MYX Finance’s token ripped higher on a wave of speculative activity, but the rally looks shaky beneath the surface.
What happened
MYX climbed about 68% in a single session as fresh capital flowed back into risk assets. The rally was driven almost entirely by intense activity in the perpetuals market rather than improvements in the protocol’s fundamentals.
Perpetuals fueling the move
Perpetual trading volume for MYX swelled, pushing total perpetual market volume to just over $250 million, according to DeFiLlama. Decentralized exchange PancakeSwap V3 was a notable contributor, accounting for roughly $13 million of that volume in the past 24 hours (CoinMarketCap). Open interest — the capital locked in perp contracts — roughly doubled during the same period, rising above $55 million. Positive funding rates also helped sustain the aggressive price move as traders piled into long positions.
On-chain and protocol fundamentals lag
Despite the price fireworks, MYX’s on-chain economics remain weak. Since the start of January, gross protocol revenue has totaled just $5: $2 from liquidity provider fees and $3 from VIP trading fees, per DeFiLlama. That degree of revenue generation points to limited sustainable profitability at the protocol level and raises questions about the rally’s durability.
Technicals point to caution
Technical indicators suggest the token may be overextended. MYX pushed above the upper Bollinger Band — a classic sign of an overbought condition that often precedes short-term pullbacks (TradingView). The Accumulation/Distribution line is still in negative territory, with about 45 million MYX traded, indicating sellers have so far outpaced genuine accumulation despite the price spike. While the A/D is edging toward neutrality, selling pressure remains dominant.
Bottom line
The recent surge appears to be driven primarily by leveraged, speculative interest in perpetuals rather than improving protocol fundamentals. That combination — heavy perp flows, rising open interest, positive funding, but negligible on-chain revenue and overbought technicals — increases the risk of a corrective retracement. Traders should weigh the heightened volatility and weak protocol-level metrics before assuming the rally is sustainable.
Disclaimer: This summary is informational and not investment advice. Cryptocurrency trading carries high risk; do your own research before making decisions.
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