MYX Finance

Description

MYX is a non‑custodial derivatives exchange that enables on‑chain trading of perpetual contracts for virtually any token with an existing AMM market. The protocol was introduced to lower the capital cost of providing liquidity, remove network‑related barriers for traders, and streamline the trading flow so that advanced derivatives are as accessible as spot swaps. Core Architecture Liquidity is organised through the Matching Pool Mechanism (MPM). Instead of maintaining individual maker books or constant‑product curves, a shared pool holds collateral supplied by liquidity providers. The smart‑contract engine matches long and short orders against this pool and nets funding transfers at each interval. By concentrating collateral and rebalancing exposures internally, the pool can support open interest that exceeds the funds locked while keeping every matched trade fully collateralised. Trading fees are volume‑tiered and can fall to 1 basis point per side when utilisation is high. Chain Abstraction and Seamless UX MYX implements a two‑layer account model that separates custody from execution. Users retain control of their funds in standard EOAs or smart wallets but delegate trading authority to a delegate‑trader key generated in‑app. This key signs orders on the user’s behalf, eliminating the need to confirm every transaction. Gas costs are paid by a relayer network and netted in settlement currency, so orders feel instantaneous even on congested networks. Chain abstraction extends this approach to collateral. A chain-abstracted AA wallet recognises assets deposited on 20+ supported chains including Solana. Traders can open positions with any asset without manually bridging tokens or swapping into a platform‑specific stablecoin.