MYX Raises $5 Million in Seed Round Led by HongShan, Redefining Decentralized Derivatives Trading
MYX stands out as a decentralized derivatives exchange that operates on a peer-to-pool-to-peer model.
MYX, an Asia-based crypto derivatives protocol, has secured a significant milestone in its journey by successfully raising $5 million in a seed funding round, achieving a valuation of $50 million. This funding round was spearheaded by HongShan, formerly known as Sequoia China, showcasing strong support for MYX's innovative approach to decentralized derivatives trading.
Founded earlier this year by Mark Zhang, MYX garnered investments from a prestigious group of backers, including Consensys, Hack VC, OKX Ventures, Redpoint Ventures, Hashkey Capital, Foresight Ventures, GSR Markets, Leland Ventures, Cypher Capital, Bing Ventures, and Lecca Ventures, among others. This substantial backing reaffirms the industry's confidence in MYX's vision and disruptive model for the crypto derivatives space.
MYX stands out as a decentralized derivatives exchange that operates on a peer-to-pool-to-peer model. The protocol is designed with intelligent rates and exposure hedging mechanisms aimed at ensuring protocol stability while offering sustainable high returns to its users.
Mark Zhang, CEO of MYX and former head of futures products at crypto exchange Huobi, emphasized the challenges faced by the industry in terms of user awareness and acceptance of decentralized derivative trading. Zhang highlighted that existing products often fall short in meeting the trading needs of users. He noted that MYX intends to address this by focusing on user education and refining its trading tools, leveraging the newly raised capital to enhance user experiences.
The statement released by MYX outlined the innovative approach of its matching pool mechanism engine, disrupting the conventional model by exclusively exposing liquidity providers to net open interests. This approach enables liquidity providers to concentrate on proficiently managing and mitigating risks, breaking away from the restrictions of specific long or short positions and eliminating the dependence on traders' losses for gains.
As MYX paves the way for decentralized derivatives trading, the successful seed funding round led by HongShan underscores investor confidence in the platform's potential to redefine and enhance the crypto derivatives landscape.
