MYX Finance (MYX)

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Trading and Perpetual Derivatives

MYX Finance is a decentralized exchange (DEX) specializing in on-chain perpetual futures trading with up to 125x leverage. It uses a unique Matching Pool Mechanism (MPM) to enable zero-slippage trading, allowing users to execute large trades instantly at marked prices without spreads or slippage. It supports trading of over 13 tokens paired with USDT across multiple blockchains like Arbitrum, opBNB, BSC, and Linea.

Cross-Chain and User Experience

The platform offers cross-chain activity, enabling users to trade assets across multiple blockchains, enhancing accessibility. It combines the efficiency and user-friendly interfaces of centralized exchanges with the transparency and decentralization of DEXs. Users retain control of their funds while delegating trading authority securely.

Token Utility and Governance

The native MYX token powers the MYX DAO, giving holders voting rights on platform decisions and the ability to stake tokens to earn a share of net trading fees. Token holders can participate in governance, adjusting fee tiers, risk limits, and supported chains. The token also provides access to VIP trading benefits.

Risk Management and Technology

MYX Finance uses advanced risk management features like automated deleveraging and a dual oracle system combining Chainlink and a proprietary oracle to ensure fair pricing and protect against oracle attacks. Intelligent funding rates balance long and short positions to maintain liquidity and market stability.

Fee Structure and Rewards

The platform offers low trading fees (as low as 0.01%) and a dynamic fee model with maker rebates. Users can earn passive income through staking mechanisms like the Keeper System, which shares transaction fees and supports decentralized governance.

Growth and Ecosystem

MYX Finance aims to expand its ecosystem by partnering with more businesses and increasing its user base. It plans to extend cross-chain capabilities to other blockchains such as Solana, Ethereum, and Base, broadening its reach and utility in the DeFi space.

Pros

• Strong network of backers including top-tier funds like ConsenSys, Hashkey Capital, and Sequoia China.
• Innovative Matching Pool Mechanism (MPM) and P2Pool2P model provide zero-slippage trading and high capital efficiency (up to 125x).
• Offers up to 50x leverage on perpetual contracts with low trading fees.
• Chain-agnostic collateral support across 20+ blockchains, allowing seamless asset use without manual bridging.
• Advanced risk management features like Automated Deleveraging and Dynamic Position Limit to maintain liquidity and reduce losses.
• Non-custodial platform with separation of custody and execution, enhancing user control.
• Token holders can stake MYX tokens to earn trading fee shares and participate in governance.
• Continuous development with upcoming platform upgrades and a clear vision for decentralized perpetual futures trading.

Cons

• Limited public information about the project’s core team.
• Market price and token value can be volatile, influenced by whale activity and market conditions.
• Relatively small market size compared to traditional markets, which may lead to price fluctuations.
• Some skepticism in the community due to sudden price rallies and token unlock timings.
• As a newer project (launched in 2023), it is still building its reputation and ecosystem compared to more established platforms.

Founders

The founder of MYX Finance is Mark Zhang.

Leadership

Mark Zhang also serves as the CEO of MYX Finance.

No other founders are mentioned in the available information.

Investors in MYX Finance

MYX Finance has raised a total of $5 million in funding from 12 investors. Some of the key investors include:

• Linea Ecosystem Investment Alliance
• Bing Ventures
• HongShan
• Foresight Ventures
• Hack VC
• Redpoint China Ventures
• FL Foundation
• Woyong
• D11-Labs
• HashKey Capital
• MetalphaMATH
• DWF Labs
• Meta Alpha

These investors participated in seed and strategic funding rounds, showing strong support for MYX Finance's development and growth in decentralized finance.

Halal Status of MYX Finance

MYX Finance is a decentralized derivatives exchange that offers perpetual futures trading with leverage. It involves trading contracts and derivatives, which typically include elements like speculation and leverage.

In Islamic finance principles, trading derivatives and leveraged products often raise concerns regarding their compliance with halal standards due to the involvement of uncertainty (gharar) and interest (riba).

Based on the available information, there is no explicit statement or certification confirming that MYX Finance is halal.

Answer: No, MYX Finance is not confirmed halal because it involves derivatives trading and leverage, which generally do not align with halal finance principles.