MYX has concluded a $5 million seed funding round, led by HongShan

MYX, a decentralized crypto derivatives protocol incubated by D11 Labs, announced the completion of a $5 million seed round financing at a valuation of $50 million. HongShan (formerly Sequoia China) led this round, with participation from Consensys, Hack VC, OKX Ventures, Foresight Ventures, Redpoint China, HashKey Capital, GSR Markets, Alti5, Leland Ventures, Cypher Capital, Bing Ventures, Lecca Ventures, among others. The raised funds will be used to accelerate MYX’s technological innovation and market expansion, facilitating the rapid launch and scalable development of its mainnet product.

Additionally, MYX announced the upcoming launch of the Treasure Hunting Event, designed to incentivize and reward early supporters in the community. This event will continue until the conclusion of the Token Generation Event (TGE), with the first phase set to commence soon. They are considering deploying crucial early storyline credentials on the BRC-20 network.

MYX operates as a decentralized perpetual contract exchange utilizing its proprietary MPM mechanism to achieve 0-slippage trading. It efficiently matches long and short positions, achieving capital efficiency of up to 125 times, aiming to overcome the efficiency bottlenecks seen in on-chain capital.