Asia-based Crypto Derivatives Protocol MYX Raises $5 Million in Seed Round
MYX, an Asia-based crypto derivatives protocol, has successfully raised $5 million in a seed round, valuing the company at $50 million. The funding round was led by HongShan (formerly known as Sequoia China) and saw participation from prominent investors such as Consensys, Hack VC, OKX Ventures, Redpoint Ventures, Hashkey Capital, Foresight Ventures, GSR Markets, Leland Ventures, Cypher Capital, Bing Ventures, and Lecca Ventures.
The founder of MYX is Mark Zhang, who previously served as the head of futures products at crypto exchange Huobi. MYX operates as a decentralized derivative exchange using a peer-to-pool-to-peer model. The platform ensures protocol stability and sustainable high returns through intelligent rates and exposure hedging mechanisms.
Challenges in DeFi Derivatives Acceptance
Zhang acknowledges that one of the major challenges faced by the industry is the lack of awareness and acceptance of decentralized derivative trading among users. He believes that existing products fail to meet the trading needs of these users. With the new capital infusion, MYX plans to focus on user education while developing its trading tools to address this issue.
Disrupting Traditional Models with Matching Pool Mechanism Engine
MYX’s matching pool mechanism engine disrupts the traditional model by exclusively exposing liquidity providers to net open interests. This approach empowers liquidity providers to focus on effectively managing and mitigating risks instead of being tied to specific positions or relying on traders’ losses for gains.
Hot Take: MYX Revolutionizing Derivatives Trading with Decentralized Approach
MYX is revolutionizing derivatives trading with its decentralized approach and innovative matching pool mechanism engine. By addressing the challenges of user awareness and acceptance, MYX aims to become a leading platform in the crypto derivatives market. With the recent successful seed round, MYX is well-positioned to further develop its trading tools and educate users about the benefits of decentralized derivative trading. As the industry continues to evolve, MYX’s commitment to stability, sustainability, and high returns sets it apart from traditional models.
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