Score STRICT
Potentiel max
8x
Rendement potentiel
Probabilité
60%
Chance de succès
Niveau de risque
7/10
Risque élevé
Capitalisation
$625.78M
Volume
$13.08M
Détail du score STRICT
Notre système de notation propriétaire évalue les projets selon 6 dimensions clés.
Aperçu de l'analyse
Aperçu de l'analyse
MYX Finance is a decentralized perpetual futures exchange currently trading at $3.27 with a market cap of $823 million, ranking #68 on CoinMarketCap. The platform has achieved $59 billion in cumulative trading volume and $40 million TVL across Arbitrum, BNB Chain, Linea, and opBNB. Monthly volume surged from $1.6 billion in February 2025 to $10.3 billion, while 24-hour volume sits at $66 million. The token is down 81.8% from its September 2025 ATH of $18.92 despite recent +5.57% gains. With 193 million MYX circulating from a 1 billion fixed supply, the platform offers up to 50x leverage on USDC-margined perpetual contracts.
Thèse d'investissement
MYX Finance presents a compelling growth opportunity in the decentralized perpetuals sector through its unique zero-slippage Matching Pool Mechanism (MPM) and 125x capital efficiency via the P2Pool2P model. The platform achieved $47 billion in trading volume within just one year post-TGE (May 2025), positioning it as the fastest-growing multi-chain perpetual DEX and the largest DEX on Linea. The upcoming V2 upgrade in Q4 2025 will introduce portfolio margining, Solana integration, and enhanced cross-chain functionality across 20+ blockchains through chain abstraction technology. With gasless trading, lowest-in-class fees, and 40% of trading fees distributed to liquidity providers, MYX has established strong product-market fit. Strategic partnerships including Binance Alpha listing and Chainlink oracle integration provide infrastructure credibility.
Position concurrentielle
MYX Finance occupies a differentiated position in the perpetual DEX landscape by prioritizing capital efficiency and user experience over competing on liquidity depth (dYdX's strength) or asset variety (GMX's advantage). While Hyperliquid dominates with 70% market share and $10B daily volume through its fully on-chain order book, MYX's zero-slippage MPM mechanism offers a unique value proposition for traders sensitive to price impact. Against dYdX's institutional-grade infrastructure and 220+ markets, MYX counters with superior capital efficiency (125x vs 50x) and gasless trading. Compared to GMX's $300B cumulative volume and GLP liquidity pool model, MYX provides more favorable fee structures and faster cross-chain execution. The platform's chain abstraction across 20+ blockchains is unmatched, though execution remains early-stage. As the largest DEX on Linea and fastest-growing multi-chain perpetual platform, MYX has carved a growth-focused niche, but faces existential competition from better-capitalized incumbents and the Hyperliquid juggernaut.
Conclusion
MYX Finance represents a speculative but promising opportunity in the burgeoning perpetual DEX sector. The platform's innovative zero-slippage technology and 125x capital efficiency address real pain points, while explosive growth metrics validate product-market fit. However, extreme volatility, token unlock risks, and fierce competition from Hyperliquid's dominance warrant a cautious accumulation strategy rather than aggressive buying. The Q4 2025 V2 upgrade serves as a crucial catalyst that could either propel MYX toward the $12 bull case or confirm bear thesis concerns. Investors should size positions accordingly, recognizing this as a high-risk, high-reward bet on perpetual DEX innovation.
Points forts
- Zero-slippage trading through innovative Matching Pool Mechanism eliminates price impact regardless of position size
- Exceptional 125x capital efficiency via P2Pool2P model, superior to traditional DEX architectures
- Chain abstraction technology supports deposits from 20+ blockchains without manual bridging, drastically improving UX
- Explosive growth metrics: $47B volume in one year, 10x TVL growth since March 2025, nearly 200,000 trading addresses
- Strong revenue sharing: 40% of trading fees to LPs plus funding fee portions and closed position profits
Risques
- Extreme token volatility: down 81.8% from $18.92 ATH reached September 2025, with accusations of market manipulation
- Major token unlock event of $59M+ scheduled for Q4 2025 could create significant selling pressure
- Fierce competition from established players: Hyperliquid dominates with 70% market share and $10B daily volume, dYdX offers 220+ markets, GMX has $300B cumulative volume since 2021
- Relative immaturity: TGE only in May 2025 provides limited operational history compared to battle-tested competitors
- Concerns about wash trading activities have raised questions about reported volume authenticity
Catalyseurs à venir
V2 Protocol Upgrade with portfolio margining, Solana integration, and enhanced zero-slippage execution
Échéance: Q4 2025
Strategic partnership with prominent Layer-1 blockchain for cross-chain liquidity integration
Échéance: Q4 2025 - Q1 2026
Non-EVM Chain Expansion including Bitcoin Layer-2 networks
Échéance: Q1 2026
Objectifs de prix
Bear case assumes Q4 2025 token unlock creates sustained selling pressure, V2 upgrade delays or disappoints, and continued market share loss to Hyperliquid. Volume manipulation concerns damage reputation. Price would test support levels near 60% below current prices, matching broader crypto bear market conditions.
Base case projects successful V2 launch in Q4 2025 driving 60% price appreciation as portfolio margining and Solana integration attract institutional traders. Platform maintains current growth trajectory of 10x TVL expansion, capturing 5% perpetual DEX market share. Token utility expands through VIP staking system and fee discounts.
Bull scenario sees V2 upgrade replicating V1 launch 1,878% surge momentum, propelled by zero-slippage execution proving superior to competitors during high-volatility periods. Strategic Layer-1 partnership materializes, Binance spot listing occurs, and platform reaches $100B cumulative volume by mid-2026. Chain abstraction becomes industry standard, positioning MYX as infrastructure leader.
Score STRICT
Score: 68/100 | Potentiel: 8x
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Avertissement: Cette analyse est fournie à titre informatif uniquement et ne doit pas être considérée comme un conseil financier. Faites toujours vos propres recherches avant de prendre des décisions d'investissement. Les investissements en cryptomonnaies sont volatils et comportent des risques significatifs.