Crypto traders have historically faced an impossible trilemma: trustlessness, accessibility, and usability—specifically, asset security and fairness of execution, comprehensive access to opportunities, and liquidity depth with user experience. No single venue has successfully delivered all three essential elements.
Top centralized exchanges gained dominance in an otherwise commoditized market by combining custody trust with the wealth effects of curated listings. These advantages are now challenged by decentralized alternatives, as seen in the rise of platforms like Pumpfun, where immediacy of opportunity outweighs polished interfaces or deeper liquidity.
We propose MYX V2, a non-custodial, permissionless infrastructure for perpetual futures. It enforces security through deterministic self-custody, enables day-one perpetual markets for any token, and provides execution quality comparable to centralized venues.
Just as ERC-20 removed permission from token issuance and Uniswap from spot exchange, MYX V2 removes permission from perpetuals**—closing the execution gap while unlocking what only decentralization makes possible.**
MYX’s first phase addressed the core inefficiencies of decentralized derivatives. V1 proved that an on-chain Matching Pool Mechanism could match centralized exchanges on liquidity and fees while preserving self-custody and transparent settlement. It also closed the usability gap through seamless trading—making execution gasless and walletless.
V2 raises the bar. The question now becomes: what unique capabilities can a decentralized system offer?
MYX V2 introduces a new era for on-chain trading by extending permissionlessness to perpetuals. Creating a perpetual market becomes as simple as launching a token. Any on-chain asset can immediately support leverage and hedging without approvals or gatekeepers—a chain-abstracted model impossible for custodial exchanges to replicate.
Institutions gain certainty through transparent rules, user-controlled custody, and code-defined outcomes rather than discretionary decisions. This provides the predictability needed for large-scale institutional participation.
LPs gain access to programmable liquidity via risk-aligned vaults and mTokens that enable spot holders to earn on deposits. ****Markets can be supported with either base or quote asset alone, reducing participation barriers. This single-sided approach eliminates impermanent loss while maintaining risk alignment. Deposits become composable yield instruments with transparent, efficient compounding instead of facing asymmetric exposure erosion or being limited to low money-market yields.
V2's goal is applying V1's performance gains to permissionless design, enabling day-one perpetual markets for any asset with transparent rules and self-reinforcing liquidity.
The following sections detail the mechanisms ensuring this framework's practicality, resilience, and security.
MYX V2's design translates philosophy into concrete constraints, ensuring performance while maintaining decentralization, sustainability, and openness—building on V1 lessons and addressing next-generation market demands.