The MYX crypto derivatives protocol sees its valuation fly to 50 million dollars after a fundraising from 5 million dollars from HongShan, Consensys, OKX and others.
The decentralized exchange platform MYX wants to offer crypto derivatives trading and is developing an innovative matching pool mechanism that seamlessly matches long and short positions to “enable capital efficiency of up to 125x”.
MYX also aims to revolutionize crypto derivatives trading by guaranteeing system stability with smart funding rates and advancing scalability with features such as LP yield swaps.
On Tuesday, the team behind the project announced that it had closed a $5 million financing round led by HongShan (Sequoia China).
The funding round, which boosts the protocol’s valuation to $50 million, also sees the participation of well-known players in the crypto ecosystem, including ETH studio Consensys, Hack VC, Cypher Capital, OKX Ventures, HashKey Capital and GSR Markets.
We are deeply honored that, even in a bear market, this round of financing has attracted the attention of leading capitalists. […] With the potential $900 billion quarterly volume of the decentralized derivatives market, we firmly believe it’s critical to focus on overall trading volume growth through product, mechanism and business innovation,” said MYX founder ‘Mark’.
The fresh capital will be used to accelerate the development and launch of the protocol.
Several crypto derivatives DEXs have raised funds in recent months. In October, SynFutures secured $22 million in Series B funding from Pantera. This summer, D8X, a platform based on Polygon zkEVM, raised $1.5 million in pre-seed funding.
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