On January 9, the derivatives protocol MYX Finance announced that its “first killer feature” for 2025 – contactless trading – was officially launched.
Recently, the news that MYX Finance is about to hold TGE has sparked a lot of discussion in the crypto community. As the fastest growing multi-chain Perp DEX in 2024, MYX Finance has launched many innovative products on the product side this year. At the beginning of the new year of 2025, "no-feeling transaction" is the first, first and exclusive function of MYX Finance. Choosing to launch it at such a time node is undoubtedly a heavyweight increase made by the team before TGE.
What is "no-feeling transaction"?
In the trading scenario, whether we are on Uniswap, Hyperliquid or any DEX, before placing an order, we must first authorize to log in to our wallet, then check whether the gas fee (such as ETH) in the wallet is sufficient, and then confirm the signature after placing the order. If you switch from a computer to a mobile phone or want to trade again the next day, you have to go through this process again - the crypto market is changing rapidly, and going through this set of "practices" is indeed cumbersome, although not tiring.
"Seamless Trading" is the solution proposed by MYX Finance to this problem. Through the "encrypted abstraction" technology, MYX Finance's "Seamless Trading" integrates the security of DEX and the ease of use of CEX - through the completely decentralized underlying technology, it saves users from the cumbersome operations of traditional DEX - MYX Finance users only need to click "Seamless Trading" and authorize with one click to get a simple and smooth trading experience that is completely equivalent to CEX.
Specifically, MYX Finance brings unprecedented conveniences to users:
1. Only one authorization is required, no need for repeated confirmation: After the user logs in to the MYX Finance wallet, he only needs to click to authorize "contactless trading" to enable this function. After that, the user's trading process is completely similar to opening an order on CEX, and no repeated authorization confirmation is required;
2. Trade anytime, anywhere: After turning on "contactless trading", users can directly start placing orders after logging in through the App, Telegram or any browser, without having to go back and forth between wallets for tedious authorization.
3. Gas-free transactions: In MYX Finance, all transactions do not require pre-depositing gas fees. As long as there is USDC in the account, the system will automatically deduct it based on the average gas fee price in the past few weeks.
4. Zero threshold to use: MYX Finance is particularly friendly to traditional Web2 users and ordinary CEX users. The threshold and complexity of using on-chain products are much higher than CEX. Wallet registration, transaction authorization, pledge withdrawal, this series of on-chain operations are very unfamiliar to CEX users. Through the integration of Particle Network, we can now directly register with mobile phone numbers/email/Twitter and other social media accounts in MYX Finance. After registration, the on-chain wallet is automatically generated, and then the "senseless transaction" is authorized. Users can get the same experience as CEX.
5. Friendly to professional traders: Seamless Key, like API key, allows professional traders or automated systems to trade on behalf of users with user authorization.
Comparison of similar trading functions between top CEX and DEX
"Seamless trading" can be said to be the first, original and exclusive product feature of MYX Finance. Before MYX Finance, some DEXs have launched one-click trading or similar products. Although they look similar, the author believes that in terms of ease of use, complexity, decentralization and other aspects, there is still some gap from MYX Finance's "sealed trading".
| Trading Platform | type | Function Name | Do I need to pre-deposit Gas Fee? | Ease of use |
| Binance | CEX | none | No need | Extremely easy to use |
| Uniswap | DEX | none | need | More trivial |
| Hyperliquid | DEX | Persist Trading Connection | need | You need to check each option yourself, which is easier to use |
| GMX | DEX | One-click Trading | need | You need to check and set each option yourself, which is easier to use |
| MYX Finance | DEX | Seamless Trading | No need | Only one authorization is required, very easy to use |
We compare MYX Finance with the recently popular Hyperliquid and GMX, and we can see the difference at a glance.
Hyperliquid customizes various options for users, such as "skip buy/sell confirmation" and "keep transaction association". After logging in, users still need to study the functions and risks of this series of options first, and still need to pre-deposit gas fees. Such function settings are actually very useless for Web2 or CEX users. It is a pity to throw them away.
The core logic of "One-click Trading" launched by GMX is similar to Hyperliquid. After users choose to enable this function, they still need to set the maximum number of transactions allowed, initial recharge (handling fee), etc. It is "semi-manual and semi-automatic", and the user's cognitive threshold is still very high, and it is not particularly convenient to use.
In contrast, MYX Finance's "contactless trading" provides users with a "foolproof one-click experience". After logging into the wallet and authorizing "contactless trading", users only need to set a password to activate the function. After that, as long as there is USDC in the wallet, orders can be placed at any time without setting complicated options. Devices/webpages can be changed at will without affecting the trading experience, which truly realizes a 1:1 CEX experience restoration on the chain.
How does “crypto abstraction” integrate CEX usability and DEX security?
MYX Finance's "seamless transaction" function brings a CEX-level experience to users on the chain - after one-click authorization, the user's learning logic and usage logic are no different from CEX - this is simply good news for traditional Web2 users, who can enjoy the decentralization and asset security on the chain, and trade conveniently and quickly without having to change their usage habits.
According to the technical introduction officially disclosed by MYX Finance (add a hyperlink here), in order to achieve "senseless transactions", MYX Finance has made many original designs. In short, it mainly relies on the "cryptographic abstraction" technology - that is, the user first generates a "senseless key" through the main wallet signature, which is used to set up transactions without paying Gas fees. The main wallet authorizes the key to be used for MYX transactions, and all transaction fees are supported by the MYX relay service. Users only need to deposit USDC to start trading. Each transaction is signed locally with the "senseless key" and broadcast by the relay service to ensure security and no Gas. The user's temporary wallet will be automatically destroyed at the end of the session or when it has not been operated for a long time to ensure the security and privacy of assets.
It is worth emphasizing that while providing transaction convenience, MYX Finance's "unconscious transaction" provides multiple security guarantees for user assets from the underlying design:
1. Unique Order Nonce: Each non-sensing key is assigned a unique order Nonce in the MYX smart contract to ensure that transactions are processed in the correct order and avoid duplicate or unauthorized replay attacks.
2. Transaction validity period: By setting the transaction validity period, the transaction is limited to a certain time range, and expired transactions will be rejected.
3. Seamless key asset isolation: The seamless key itself has no assets, and there is no economic benefit in attacking it. Even if the private key is exposed, the user's assets are still safely stored in the main wallet.
It is no exaggeration to say that "contactless transactions" are an important breakthrough in the current DEX track. It has achieved unprecedented fit in ease of use, security, modularity, and scalability through the innovative move of abstracting "cryptography", breaking the barriers between CEX and DEX, and allowing users to easily participate in on-chain transactions.
At present, the news that MYX Finance will hold TGE in the first quarter of 2025 has been widely spread in the community. The launch of the "unconscious transaction" function is not only a fuel for TGE, but also a product "ballast stone" to prepare for the next wave of user base surge - in 2024, MYX Finance has become the fastest growing multi-chain Perp DEX of the year. In 2025, the crypto market and market sentiment have far exceeded 2024. After TGE, MYX Finance will inevitably usher in a huge wave of traffic and user growth, and continue to compete with dYdX, Hyperliquid and other protocols to seize the market - by then, the wealth effect brought by its TGE is also worth looking forward to.
