Analyze the trading of $MYX , hoping to let more people see it and avoid pitfalls.

First, let me briefly explain what MYX Finance does. It is an on-chain derivatives exchange that focuses on perpetual contract trading. When I previously analyzed dYdX, I compared the current rankings of perpetual contract businesses and found that MYX does not rank at all, so from a value perspective, this project is considered below average. So why has MYX been able to surge from a sideways price of 0.05 to a maximum of 2 dollars in the past few days, with a maximum increase of over 40 times? The answer is simple: highly controlled trading!

Currently, MYX has a circulation of 124.8 million. The ability to pull up like this indicates that when it was sideways at the 0.05 price range, the main force absorbed most of the spot chips. MYX has only launched on alpha and second-tier exchanges. After absorbing the chips, the main force opened a large number of long positions in the contract market, and then, by controlling the spot price, crazily pulled the market, forcing the opponents to cover their shorts. Those who shorted know that for a project like MYX, the total market value is not worth the current 2 billion, let alone 200 million, hence the furious short selling. However, they overlook that when the spot chips are in the hands of the main force, the price is no longer subject to normal market adjustments.

The biggest weapon of perpetual contracts is the funding rate. When opponents short the contract, the main force continues to pull up the spot and ensures that the spot transaction price is always higher than the contract price, pushing the funding rate to the extreme, which is currently seen as -2% per hour (meaning the short side subsidizes the long side with 2% of the position's funding per hour). Short sellers face both unrealized losses and high funding costs, and the initiative is completely in the hands of the project party (the main force).

According to the data from Surf, in the past 24 hours, the liquidation amount has reached as high as 12.84 million, and with unrealized losses and active liquidations, the amount is even greater. From the capital volume of the liquidated users, it can be judged that they are retail investors. Perhaps many have already seen many people sharing data on their liquidation losses. For projects like this, the only advice I can give is: do not touch it! The chips are in the hands of the project party, the data are in the hands of the project party, and the initiative is also in the hands of the project party. Why do you think you can win? I’ll say it again: do not touch it!