MYX Finance Surges Ahead with Keeper Network Launch and Strategic Backing from BNB Chain Foundation

The ecosystem of decentralized finance (DeFi) keeps on transforming, and MYX Finance—a derivatives trading platform that exists on the blockchain—has started to accumulate rapid success.

After getting listed on Binance Alpha not too long ago, MYX Finance has mounted a progression that has caught the notice of not just retail investors but also institutional ones within the DeFi world. And most recently, it has made the cut to be part of the $100 million project purchase pool belonging to the BNB Chain Foundation. That pool, by the way, is basically a way for BNB Chain—to the extent it lends governance tokens—to invest in diligent teams building on the BNB Chain platform.

BNB Chain Foundation Invests in MYX

On October 24, 2023, the BNB Chain Foundation made an official announcement regarding its recent purchase of MYX tokens as part of its strategic investment into innovative blockchain projects. The acquisition occurred five days prior, when the Foundation purchased 25,000 USDT worth of MYX tokens. This buy was executed through the Foundation’s $100 million incentive fund, dedicated to supporting what the Foundation calls “promising startups and protocols that are building on or compatible with the BNB Chain ecosystem.”

MYX Finance being included in this fund is a very important development for the project. It tends to validate what we are trying to do, which is to reshape the decentralized perpetual trading (Perp) trading landscape. It is also an indicator of how much strong institutional interest there is in our project and what we are trying to do with it.

While DeFi and CEX trading are typically very different experiences, we believe that the MYX platform offers a hybrid trading experience that could set a new high-water mark for DeFi trading platforms.

Launch of the Keeper Network: A Major Utility for $MYX

The Keeper Network is a truly remarkable achievement in the world of decentralized finance. Designed by the team at MYX Finance, it takes an already impressive protocol—a system that allows users to employ a variety of functions while retaining their total control over assets—and expands on it in ways that make the $MYX token not only a vital part of the MYX ecosystem but also an increasingly sought-after asset in the larger DeFi space.

The Keeper Network operates like the validator system in Proof-of-Stake (PoS) blockchains. Users can either assign their $MYX tokens to node candidates or operate their own nodes. These nodes are in charge of evaluating and authenticating on-chain transactions, maintaining the integrity of the trading process and guaranteeing the transparency and accuracy of the system.

To be a candidate for a node, a user must pledge a minimum of 300,000 $MYX, which is roughly worth $30,000. Then on a weekly basis, the 21 users with the most $MYX pledged are chosen as the active nodes. By virtue of that status, they are eligible to earn a number of different rewards for what they do in and for the network: transaction fees, gas rebates, MEV revenue (from transaction ordering), income from liquidations (sell orders that are executed when certain pre-set conditions are satisfied), and regular inflation incentives.

MYX Finance has a backend that is fully decentralized and still manages to provide a user-friendly, fast, trading interface that nearly marries the two worlds of Centralized Exchanges (CEXs) and Decentralized Exchanges (DEXs). CEX-grade matching systems are generally what you find by the time you reach the big bucks. Yet, here we are, using something that marries DEX and CEX in an effective Perpetual DEX without any real changes across the user experience spectrum. That’s it.

Rapid Adoption and Institutional Support

Even though it has only been operational for less than a day, the Keeper Network has rapidly attracted a clear level of adoption. Staking of over 1.59 million MYX tokens highlights the community’s strong confidence in the long-term viability and reward structure of the project.

The Keeper Network has caught the interest of many prominent institutions. Heavyweights like LineaBuild, FL Foundation, Sequoia China, and Woyong have all committed $MYX tokens to become node operators, which further underscores the robustness and appeal of MYX’s decentralized infrastructure.

Not only does their involvement make the Keeper Network more secure and decentralized, but it also sends a strong message to other investors and developers about the potential of MYX Finance to be a leading decentralized derivatives platform.

Conclusion

The recent progress of MYX Finance—from the BNB Chain Foundation’s investment to the successful launch of its Keeper Network—marks a pivotal phase in the development of MYX Finance. With a fresh approach that combines the efficiency of centralized systems with the trustlessness of blockchain, and with solid institutional backing already in place, MYX Finance is positioning itself at the leading edge of the next generation of decentralized trading platforms.

MYX Finance offers an alternative method to maintain adequate capital and reduce risk while executing blind trust trades in the fast-evolving, wholly on-chain world of decentralized finance. Here’s how.

As the DeFi sector continues to mature, MYX Finance’s Keeper Network could prove to be a foundational component in building scalable, secure, and transparent on-chain trading ecosystems.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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