OKX Ventures, the investment arm of crypto exchange and Web3 technology company OKX, announced its investment in MYX.Finance (MYX), a decentralized perpetual derivative exchange.
This investment is part of OKX Ventures’ ongoing effort “to enhance its growing portfolio of DEX projects.”
MYX operates on a ‘Matching Pool Mechanism,’ which “leverages intelligent rates and exposure hedging mechanisms to help ensure protocol stability and increase the potential of generating sustainable, high returns. With its efficient fund usage, MYX stands out as a highly scalable decentralized exchange in the market.”
OKX Ventures Founder Dora Yue said:
“From 2019 to 2021, the number of CEXs has gradually decreased, while the number of DEXs has increased by over 100% in three years. The total value locked of derivative DEXs has increased by 35.7 times since 2020, and the cumulative trading volume of the top 20 derivative DEXs has grown from 0 to the current level of US$1.6 trillion in just three years. There is still significant room for growth in the derivative DEX space, and we are optimistic about MYX’s performance in the derivatives market.”
MYX aims to provide traders with the derivative exchange experience, “giving eligible users the ability to trade BTC and ETH perpetual swaps with up to 50x leverage.”
In addition, MYX users “can enjoy zero slippage, no borrowing fees and some of the lowest trading costs available. Liquidity providers can also benefit from MYX’s innovative features. The platform’s capital-efficient derivatives trading engine enables liquidity providers to potentially access higher yield opportunities and achieve sustainable returns.”
This announcement follows OKX Ventures’ recent investment “in Aark Digital, a decentralized derivative exchange built on Arbitrum. Over the past two years, OKX Ventures has invested in over 300 projects across five continents with a fund size of approximately USD$1 billion, covering almost all investment tracks. OKX Ventures focuses on supporting cutting-edge blockchain innovation and exploring high-quality projects that demonstrate long-term value.”
OKX Ventures is the investment arm of crypto exchange and Web3 technology company OKX, with an initial capital commitment “of USD 100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.”
Through its commitment to supporting entrepreneurs who “contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.”