Title: From a Surge of 1800% to Halving: MYX’s “Value Loop” Shattered by Institutional Cashing Out
Written by: Nicky, Foresight News
As of August 6, the MYX token has experienced extreme price volatility. According to data from Bitget, its price surged from $0.113 to $2.1 over the past three days, an increase of over 1800%. However, within just 24 hours, the price plummeted by 60% to $0.8237, currently reported at $1.05.
On August 6, on-chain analyst @ai_9684xtpa revealed a critical development. Early investor Hack VC extracted 1.27 million MYX tokens (approximately $2.157 million) from the airdrop contract within 7 hours. Of these, 445,000 were sold through an address starting with 0x259 at an average price of $1.68, cashing out $747,000.
This action triggered panic in the market, rapidly draining the token’s liquidity. During the crash, Binance’s MYX contract trading volume surged to $7 billion in a single day, with intense long and short betting.
This steep price curve instantly attracted countless eyes.
Looking back to November 2023, MYX.Finance secured $5 million in seed funding at a valuation of $50 million. Sequoia China led the round, followed closely by over ten institutions including Consensys and Hack VC.
With the support of capital, MYX.Finance introduced its innovative MPM (Matching Pool Mechanism) engine. It promised zero slippage trading, aiming to address pain points in on-chain derivatives with up to 125x on-chain leverage.
By June 2024, MYX.Finance became one of the first projects in the Linea Ecological Investment Alliance (LEIA). At the end of July this year, Linea officially announced the upcoming Token Generation Event (TGE) and released its tokenomics.
On August 6, the decentralized trading platform Etherex, launched in collaboration with Linea, Consensys, and Nile, will introduce its native token REX, with partners including MYX.Finance.
One year later, key actions are being implemented. By the end of May 2025, the MYX node staking system “Keeper System” was officially launched. Institutions including Layer 2 public chain Linea and Sequoia China participated in node elections. This system constructed a value loop: node income is directly used to repurchase MYX tokens, rewarding stakers.
According to the official website, MYX.Finance’s total locked value (TVL) has reached nearly $27 million. Total trading volume has surpassed $8.4 billion, with over 170,000 users.
At the same time, the official website shows that total income for MLP liquidity providers has continuously risen, increasing from $35,000 on April 1, 2025, to the current $14.45 million. These figures serve as a testament to the ecosystem’s vibrancy.
Controversial Harvesting
Behind the prosperity, the community’s memory has not faded. In 2023, the BRC-20 inscription token BMYX, associated with MYX.Finance, experienced turmoil and was accused by users of “harvesting.” Until the eve of this year’s MYX token TGE, there were still allegations pointing to its incubating institution D11 Labs, stating that several projects they incubated had “adverse impacts.” “I thought it had already gone to zero,” expressed the despair of investors at that time.
In response to the criticisms, MYX.Finance’s CEO Mrak Zhang publicly promised compensation.
By the end of May 2025, it was announced that the compensation plan for BMYX holders would be implemented as per the scheme. The plan specifies: 30% in USDT equivalent stablecoins + 70% in MYX tokens (to be unlocked in phases). The team stated that 4% of the total token supply has been reserved for future dynamic compensation adjustments to ensure fairness.
This article is reprinted with permission from Foresight News