In the fast-paced world of Decentralized Finance (DeFi), the competition is fierce, even for established projects like dYdX. While dYdX has been a popular choice for Perp DEX trading since its inception in 2017, new innovative platforms such as GMX, MYX, and Hyperliquid are challenging its dominance. These newcomers are constantly upgrading their technology and trading mechanisms to draw closer to dYdX.
dYdX has long been known for its central-limit order book model which offers advantages such as familiarity to users accustomed to centralized exchanges, deep liquidity, and support for advanced order types. However, this model also brings challenges such as the need for large liquidity, vulnerability to attacks, and high costs. Despite continuous upgrades to its V4 version, dYdX still struggles to achieve the “self-redemption of order book design”.
One of the leaders of the 3rd-generation DDEX revolution is MYX, a derivative protocol founded in 2023. MYX has quickly gained traction with its innovative Matching Pool Mechanism (MPM) which allows Liquidity Providers (LPs) to passively assume positions and facilitate trading. This mechanism ensures good liquidity, capital efficiency, and a balanced market through funding fees and Maker rebate.
To cope with market imbalances, MYX has introduced a dual-token design and an Auto-Deleveraging System (ADL). These features aim to provide a smooth, efficient trading experience with low trading costs. MYX has also launched “Project Origin” to reward community members and supporters with token airdrops. The platform has attracted over 33,000 users and a daily trading volume of over $200 million shortly after its launch on Arbitrum.
MYX’s rapid growth and innovative product have caught the attention of top international capitals and VCs. In November 2023, MYX completed a $5 million seed round of financing led by HongShan (Sequoia China) and other top-tier VCs. With strategic partnerships with crypto players like OKX, Izumi, zkPASS, and Pyth, MYX is poised to become a member of the “Top Perp DEXs Club” and continue its upward trajectory in the DeFi space.
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