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MYX secures $5M in seed funding from Hongshan to innovate decentralized derivatives trading

MYX, a decentralized derivatives protocol incubated by D11 Labs, has completed a 5 million seed round on a 50 million valuation. The funding round was led by HongShan (Sequoia China) and saw investment from a number of investors including Consensys, Hack VC, OKX Ventures, and Redpoint China among others. The funds will be used to help accelerate technological innovation and expand the market for MYX’s mainnet product.

MYX is a decentralized perpetual exchange that utilizes a Matching Pool Mechanism (MPM) to achieve zero slippage. This allows MYX to match long and short positions seamlessly and allows for capital efficiency up to 125x, providing traders with numerous opportunities.

Liquidity Providers (LPs) are exclusively exposed to net open interests under MYX’s strategic Matching Pool Mechanism engine. This focuses on managing and mitigating risks, rather than being tied to specific long or short positions, and provides optimized capital efficiency. MYX’s dual oracle system guarantees zero-slippage trading and low trading fees, benefiting both regular and VIP users.

MYX’s Matching Pool Mechanism not only optimizes liquidity and capital efficiency, but also brings the potential to integrate cross-chain technology into its trading system. The introduction of an LP return swap enhances the risk management capabilities of LPs and can be used as a bridge connecting market makers and users. The introduction of a Keeper system adds a decentralization element for token holders and LPs, providing additional token rewards and a share of transaction fees.

MYX prioritizes user experience by providing the most competitive fees on the blockchain. With the platform’s strong risk management system, it guarantees a safe and efficient trading environment for its users. The value propositions MYX offers include equitable trading, minimal transaction costs, optimal depth, a seamless user experience, and sustainable yield and intelligent risk management system for LPs.

The recent funding round signals significant investor recognition for MYX and its innovative approach to decentralized trading.

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