Core Insights - MYX, the native token of MYX Finance, has surged over 200% in the past 24 hours, reaching a price of $17.75 from approximately $6.28, making it the biggest gainer on September 9 [1] - The market capitalization of MYX has exceeded $2.1 billion, positioning it among the top 50 cryptocurrencies, while its fully diluted valuation is above $17.7 billion, ranking it among the 30 largest digital assets [2] - The price increase has led to significant liquidations in the crypto market, with traders betting against MYX losing $48.7 million, surpassing liquidations in Ethereum and Bitcoin [3] Market Activity - The uptrend in MYX has resulted in a more than 100% increase in derivative trading volumes, exceeding $11 billion, making it one of the top five most traded tokens in the last 24 hours [4] - This trading volume is five times higher than Cardano's ADA and $4 billion higher than XRP [4] Market Sentiment - The rapid price growth of MYX has raised skepticism among market observers, with some suggesting that the spikes resemble manipulation rather than genuine demand [5] - Contrarily, others argue that the rally indicates a growing interest in decentralized perpetuals, comparing MYX's performance to that of Hyperliquid, a leading on-chain derivatives venue [5] Company Overview - MYX Finance operates a decentralized perpetual exchange on the BNB Chain, utilizing a "Matching Pool Mechanism" to minimize slippage and facilitate trades across multiple blockchains [6] - The platform has attracted over 177,000 traders, processed a lifetime volume of $95.6 billion, and locked a total value of $59.3 million [6]