentals.
In the short term, FOMO and short squeezes could push price toward $20. Support lies around $6–$8. The MYX frenzy is where technical innovation meets speculation. As a DeFi newcomer, its potential is exciting, but risks are high. Investors need balance between FOMO and caution to navigate this crypto feast.
〈MYX Token Mania〉這篇文章最早發佈於《CoinRank》。
