In the current DeFi landscape, the competition among perpetual contract protocols is fierce, but there are very few projects that possess underlying innovation. MYX Finance is redefining the operation of the on-chain derivatives market through its unique node staking network and decentralized matching mechanism. Notably, top institutions such as Sequoia Capital, Linea, FL Foundation, and Woyong have confirmed their participation in MYX's node staking, which not only validates the project's technical feasibility but also indicates its long-term value capture ability in its economic model.
The logic behind institutional bets: The value reconstruction of node economics
The participation of Sequoia Capital, Linea, FL Foundation, and Woyong is no coincidence. MYX's node staking network is not a traditional PoS mining scheme, but a foundational architecture that deeply integrates trading matching rights, governance rights, and profit distribution rights. Institutions choose to bet on MYX primarily because its design addresses two major pain points of current on-chain perpetual protocols:
1. Decentralization of matching rights: Traditional protocols like GMX rely on centralized matching, while Hyperliquid is constrained by the high costs of off-chain order books. MYX combines MPM (Market Maker Pool) with node matching to disperse execution rights to community nodes, ensuring efficiency while avoiding single-point control risks.
2. Closed-loop design of staking economics: MYX's 'staking → voting → matching → profit → return' model creates a self-reinforcing cycle. Node operators must stake at least 300,000 MYX tokens, while supporters can share profits through delegated staking while also participating in governance. This dual incentive structure makes the utility of the tokens far exceed that of a simple governance token.
The BNB Chain Foundation's previous purchase of $25,000 worth of MYX tokens further corroborates market recognition of this mechanism. The entry of institutional funds not only provides liquidity support but also signifies that MYX's node network may become a key component of future on-chain trading infrastructure.
Technological breakthrough: Industry innovation in node staking mechanisms
MYX's Keeper System is its core innovation at the technical level. This system achieves a balance between decentralization and efficiency through a dynamic election mechanism and flexible profit distribution rules:
- Competitive node election: The top 21 nodes ranked in weekly snapshots become active guardians, responsible for transaction validation and on-chain operations. Nodes can attract more stakers by adjusting the profit-sharing ratio (0%-100%), forming market competition.
- Dual sources of income: Guardians and their supporters not only earn basic staking rewards but also share profits from transaction validation. The daily calculation and weekly distribution mechanism ensures fund efficiency, while the design of stake limits prevents node centralization.
- Flexibility of locking: Users can choose instant withdrawal (with a 50% penalty) or linear release (over 30 days), encouraging long-term participation while retaining emergency liquidity.
This design allows MYX's staking model to combine the security of PoS with the capital efficiency of DeFi, providing a reusable new standard for the industry.
Data-driven value capture: Why MYX's staking model deserves attention
From an economic model perspective, MYX’s token value capture ability is significantly better than similar protocols. According to on-chain data, its staking network has exhibited the following characteristics:
1. Sustainability of high APY: Node earnings come from transaction fees and staking rewards, and as trading volume grows, the APY has intrinsic upward momentum.
2. Low inflation pressure: MYX does not adopt the traditional linear release model but instead adjusts circulation through a locking mechanism, avoiding the problem of token dumping.
3. Deep governance binding: Stakers not only share in profits but also directly participate in the distribution of matching rights; this alignment of interests and power is key for institutional long-term outlook.
Taking Sequoia Capital as an example, its participation in node staking is clearly not just for short-term gains but is also aimed at the long-term narrative of MYX as on-chain infrastructure — any future derivative protocol based on MPM may reuse MYX's node network, thus creating a cross-chain liquidity aggregation layer.
Industry benchmarking: MYX's differentiated path
Current on-chain perpetual protocols either rely on single centralized matching (like GMX v2) or depend on extremely high-cost order book architectures (like Hyperliquid). MYX proposes a middle path for node matching. Compared to GMX v2's aggregated matching or Hyperliquid's off-chain order book, MYX's node matching model offers a better cost structure and openness:
This architecture gives MYX a natural advantage in scalability. For example, when other protocols need to sacrifice decentralization for throughput, MYX can horizontally scale by increasing the number of nodes without relying on centralized market makers.
Continuous building: The pragmatic steps of the project team
The MYX team has not stopped at innovating the staking mechanism. Based on recent developments, its technological iterations are always focused on two goals:
- Enhancing node efficiency: Optimizing the MPM algorithm to reduce slippage while introducing zero-knowledge proofs (ZKP) to simplify the verification process.
- Expanding ecological cooperation: In addition to Sequoia and Linea, more institutional nodes are set to be announced, further decentralizing network control.
This 'Build in Public' style stands in sharp contrast to many projects that rely on hype narratives. For instance, the investment from the BNB Chain Foundation is directly used for protocol development rather than market promotion, reflecting the capital's emphasis on technological implementation.
MYX Finance's node staking network is creating a new possibility — the future of on-chain derivatives belongs not only to those optimizing user experience but also to those reconstructing infrastructure. Behind institutional bets lies a deep recognition of the narrative of 'community co-governance of matching rights.' As more nodes join and trading volumes rise, MYX's token economy will enter a positive cycle, and its technical framework may become a new benchmark for the industry.
For the community, maintaining a high level of attention on MYX not only means capturing a high-growth protocol but also participating in an experiment regarding power distribution in DeFi. When traditional capital like Sequoia joins emerging forces like Linea to become node operators, the rules of on-chain trading have quietly been rewritten.
