Onchain derivatives protocol MYX has closed a strategic funding round led by Consensys, with additional participation from Consensys Mesh and Systemic Ventures. The raise makes Consensys MYX’s largest investor and arrives as the project prepares to launch its V2 upgrade — a fundamental rearchitecture of how the protocol operates.
Rather than continuing as a standalone decentralized perpetual exchange, MYX V2 repositions the platform as a composable settlement layer: a modular engine that other trading applications, interfaces, and financial products can plug into directly.
From Exchange to Infrastructure
The centerpiece of the upgrade is MYX’s Modular Derivative Settlement Engine, which separates trade execution from local order book depth. The shift addresses one of the more persistent structural challenges in on-chain derivatives — fragmented liquidity across chains that limits execution quality, particularly for larger positions or newly listed assets.
Under the new architecture, pricing is anchored to Chainlink’s permissionless oracle infrastructure rather than traditional order books. MYX says this allows for predictable execution without slippage, even during volatile conditions or in thinner markets where liquidity depth would normally be a constraint.
The system introduces a Dynamic Margin model supporting leverage of up to 50x. By decoupling liquidity from pricing, the protocol aims to eliminate what many traders experience as a forced trade-off between market access and execution quality.
Technical Foundation
At the protocol level, V2 incorporates Ethereum account abstraction standards — specifically EIP-4337 and EIP-7702 — designed to streamline transaction flows and reduce the friction typically associated with on-chain derivatives trading. The integration is intended to improve capital efficiency while preserving non-custodial control.
MYX CEO Ryan described the upgrade as an infrastructure evolution rather than a feature expansion, noting that the combination of account abstraction and permissionless oracles makes perpetual trading more seamless without compromising user sovereignty.
Consensys Bets on Modular Derivatives
From the investment side, Consensys framed its backing as part of a broader thesis around the maturation of Ethereum’s financial stack. Ray Hernandez, Senior Vice President of Corporate Development at Consensys, said derivatives systems are increasingly expected to function as shared, modular layers rather than isolated venues. He pointed to capital-efficient and resilient settlement frameworks as foundational to Ethereum’s long-term infrastructure.
The comments reflect a growing consensus across DeFi that the next phase of derivatives development won’t center on building better exchanges — but on building better rails beneath them.
Broader Implications
The V2 rollout meaningfully expands MYX’s addressable market. Professional traders gain access to high-leverage, oracle-anchored execution. Institutional participants can evaluate a composable clearing layer within Ethereum’s derivatives ecosystem. And third-party trading interfaces or automation platforms can integrate MYX’s settlement engine directly, without needing to build their own derivatives infrastructure from scratch.
Originally launched as a decentralized perpetual exchange built around a Matching Pool Mechanism to minimize slippage, MYX’s pivot toward modular infrastructure mirrors a wider evolution in DeFi — one where composability and shared settlement are becoming central to how the space scales.
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With over half a decade of experience commentating on the cryptocurrency market and even more as a trader and investor, Jay has developed a robust knowledge base that enables him to dive deep into the inner workings of crypto platforms and the broader market to deliver unique, user-focused insight.
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