MYX Finance Plunges 72% in a Week

MYX Finance has plunged 72% over the past seven days, sending the token to a three-month low and erasing months of gains. While such a collapse can suggest protocol failure or loss of utility, on-chain and derivatives metrics point elsewhere. Total value locked fell by roughly $2 million, from $22.27 million to $20.27 million, a reduction of less than 10% of TVL.

That moderate contraction suggests users have not exited en masse and core platform demand remains intact. Derivatives markets show persistent negative funding rates and spikes that reflect aggressive short positioning, with traders opening short contracts and paying fees to long holders.

The Money Flow Index has dropped below 50, indicating selling pressure; the last decisive MFI shift coincided with a 50% drop, and this sell-off has reached 72%. MYX trades at $1.88 after breaking below the $2.00 level.

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