About
MYX Finance is a decentralized perpetual futures exchange (perp DEX) that aims to bridge the gap between the high-performance trading experience of centralized platforms and the permissionless security of decentralized finance. Built with a focus on capital efficiency, the protocol allows users to trade perpetual contracts with up to 50x leverage. Its existence is a response to the fragmentation and high slippage often found in traditional Automated Market Maker (AMM) models used for derivatives. By utilizing a peer-to-pool-to-peer (P2Pool2P) model, MYX ensures that traders can access deep liquidity without the typical friction of on-chain order books.
The core innovation of the project is its proprietary Matching Pool Mechanism (MPM). Unlike standard decentralized exchanges that rely on liquidity providers to act as the direct counterparty to every trade, the MPM matches opposing long and short positions within a shared pool. This significantly reduces the impact of price slippage, even for large orders, as the protocol only requires the liquidity pool to cover the net exposure between long and short sides. This architecture enables the protocol to achieve capital efficiency levels reported at up to 125x, outperforming most existing decentralized derivative infrastructures.
To further enhance the user experience, MYX Finance incorporates chain abstraction and account abstraction. This allows traders to interact with the platform across more than 20 supported blockchains without the need for manual bridging or maintaining multiple native gas tokens. The protocol utilizes a relayer network to facilitate a gasless trading experience, where transaction fees are settled in the user's preferred currency rather than the native token of the execution chain. This technical stack is designed to make decentralized trading feel as seamless and instantaneous as a centralized exchange while maintaining a non-custodial framework.
The native MYX token is the central utility and governance asset of the ecosystem. Holders can stake their tokens to receive a share of the protocol's trading fees, creating a direct value-capture mechanism for long-term participants. Additionally, the token is used to unlock tiered VIP benefits, such as significant trading fee discounts and increased reward multipliers. As a governance token, it allows the community to vote on critical protocol parameters, including risk management settings, fee structures, and the introduction of new trading pairs, ensuring the platform remains responsive to its user base.
Security within the protocol is maintained through a combination of multi-signature controls and regular audits by leading firms such as SlowMist and PeckShield. For price discovery, MYX employs a dual oracle system, integrating feeds from Pyth Network alongside its own proprietary oracle to provide a redundant and resilient pricing mechanism. This safeguard is intended to protect the protocol from oracle manipulation attacks and ensure that liquidations and funding rates are calculated based on accurate, real-time market data.
