Stories by MUX Protocol on Medium

MUX Chad Trading Competition: RWA Edition 2.0 2024

MUX Protocol — Thu, 22 Aug 2024 01:55:50 GMT

TL;DR

MUX will launch the MUX Chad Trading Competition: RWA Edition 2.0
between August 22nd and September 18th, 2024.
Total prize pool

☑︎ 24 PS5 (or 500 $USDC)

☑︎ 16 Nintendo Switch (or 250 $USDC)

☑︎ 32 $DMT

☑︎ 56 $100 Gift Cards (or 100 $USDC)

Traders can join the competition using the MUX Aggregator to open MUX, GMX or gTrade positions.

Competition Duration

The trading competition will have four epochs and take place between August 22nd and August September 18th, 2024.

Each epoch starts and ends weekly on Thursdays at 0:00 am UTC.

Epoch 1: August 22nd — August 28th
Epoch 2: August 29th — September 4th
Epoch 3: September 5th — September 11th
Epoch 4: September 12th — September 18th

Competition Prizes & Rules

There will be three prize pools for the competition：

Main Pool

☑︎ 8 PS5 (or 500 $USDC)

☑︎ 8 Nintendo Switch (or 250 $USDC)

☑︎ 16 $DMT

☑︎ 16 $100 Gift Cards (or 100 $USDC)

PVP Pool

☑︎ 8 PS5 (or 500 $USDC)

☑︎ 8 Nintendo Switch (or 250 $USDC)

☑︎ 16 $DMT

Raffle Pool

☑︎ 8 PS5

☑︎ 40 $100 Gift Cards (or 100 $USDC)

Main Pool

Traders whose weekly volume is over $100,000 during each epoch will have the chance to win prizes from pool A.
At the end of each epoch, weekly prizes from pool A will be distributed to 10 addresses with the top 5 highest and lowest realized PNL.
Weekly prizes — PNL based

☑︎ PS5 x 2 — For the rank #1 address with the highest and lowest realized PNL

☑︎ Nintendo Switch x 2 — For the rank #2 address with the highest and lowest realized PNL

☑︎ $DMT x 2 — For the rank #3 address with the highest and lowest realized PNL

☑︎ $100 Gift Card x 4 — For the rank #4 & #5 addresses with the highest and lowest realized PNL

PVP Pool

Traders who own Sanko GameCorp, Milady or Pudgy Penguins community NFTs will have the chance to win prizes from pool B.

Eligible NFTs are

☑︎ Sakura Park

☑︎ Streets of Milady

☑︎ Milady

☑︎ Remilio Babies

☑︎ Pudgy Penguins

☑︎ Lil Pudgys

At the end of each epoch, weekly prizes from pool B will be distributed to 6 addresses with the top 3 highest and lowest PNL among the NFT-holding participants.
Weekly prizes — PNL based

☑︎ PS5 x 2 — For the rank #1 address in the highest and lowest PNL among the NFT-holding participants

☑︎ Nintendo Switch x 2 — For the rank #2 address in the highest and lowest PNL among the NFT-holding participants

☑︎ $DMT x 2 — For the rank #3 address in the highest and lowest PNL among the NFT-holding participants

Raffle Pool

Traders whose weekly volume is over $100,000 during each epoch will be eligible to enter the weekly raffle and have a chance to win prizes from the pool.
Weekly raffle prizes

☑︎ PS5 x 2 — Weekly raffle of 2 addresses from all eligible addresses

☑︎ $100 Gift Card x 10 — Weekly raffle of 10 addresses from all eligible addresses

MUX Chad Trading Contest: RWA Edition

MUX Protocol — Wed, 17 Jul 2024 16:37:24 GMT

“Not another trading competition,” you think.

But this one is different.

What sets this one apart?

There are four things true about the current market:

Most altcoin holders are down bad.
Every dollar saved in trading costs is a dollar to buy the dip.
Token dispersion means powerful communities become actual differentiators.
Elden Ring’s Shadow of the Erdtree DLC is the best DLC ever created.

Keeping these factors in mind, MUX has designed a unique trading competition catering to these unique market conditions.

How to Join 👋

Participation is simple.

Just use the MUX Aggregator to open positions on MUX, GMX, or gTrade platforms.

All trading pairs are eligible and count towards weekly volume.

Competition Duration 📅

The MUX Chad Trading Competition: RWA Edition runs from July 18th to August 13th, 2024, divided into four weekly epochs:

Epoch 1: July 18th — July 24th
Epoch 2: July 25th — July 31st
Epoch 3: August 1st — August 7th
Epoch 4: August 8th — August 14th

Each epoch starts and ends on Thursdays at 0:00 am UTC. With prize pools resetting every week, everyone has a fair shot at winning multiple times!

RWA Prizes 🏆

MUX is all about the RWA narrative. “Real World Assets” here means “Real World Video Games”!

The MUX Chad Competition has 3 Prize Pools. The total prizes between all 3 pools are:

24 PS5 consoles (or $500 USDC each)
16 Nintendo Switch consoles (or $250 USDC each)
16 $DMT tokens
56 $100 Gift Cards for Steam or GG Poker (or $100 USDC each)

In one week’s time, you can be the new Elden Lord or Link from Legend of Zelda. The prizes will primarily be dominated in these RWAs as gift vouchers, but can optionally be redeemed for their USDC cash equivalents.

If you want to stick to Web3 Gaming, MUX has filled some of the prize pool coffers with Sanko’s $DMT tokens. Sanko Game Corp is an Arbitrum L3 designed for decentralized gaming (read: low transaction fees, high TPS).

Everyone’s Got a Shot 🥇

This competition is inclusive, rewarding both wins and losses, and is size-agnostic:

Losses are Wins: Plot twist. MUX’s Delta Neutral Prize Pools reward both the biggest winners and the biggest losers.
PnL and RoE: If your size isn’t size, Prize Pools based on return on equity (percentage gains) ensure that smaller traders also have a chance to win.

In simple terms — losses can be turned into wins, and being small in size isn’t a disadvantage. You’re in luck, on so many levels! (tee hee).

To see which leaderboard you dominate, you can click the “Happy Intern” button, or the “Sad Intern” button on the upper right of the leaderboard.

Delta Neutral Prize Pools ⬆️⬇️

Main Pool: Open to All

Eligibility: All addresses with weekly trading volume over $100,000.
Metric: PNL
Distribution: 10 Addresses per week: split equally between the Top 5 highest and lowest realized PNL per epoch.

☑︎ PS5 (2): Rank #1 highest and lowest PNL.

☑︎ Nintendo Switch (2): Rank #2 highest and lowest PNL.

☑︎ $DMT (2): Rank #3 highest and lowest PNL.

Premium Pool: Select NFT Communities

Eligibility: Hold any of the following NFTs in your trading wallet:

☑︎ Sakura Park

☑︎ Streets of Milady

☑︎ Milady

☑︎ Remilio Babies

☑︎ Pudgy Penguins

☑︎ Lil Pudgys

Metric: ROE (percentage gains)
Distribution: 6 Addresses per week: split equally between the Top 3 highest and lowest ROE each epoch.

☑︎ PS5 (2): PS5 (2): Rank #1 highest and lowest ROE.

☑︎ Nintendo Switch (2): Rank #2 highest and lowest ROE.

☑︎ $DMT (2): Rank #3 highest and lowest ROE.

Raffle Pool: Spin to Win

Eligibility: All addresses with weekly trading volume over $100,000.
Metric: Pump your luck stat.
Distribution: 12 randomly selected addresses per week.

☑︎ PS5 (2): 2 addresses are selected weekly

☑︎ P$100 Gift Card (10): 10 addresses are selected weekly.

Win More, Win Often 🎯

Lastly, here are the answers to the most important questions.

Can a single wallet stack prizes from all three pools in the same epoch?

The answer is yes, yes and yes.

You can make the weekly leaderboard, hold a select NFT, and win the weekly raffle, scoring a triple kill.

Also, a single wallet can also win over multiple epochs.

No other trading contest gives participants this many chances at winning. No other trading contest offers prizes that are so inherently fun to own.

Ready to join? Spin to win, chads!

PS. Did we mention MUX offers some of the lowest trading costs at 0.015% open and close fees thanks to $ARB rebates?

PPS. Keep your eyes peeled for Epoch 3 onwards.

MUX contributors will contact prize winners at the end of each epoch to distribute the prize; if there is no response, the prize will be distributed in the form of $USDC tokens directly to the winners’ addresses.

The prize winner addresses from every epoch will be recorded on this spreadsheet during the contest. https://docs.google.com/spreadsheets/d/1PfZGux46n0vd46yTPHdBgY0h8bK_6EEYUTFJlUECDm0/edit?gid=0#gid=0

MUX STIP Bridge $ARB Rebates Rules

MUX Protocol — Mon, 24 Jun 2024 02:20:59 GMT

MUX was honored to be qualified for a 1.9M $ARB grant from the Arbitrum DAO STIP Bridge Program. MUX aims to use the grant effectively and onboard more traders to the Arbitrum ecosystem by offering a Trading Fee Rebate Program as well as additional yield for LPs.

After the MUX $ARB Rebate Program goes live, when traders open & close positions through the MUX Aggregator, up to 75% of the fees covered in the rebates scope from MUX Native, MUX Degen, GMX V1, GMX V2 and gTrade positions on Arbitrum will be rebated weekly as ARB tokens. Traders can claim the weekly ARB rebates on Thursdays, UTC. Upon distribution, the number of ARB tokens rebated is calculated based on your weekly trading fees (covered by the scope) and the real-time ARB token price.

The Rebate Program will kick off rebating up to 75% of the fees covered by the scope for integrated protocols without a weekly cap. Since the expected duration of the STIP Bridge is three months, the rebate rate for each aggregated protocol can be potentially adjusted along the way based on the grant spending speed. In addition, a weekly $ARB distribution cap can be added later during the campaign to ensure the campaign can last for three months. If the rebate rates or weekly cap needs to be adjusted according to grant spending speed and market conditions, MUX will notify the community before making any changes.

Rebate Scope

The trading cost of perps trading is a composite factor containing fees with fixed rates like open & close fees and borrowing fees and costs with variable rates like spread, price impact, funding fees and other specific fees from each individual protocol.

While MUX aims to rebate as much trading cost as possible, it also needs to ensure the campaign won’t initiate trade-to-earn or wash trading activities. Therefore, the rebates program will focus on the fees with fixed rates (this will cover most of the cost). Variable costs like funding fees or price impacts that can be negative or positive won’t be covered in the scope.

The final rebate rate will be based on the users’ actual fees spent. If the integrated protocols offer additional rebates/rewards separately, MUX will ensure the final total rebates won’t exceed the fees paid. When calculating $ARB rebates, the trading fee discount and MUX native rebate from using a MUX referral code will be considered as well. Please check the “MUX Native Referral Code Affiliation” section for more information.

Aggregated Protocol Fee Structures:

MUX Native Trading Protocol Fee Structure

MUX Degen Protocol Fee Structure

GMX V1 Fee Structure

GMX V2 Fee Structure

gTrade Fee Structure

Rebates Coverage:

Each week is one epoch.

In the first epoch, the fees marked with ✅ will be rebated with the indicated percentage.

The rebate rate for each aggregated protocol can be potentially adjusted along the way based on the grant spending speed. If the rebate rates need to be adjusted according to grant spending speed and market conditions, MUX will notify the community before making any changes.

If the integrated protocol also offers additional trading incentives or discounts, MUX will ensure the MUX $ARB rebate + Integrated Protocol Incentives + Additional Discounts won’t exceed 75% of the trading fees paid.

MUX Open:

Open Fee ✅ — 75%
Spread ❌

MUX Close:

Close Fee ✅ — 75%
Borrowing Fee ❌
Spread ❌

GMX v1 Open:

Open Fee ✅ — 25%
MUX Leverage Boost Fees ✅ — 75%
Spread ❌
Swap Fee ❌
Execution Cost ❌

GMX v1 Close:

Close Fee ✅ — 25%
MUX Leverage Boost Fees ✅ — 75%
Borrowing Fee ❌
Spread ❌

GMX v2 Open:

Open Fee ✅ — 75%
Swap Fee ❌
Execution Fee ❌
Price Impact Cost ❌

GMX v2 Close:

Close Fee ✅ — 75%
Borrow Fee ❌
Funding Fee ❌
Price Impact Cost ❌
Execution Fee ❌

gTrade Open:

Open fee (DaiVaultFee, LpFee, SssFee, DevGovFee) ✅ — 25%

gTrade Close:

Close fee (DaiVaultFee, LpFee, SssFee, DevGovFee) ✅ — 25%
Rollover fee ❌
Borrowing fee ❌
Funding fee ❌

Rebate Rules

After the Rebate Program goes live, when traders open & close positions through the MUX Aggregator, fees covered in the rebates scope from MUX, GMX V1, GMX V2 and gTrade positions on Arbitrum will be rebated weekly as ARB tokens.
The original trading cost will be charged upfront when opening/closing a position. Traders’ weekly cost will be tracked and rebated in the form of $ARB tokens once a week.
$ARB tokens will be distributed as fee rebates to traders weekly on Thursdays UTC based on the fees they spend during the week. Upon distribution, the number of ARB tokens rebated is calculated based on your weekly trading fees (covered by the scope) and the real-time ARB token price.
The rebated $ARB tokens need to be manually claimed. Unclaimed $ARB tokens will accumulate until they are claimed. Unclaimed $ARB tokens won’t expire before the Rebate Program ends.
The Rebate Program will kick off rebating up to 75% of the fees covered by the scope for integrated protocols without a weekly cap. Since the expected duration of the STIP Bridge is three months, the rebate rate for each aggregated protocol can be potentially adjusted along the way based on the grant spending speed. In addition, a weekly $ARB distribution cap can be added later during the campaign to ensure the campaign can last for three months.
If the rebate rates need to be adjusted according to grant spending speed and market conditions, MUX will notify the community before making any changes.
The final rebate rate will be based on the users’ actual fees spent. If the integrated protocols offer additional rebates/rewards separately, MUX will ensure the final total rebates won’t exceed the fees paid.
No wash trading or sybil-attack related activities are allowed. MUX contributors will closely monitor related activities from this campaign; Addresses involving wash trading or Sybil-attack-related activities will be published and excluded from receiving the rebates.
MUX contributors reserve the right to identify any Sybil-attack-related addresses and exclude them from the incentive program.
The anti-wash-trading & anti-sybil-attack rules will remain unrevealed. Otherwise, the rules can be abused with planned strategies.
When calculating $ARB rebates, the trading fee discount and MUX native rebate from using a MUX referral code will be considered as well. Please check the “MUX Native Referral Code Affiliation” section for more information.

MUX Native Referral Code Affiliation

Since the MUX native referral codes grant referrers rebates, self-referral + $ARB rebates can potentially trigger trade-to-earn or wash trading activities. To prevent such activities, if a trader uses a MUX referral code, the rebate rate (not the discount rate) of the code used will be deducted from the $ARB rebate rate by default.

The referral code owners can apply to whitelist the referral code by filling out the application form. MUX contributors will review the applications and whitelist referral codes based on the code user & owners’ past trading activities.

Once a referral code is whitelisted, the rebate rate (not the discount rate) of the code used won’t be deducted from the $ARB rebate rate.

The code owner will earn referral rebates regardless of the whitelisting; only traders who use MUX referral codes can be impacted if the code used isn’t whitelisted.

MUXLP Incentives

MUX will allocate $ARB incentives to MUXLP stakers weekly later during the campaign. The LP incentives distribution setup requires additional development and can’t be launched in the initial epochs; therefore, the trading incentives will kick off first, while the LP incentives will be added later.

MUX Annual Highlights: 2023 Edition

MUX Protocol — Wed, 17 Jan 2024 06:03:23 GMT

MUX’s Breakout Year 💥

The past year witnessed an extraordinary transformation for MUX, catapulting it from obscurity to prominence.

It not only solidified its position as a cornerstone in the perpetual trading domain but also asserted itself as the trailblazer in the perpetual aggregator sphere.

In this recap we delve into the expanding statistics, pioneering aggregation developments, and the vibrant community that contributed to this remarkable ascent.

What does the concept of 0 to 1 growth entail?

Let’s do a side-by-side comparison of key metrics taken on January 1, 2023 vs December 31, 2023:

TVL: $10.1M ► $60M (494% up)
MUX demonstrated significant growth in 2023 to emerge as the perpetual protocol with the 3rd-largest TVL, across all chains, in Q4 2023.
Total Volume: $1.9B ► $26B (1,268% up).
MUX has achieved remarkable recognition in terms of trading volume, frequently securing a Top 5 position on DeFillama’s 24-hour Volume rankings during periods of market volatility. In fact, MUX has occasionally emerged as the second most-traded perpetual platform across all chains.
Total Income: $2M ► $16M (700% up)
The MUX POL has grown to a point where it can safely redirect more protocol income towards MUX ecosystem incentives without impairing its core functionalities, which we will touch on below.

While growth is significant, its consistency carries more weight.

How has MUX performed in terms of sustaining its growth?

Let’s look at some stats from Q4:

Volume Growth:

🔹October Total Volume: $2.38B

🔹November Total Volume: $3.19B

🔹December Total Volume: $4:61B

Income Growth:

🔸October Total Income: $1.32M

🔸November Total Income: $1.69M

🔸December Total Income: $2.36M

Attaining three consecutive months off of new all-time highs is no small feat, especially during a bear market.

So how was MUX able to not only survive but thrive amidst the challenging market conditions of 2023?

In this recap, we’ll delve into the two essential pillars that significantly contributed to MUX’s success — Aggregation and Community — by outlining all the comprehensive initiatives and actions undertaken by MUX throughout 2023 to amplify these core areas.

Without further ado, let’s dive into it!

👇

What’s Perps Aggregation? 🔀

Fragmented liquidity in crypto is a glaring issue for crypto perpetual traders, as the diversity in pricing mechanisms and margin parameters across different protocols poses a hurdle for optimal pricing. On top of this, each trading platform has its own unique fees, rules, and learning curves.

A solution emerged in December 2022 with the launch of MUX v2. This release aimed to tackle the challenges of liquidity fragmentation and UX complexity by aggregating GMX and native MUX trades. Expanding its capabilities in February 2023, MUX integrated with gTrade, facilitating the aggregation of markets, including crypto, forex, indices, and commodities from gTrade.

The MUX Aggregator seamlessly executed complex aggregation on its backend, delivering the lowest-cost trades from multiple liquidity sources (perpetual protocols) to traders through a unified frontend.

Introduction to the MUX Aggregator 🌅

Out of the box, here are the inaugural features of MUX v2 that went live in December 2022:

Optimized trading cost — MUX v2 intelligently minimizes trading costs by carefully selecting the best liquidity route, factoring in elements like open & close fees, spread, price impact, and various trading expenses.
Streamlined UX — Trade on three protocols through a single entrance. Traders can focus solely on the trading needs without worrying about liquidity sources, making it especially useful for GMX v2 positions where manual pool selection is necessary.
Market Inclusivity — Trade any asset listed on GMX, gTrade, or future integrated protocols on MUX. Currently, forex and commodities are tradable on MUX by utilizing gTrade-routed positions.
Multiple Ecosystem Growth — MUX charges zero additional fees for aggregation, directing all trade fees to integrated protocols, thereby enhancing trading volume, revenue, and LP yield for GMX and gTrade.
Boosted Leverage — MUX offers up to 100x leverage within its native pool and can facilitate 100x leverage on integrated protocols, surpassing the standard 50x on GMX v1 and GMX v2.

*The GMX v2 Leverage Boosting has been introduced in January 2024 and is currently live!

This marked the beginning of MUX’s journey. Now we’ll let the developments in 2023 speak for themselves. 🔥

The 1st Leveraged ARB Market 🪙

When Arbitrum announced its own token, CT erupted with anticipation.

Quick to the punch, MUX unveiled a leveraged ARB market just 24 hours after the ARB token’s introduction last March!

MUX was the first decentralized trading platform to offer ARB positions with up to 100x leverage, at zero price impact, courtesy of the pool’s token-weighted architecture that allowed for ARB to be held in the pool.

Most importantly, this endeavor highlights the ability of MUX to anticipate, act fast and stay ahead of the curve. After all, the crypto markets revolve around chasing the next current thing.

Evolutions in TP/SL Functionality and Editing 📈

March marked a pivotal moment as traders gained the ability to seamlessly set Take Profit/Stop Loss (TP/SL) prices for MUXLP, GMX, and gTrade-routed positions on MUX — all within a single transaction. This enhancement streamlined the process of efficiently managing positions.

While TP/SL features are commonplace in many perpetual platforms, MUX stands out with one of the lowest funding costs among decentralized platforms. Rest easy knowing that when you set your TP/SL levels and leave your positions open on MUX, your profits will remain less affected by excessive fees, relative to using other platforms.

(Further) Lowered Trading Costs 💰

MUX has consistently adhered to its founding principle of providing traders with the most cost-effective and streamlined trading experience.

In August, MUX elevated this commitment by further reducing position fees for trades routed through the MUXLP — from 0.08% to 0.06%.

This reduction in base fees represents a long-term strategy to stimulate organic trading volume.

It’s essential to highlight that BTC and ETH trades routed through the MUXLP already boast 0% price impact and 0% spread, on top of these reductions in position fees.

Aggregated Positions 🧩

Previously, a single position on MUX was matched to a single liquidity source. In the past, the MUX Aggregator routed your trades to either the MUXLP, the gDAI Vault of gTrade or the GLP Vault of GMX.

Unveiled gradually between June and September, Aggregated Positions allowed the MUX Aggregator to mix and match multiple liquidity sources within a single position on MUX. That is to say, MUX traders get the perfect ratio between multiple pools to maximize their trading cost discounts.

Let’s simplify this with an example. Imagine a $10M position, but there’s only $8M available in the MUXLP.

Aggregated Positions Off — the entire $10M position would be directed to either gTrade or GMX — entirely missing out on the lower trading costs of the MUXLP.
Aggregated Positions On — $8 million could be routed to the MUXLP or the source with the lowest liquidity, while the remaining $2 million would be directed externally. This way, the Open Interest is always delegated to where the liquidity is most economical for the trader.

MUX traders gain versatility — they can close an entire Aggregated Position at once (1 Open, 1 Close) or opt for partial closures through multiple pools (1 Open, Multiple Closes).

This functionality extends to Market Orders, Limit Orders, and Stop Loss Orders, ensuring the most cost-effective trading experience across the dominant decentralized perpetual platforms: gTrade, GMX v1, GMX v2, and MUX — all from a single UX.

As innovative as these features are, the secret sauce to any crypto protocol is in its ability to foster its community. MUX has always had a unique approach to community-building, especially when compared to other protocols in the perpetual space:

As the First Perps Aggregator, MUX has always placed collaboration over competition.

Community and Incentives 🙌

This segment provides an overview of MUX’s community-focused initiatives throughout 2023, including trading competitions, incentives, airdrops, and protocol integrators.

The ARB Chad Trading Contest 🏆

Nothing engages a community more than friendly competition, ignited by the satisfaction of seeing your PnL climb the ranks of a public leaderboard.

… Especially when there is a prize pool of $100k on the line!

Between May and June, MUX organized the Arb Chad Contest, a trading competition that brought a remarkable $2.15 billion in trading volume to MUX at a time when the protocol was still relatively obscure.

Notably, this contest played a significant role in boosting the GMX Blueberry Club Trading Competition Prize Pool in May as 100% of the rebate fees collected from GMX positions opened on MUX were channeled into the GBC Prize Pool, resulting in an impressive $91,000 worth of rewards for GBC traders in May.

Since its inception, MUX has consistently strived to grow the size of the pie within the perpetual trading sphere. Positive-Sum initiatives like the Arb Chad Trading Contest exemplify MUX’s commitment to collaboration over competition, showcasing its status as the pioneering perps aggregator.

Community-Built Dune Dashboard 📊

In June, a dedicated MUX community member named muxtrader took the initiative to create a new MUX Stats Dune Dashboard for the community.

This dashboard offers comprehensive MUX statistics, including 24-hour, 7-day, and historical volume data as well as other essential metrics such as TVL, fees and funding rates. It serves as an invaluable visual resource that charts the long-term growth of the MUX protocol.

Having multiple transparent sources for MUX statistics is a fundamental requirement, and we wholeheartedly support it. In fact, we’ve provided a direct link to this dashboard under the “stats tab” on the MUX dAPP.

Airdrop SZN 2023 🪂

Airdrops are unique to crypto in that they enable protocols to bootstrap adoption in a way that is profitable, fun, and community-affirming.

If you thought airdrop szn only started to heat up in 2024, you’re in for a surprise as MUX front-ran the narrative with 6 airdrops in 2023!

MUX Airdrop to GMX Traders in January

🎁 Reward Pool: 16,366 MUX tokens.
📢 Requirements: Trading over $10K in volume on GMX between Oct. 27th and Dec 25th, 2022.

2. MUX Airdrop to gTraders in February

🎁 Reward Pool: 3,562 MUX tokens.
📢 Requirements: Trading over $10K in volume on gTrade (Arbitrum & Polygon) between Dec. 9th, 2022 and Feb. 9th, 2023.

3. MUX Airdrop to MUXLP Traders in March

🎁 Reward Pool: 6,000 MUX tokens.
📢 Requirements: Trading over $10K in volume through the MUXLP between Aug. 2nd, 2022 and Feb. 26th, 2023.

4. MUX Airdrop to GMX Traders Part 2 in March

🎁 Reward Pool: 16,046 MUX tokens.
📢 Requirements: Trading over $50K on GMX (directly or through MUX) between Dec. 26th, 2022, and Mar. 10th, 2023.

5. MUX Airdrop to GMX Traders Part 3 in September

🎁 Reward Pool: 1300 MUX tokens.
📢 Requirements calculated based on the addresses’ trading volume proportion in the GMX trading volume between Jun. 1st and Aug. 31st, 2023.

What do all of these airdrops have in common?

✅ They’re all retroactive, and thus cannot be gamed.

✅ The rewards don’t dilute the total MCB/ MUX supply as all the rewards come from the MUX contributors’ share.

These commonalities are also true for the 6th and final (best) airdrop of 2023…

The MUX ARB Campaign 🧡,💙

The voting period for the Arbitrum Short-Term Grant was a pivotal (and eventful) moment for the DeFi community. MUX emerged as a key player by qualifying for the second-highest allocation of 6M ARB tokens!

In November, the MUX ARB Campaign kicked off to initiate a new era of on-chain perpetual trading on Arbitrum, aiming to rival centralized exchanges by removing the barrier of trading costs.

MUX is currently rebating all fixed trading fees for GMX, gTrade and MUXLP-routed positions opened on MUX:

🫐 GMX v1–0% Open & Close Fees + 0% MUX Leverage Boosting Fees

🫐 GMX v2–0% Open & Close Fees + 0% MUX Leverage Boosting Fees

🍏 Gains — 0% Open & Close Fees

😉 MUX — 0% Open & Close Fees

Dynamic fees, including borrow fees, funding fees, spread, and price impact fees, are not eligible for rebates. These fees play a vital role in maintaining the risk management framework of their respective protocols.

MUX ARB Campaign Results in 2023🫰

The MUX ARB Campaign is still ongoing, but let’s take a look at its results from November 16th to December 31st.

Volume: In this 6-week period, the campaign generated $5.88B in trading volume shared between GMX, gTrade and MUX.
Fees: This volume generated a total of $4.18M in fees shared by all three protocols.
Incentives: This was all achieved using 2.5M $ARB as incentives — not even half of what MUX has available for the campaign.

As an aggregator, the trading volume on MUX is never utilized in a monolithic manner. Instead, volume on MUX is distributed to the ecosystems of 3 protocols, bringing more the more fees and benefiting their LPs.

veMUX Double Reward Boost! 🚀🚀

In September, the MUX Protocol-Owned-Liquidity (POL) achieved a significant milestone, by surpassing $10M. This prompted two strategic boosts in veMUX token-holder incentives to counterbalance the escalating benefits for traders and LPs for the MUX ARB Grant Campaign:

Boost 1: Rediverted Protocol Income

veMUX rewards (in ETH, as real yield) jumped from 15% → ~29% in September by rediverting income from a healthy MUX POL:

veMUX Holder Share (in ETH) = Total Protocol Income × (70% × POR) ▶ Total Protocol Income × (70% × POR + 15%)
POL Share (in MUXLP) = Total Protocol Income × 30% ▶ Total Protocol Income × 15%.

*POR = Protocol Owned Ratio, the ratio of MUX’s protocol-owned-liquidity to total MUXLP TVL

Boost 2: Adjusted Referral Rebates

Previously, income from MUX’s GMX and gTrade Referral Rebate codes was shared equally between LPs and veMUX holders.

From November 1 onwards, 100% of Referral Rebate income was exclusively allocated to veMUX holders, in alignment with the specifications outlined in the recent Adjusted Referral Rebates proposal.

As highlighted earlier, ensuring a fair distribution of incentives among the key players in the MUX ecosystem is necessary.

MUXLP Integrators ⛓️

On the trading front, MUX has seamlessly integrated with GMX v1, GMX v2, and gTrade. However, equally significant are the protocols that opted to build on the MUXLP’s liquidity!

After all, MUX currently holds the 5th-highest TVL among all perpetual protocols while, MUXLP stakers benefit from a generous 56% of protocol income, received in real yield as ETH.

In November, Pendle Finance, Equilibria and Penpie all unveiled their respective MUXLP pools in quick succession. Solv Finance followed suit by launching their MUX Single Strategy Vault in December.

2023 Wrapped Up 💝

What a rollercoaster!

2023 was truly the pivotal year for MUX, symbolizing the power of concentrating on a select set of principles that resonate throughout the entire crypto landscape:

The fusion of a simplified user experience, unmatched cost efficiency, and a committed community is the key to attaining product-market fit.

Curious to see how 2024 will shape up for the First Perps Aggregator?

We’re just getting started.

Socials 📲

Feeling bullish on the past, present, and future of MUX?

Stay on top of MUX by following us on Twitter and joining our Discord.

Twitter — https://twitter.com/muxprotocol

Discord — https://discord.com/invite/bd88NrzN3N

Documentation — https://docs.mux.network/protocol/overview

Website — https://mux.network/#/

MUX Matters: October + November 2023 Edition

MUX Protocol — Wed, 20 Dec 2023 22:40:02 GMT

We’re so, so back.

TL;DR 🎆

Consecutive 30-day records: $6B traded in October and November!
Setting a new 24-hour volume all-time high at $466.8M
$980M directed to GMX and Gains Network in October before the ARB Campaign.
2 Weeks of the MUX ARB Program: $1.24B in extra volume and $1.04M in fees for the Arbitrum Trading Ecosystem in November.
ARB Rebates Explained
Introducing New MUXLP Pools on Yield-Splitting Protocols (that you know and love)

Volatility Unleashed 🌊

Just when you thought the markets couldn’t get any better and *boom* MUX hits you with a double-edition recap!

After an extended period of low volatility in August and September the trading volume on MUX ignited like never before — and it hasn’t stopped since.

December may be shaping up to be MUX’s best month yet, but it was built on momentum that was initially generated in October and November — both surpassing previous all-time highs.

In this recap, we explore the rollout and performance of the MUX Arbitrum STIP Campaign, the regulations for rebates, the introduction of new MUXLP Pools on assorted protocols and exactly *how* much MUX routes to its integrated protocols every month.

After all, MUX is the first perps aggregator.

Here’s the play-by-play! 👇

By the Numbers 🧮

TVL

🔹October 2023 TVL: $52.3M

🔸November 2023 TVL: $54.5M

Monthly Trading Volume

🔹October Total Volume: $2.38B

🔸November Total Volume: $3.19B

Monthly Income

🔹October Total Income: $1.32M

🔸November Total Income: $1.69M

Standout Days: Daily Volume Records Broken 📅

The trend is clear as day. October was an all time-high month, but November surpassed it in every respect. As of November 30, 2023, MUX has only surpassed te $400M Daily Volume mark three times its entire lifespan. Two out of these three $400M+ days happened in October and November!

New 24H Volume Record: $466.8M on October 24th🥇

October 24th was a standout day, with MUX clocking in a new 24H volume record of $466.8M!

More significantly, the MUX aggregator routed $258M — the lion’s share of this volume — to GMX that same day.

The MUX Aggregator indiscriminately provides traders with the lowest-cost liquidity sources.

This bump in MUX’s volume is more than just a stat: it’s a clear example that showcases how an increase in trading volume on MUX elevates the perpetual trading ecosystem on Arbitrum as a whole.

2nd Highest 24H Volume Day: $466.8M on November 17th 🥈

While November didn’t set a new daily volume all-time-high, it consistently delivered back-to-back high-volume trading days, resulting in a 34% monthly volume increase from October.

Trading volume is a key component of MUX’s ecosystem, but it’s just one part of a larger picture. The MUX ecosystem, including MUXLP Stakers and veMUX holders, greatly benefit from periods of increased trading volume.

For veMUX holders, heightened trading activity often translates to enhanced rewards, as exemplified by an upgrade veMUX underwent in October.

New VeMUX Upgrade: Adjusted Referral Rebates

October brought a second upgrade to veMUX upgrade has brought a change in the referral rebate policy.

veMUX holders now receive 100% of rebates from the GMX and Gains Network Referral Codes utilized by MUX, adding another additional dimension of yield to the table!

GMX Referral Rebates can surpass $100K in active trading weeks, underscoring the importance of this upgrade.

This shift aims to maintain equilibrium in the MUX ecosystem, ensuring that veMUX holders are incentivized in-step with MUX’s LPs and traders that benefitted from the surge in volume.

To dive deeper into the recent veMUX changes, here are links to the proposals for the Amendment to Protocol Income, Adjusted Referral Rebates, and the dedicated Medium article that outlines the Next Chapter for veMUX.

The Aggregation Flywheel in Action 🔀

So what happens when trading volume pamps on MUX?

A distinctive cycle is set in motion:

🔼Increased MUX Volume

🔼Enhanced Volume Directed to GMX and Gains Network

🔼Augmented Fees for Partner Protocols

🔼Elevated Yields for GMX and Gains Network LPs

MUX stands out in the perpetual trading platform sphere, as its trading volume growth benefits not just its own ecosystem but also extends to leading perpetual protocols on Arbitrum.

In October, MUX directed an additional $982M in trading volume to GMX and Gains Network, strengthening the Arbitrum trading landscape. These protocols retain all fees from the redirected trades.

Check the October routing numbers below 👇

The correlation between MUX’s trading volume and Arbitrum’s overall trading volume has been clearly established, with MUX directing an average of $800M — $1.2B in monthly volume towards GMX and Gains Network without additional trading incentives and at zero extra cost to traders.

How does this considerable addition to monthly trading volume benefit the Arbitrum ecosystem?

Everyone gets to feast.

The MUX ARB Campaign Launch 🧡,💙

The recent Arbitrum Short-Term Grant voting was a pivotal moment for the DeFi community, with MUX emerging as a key player by qualifying for the second-highest allocation of 6M ARB tokens.

MUX’s goal with the ARB Grant is ambitious yet straightforward: to initiate a new era of on-chain perpetual trading on Arbitrum, aiming to rival centralized exchanges by removing the barrier of trading costs.

Eligible Fees for Rebate

To achieve this, MUX is rebating all fixed trading fees for GMX, Gains Network and MUXLP-routed positions opened on MUX:

🫐 GMX v1–0% Open & Close Fees + 0% MUX Leverage Boosting Fees

🫐 GMX v2–0% Open & Close Fees

🍏 Gains — 0% Open & Close Fees

😉 MUX — 0% Open & Close Fees

Rebating funding fees could imbalance long vs short skew, increasing pool drawdown risk. Similarly, rebating borrow fees could result in diminished trading frequency, affecting liquidity efficiency and occupying available open interest.

Despite these exclusions, the MUX rebate campaign significantly reduces the lion’s share of trading costs for all traders — without breaking any systems for integrated protocols.

Rebate Redemptions

The rebated ARB tokens need to be manually claimed on Thursdays UTC calculated based on the fixed fees traders spend during the week. Upon distribution, the number of ARB tokens rebated is calculated based on weekly fixed trading fees and the real-time ARB token price.

Any unclaimed ARB tokens will accumulate over time and won’t expire before the conclusion of the Rebate Program.

A more detailed breakdown of the MUX ARB campaign can be read in its own dedicated medium article.

Results: November 16th — November 30th

The Incentives Campaign Kicked off on November 16, 2023.

As November drew to a close, the MUX Campaign contributed an impressive $1.24B in additional trading volume, with an accompanying $1.03M in fees split between GMX, Gains Network and MUX!

These are on top of the volume and fees that MUX regularly directs toward GMX and Gains Network.

Given the current pace of ARB claiming, the MUX Arb Campaign is expected to last until February 2024.

New MUXLP Integrators 🏊

While our focus on trading continues, we remain committed to enhancing the liquidity provision facet of the MUXLP. MUX stands tall with the third-largest TVL across all perpetual trading protocols. MUXLP stakers also enjoy a generous 56% of protocol income in the form of real yield in ETH.

This attractive real yield has garnered significant interest from discerning protocols, particularly those that appreciate the nuances of yield-splitting.

Over the past couple of months, we’ve witnessed several key players integrate seamlessly with the MUXLP. Here’s a glimpse of the integrations that took place October and November:

🔹 Pendle Finance debuted its MUXLP Pool on November 10.

🔸 Equilibria unveiled its MUXLP Pool on November 9.

🔹 On November 9, Penpie introduced its MUX MUXLP.

There’s many more MUXLP Pools that have deployed in December, but we’ll leave that for the next update.

Wrapping Up 💝

October was amazing, November was even better. Over the course of those two months, MUX’s Total Volume surged from $15.4B to $21.4B, consistently setting new records.

The highly anticipated MUX Arbitrum Campaign has kicked off with resounding success, exceeding all initial projections as it continues to bring more activity to the Arbitrum trading ecosystem.

As we step deeper into December, we anticipate the possibility of having an even more remarkable month ahead of us yet.

With three consecutive months of volume all-time highs, we’re gearing up to finish 2023 strong.

Are you?

Socials 📲

Feeling bullish on the future of MUX?

Stay on top of MUX by following us on Twitter and joining our Discord.

Twitter — https://twitter.com/muxprotocol

Discord — https://discord.com/invite/bd88NrzN3N

Documentation — https://docs.mux.network/protocol/overview

Website — https://mux.network/#/

MUX $ARB Rebate Rules

MUX Protocol — Tue, 14 Nov 2023 21:32:15 GMT

MUX was honored to be qualified for a 6M $ARB grant from the Arbitrum DAO Short Term Incentives Program(STIP). MUX aims to use the grant effectively and onboard more traders to the Arbitrum ecosystem by offering a Trading Fee Rebate Program.

After the MUX $ARB Rebate Program goes live, when traders open & close positions through the MUX Aggregator, up to 100% of the fees covered in the rebates scope from MUX native pool, GMX V1, GMX V2 and Gains positions on Arbitrum will be rebated weekly as ARB tokens. Traders can claim the weekly ARB rebates on Thursdays, UTC. Upon distribution, the number of ARB tokens rebated is calculated based on your weekly trading fees (covered by the scope) and the real-time ARB token price.

The Rebate Program will kick off rebating 100% of the fees covered by the scope for all integrated protocols. Since the expected duration of STIP is 2–3 months, the rebate rate for each aggregated protocol can be potentially adjusted along the way based on the grant spending speed. If the rebate rates need to be adjusted according to grant spending speed and market conditions, MUX will notify the community before making any changes.

Rebate Scope

While MUX aims to rebate as many trading fees as possible, it also needs to ensure the campaign won’t initiate trade-to-earn or wash trading activities. Therefore, the rebates program will focus on the fees with fixed rates (this will cover most of the cost). Variable costs like funding fees or price impacts that can be negative or positive won’t be covered in the scope.

Nov. 17th Update: Since rebating borrowing fees can potentially trigger wash trading or arbitrage activities, borrowing fees from all integrated protocols won’t be rebated.

Aggregated Protocol Fee Structures:

Rebates Coverage:

Each week is one epoch.
In the beginning, 100% of the fees marked with ✅ will be rebated.

MUX Open:

Open Fee ✅
Spread ❌

MUX Close:

Close Fee ✅
Borrowing Fee ❌
Spread ❌

GMX v1 Open:

Open Fee ✅
MUX Leverage Boost Fees ✅
Spread ❌
Swap Fee ❌
Execution Cost ❌

GMX v1 Close:

Close Fee ✅
MUX Leverage Boost Fees ✅
Borrowing Fee ❌
Spread ❌

GMX v2 Open:

Open Fee ✅
Swap Fee ❌
Execution Fee ❌
Price Impact Cost ❌

GMX v2 Close:

Close Fee ✅
Borrow Fee ❌
Funding Fee ❌
Price Impact Cost ❌
Execution Fee ❌

Gains Open:

Open fee (DaiVaultFee, LpFee, SssFee, DevGovFee) ✅

Gains Close:

Close fee (DaiVaultFee, LpFee, SssFee, DevGovFee) ✅
Rollover fee ❌
Borrowing fee ❌
Funding fee ❌

Rebate Rules

After the Rebate Program goes live, when traders open & close positions through the MUX Aggregator, fees covered in the rebates scope from MUX, GMX V1, GMX V2 and Gains positions on Arbitrum will be rebated weekly as ARB tokens.
The original trading cost will be charged upfront when opening/closing a position. Traders’ weekly cost will be tracked and rebated in the form of $ARB tokens once a week.
$ARB tokens will be distributed as fee rebates to traders weekly on Thursdays UTC based on the fees they spend during the week. Upon distribution, the number of ARB tokens rebated is calculated based on your weekly trading fees (covered by the scope) and the real-time ARB token price.
The rebated $ARB tokens need to be manually claimed. Unclaimed $ARB tokens will accumulate until they are claimed. Unclaimed $ARB tokens won’t expire before the Rebate Program ends.
The Rebate Program will kick off rebating 100% of the fees covered by the scope for all integrated protocols. Since the expected duration of STIP is 3–4 months, the rebate rate can be potentially adjusted along the way based on the grant spending speed.
If the rebate rates need to be adjusted according to grant spending speed and market conditions, MUX will notify the community before making any changes.
The final rebate rate will be based on the users’ actual fees spent. If the integrated protocols offer additional rebates/rewards separately, MUX will ensure the final total rebates won’t exceed the fees paid.
No wash trading or Sybil-attack-related activities are allowed. MUX contributors will closely monitor related activities from this campaign; Addresses involving wash trading or Sybil-attack-related activities will be published and excluded from receiving the rebates.
MUX contributors reserve the right to identify any Sybil-attack-related addresses and exclude them from the incentive program.
The anti-wash-trading & anti-sybil-attack rules will remain unrevealed. Otherwise, the rules can be abused with planned strategies.
When calculating $ARB rebates, the trading fee discount and MUX native rebate from using a MUX referral code will be considered as well. Please check the “MUX Native Referral Code Affiliation” section for more information.

MUX Native Referral Code Affiliation

Once a referral code is whitelisted, the rebate rate (not the discount rate) of the code used won’t be deducted from the $ARB rebate rate.

The code owner will earn referral rebates regardless of the whitelisting; only traders who use MUX referral codes can be impacted if the code used isn’t whitelisted.

Trading Fee Rebates vs. MUXLP Incentives

In the MUX STIP proposal, both trading fee rebates and liquidity incentives were proposed with a precondition that the grant allocation ratio for trading and liquidity incentives is tentative and can be adjusted based on performance.

Before the incentives program started, the organic volume on MUX spiked due to market volatility. There have been multiple $200M+ and even $450M+ volume days in the past month after the proposal passed. Since MUX lowered the applied grant size from 9M to 6M $ARB, considering the increasing trading demand and the goal of onboarding more traders for the Arbitrum ecosystem, MUX will prioritize trading incentives and kick it off first.

If the trading incentive alone is projected to utilize the grant after the Rebate Program starts fully, there is a possibility that 100% of the grant will be used on the trading side. Since higher trading volume also generates higher protocol income, LPs can still greatly benefit without direct LP incentives.

MUX Community Corner 1: The Next Chapter for veMUX

MUX Protocol — Tue, 31 Oct 2023 02:14:37 GMT

TL;DR 🌟

Exploring the different pathways to obtaining veMUX.
A deep dive into the MUX Protocol Owned Liquidity (POL) and its broad spectrum of functions.
Most importantly, how and why your beloved veMUX just went through two massive upgrades!

Amendment to Protocol Income (September 12) — veMUX holders experienced a jump in rewards last month from 15% → ~29% by rediverting income from a healthy POL ($6.57M → $10M+ in the past year).
Adjusted Referral Rebates (November 1st onwards) — 100% of all referral rebates previously distributed to LPs and veMUX Holders will be exclusively allocated to veMUX holders starting November 1st.

Rhetorical Question: Who doesn’t enjoy Real Yield in ETH?

This week’s veMUX rate is pretty juice thanks to the returning volatility — but we’re happy to reveal that this isn’t even its final form.

For the uninitiated,veMUX serves as the governance token for MUX, providing holders with voting rights and symbolizing a long-term alignment with MUX.

MCB or MUX tokens can be locked for 2 weeks to 4 years to obtain veMUX. The amount of veMUX received is proportional to the lock duration. The longer you lock, the more veMUX you get!

1 MCB or MUX locked for 2 weeks = 0.009589 veMUX
1 MCB or MUX locked for 1 month = 0.020548 veMUX
1 MCB or MUX locked for 1 year = 0.25 veMUX
1 MCB or MUX locked for 4 years = 1 veMUX

Due to these lock requirements, if you’re holding veMUX, you’re probably already a long-term believer in the MUX ecosystem. You’re in it for the long haul; that commitment shouldn’t go unnoticed. After all, the locking process signifies a commitment to the long-term growth of MUX.

Due to a healthy POL and the incoming ARB Grant Incentives, veMUX holders can now enjoy a larger share of protocol income and reap the rewards from an entirely new income stream.

Let’s get into the why and how below! 👇

Perfectly Balanced, As All Things Should Be ⚖️

MUX requires a balance of incentives for 3 players to run in the most decentralized, effective manner:

veMUX holders, responsible for governance on MUX.
MUXLP Liquidity Providers empower MUX’s unified trading engine, the MUXLP
Protocol Owned Liquidity (POL) serves multiple critical functions for MUX which we will expand on below, the foremost being to guarantee that the MUXLP can adequately meet trading demands.

Typically, protocols adjust their incentives when things aren’t going so well. But MUX is taking a different approach. We’re revisiting our incentive structure precisely because the POL has performed exceptionally well, and

If you’re a veMUX holder, you’ll definitely want to keep reading.

Amendment to Protocol Income📮

MUX Protocol-Owned Liquidity (POL) was designed as a backbone to ensure that the MUXLP could become sufficient without an over-reliance on external liquidity providers by:

For trading protocols, deep liquidity is a fundamental requirement, as it supports increased Open Interest (OI). However, the cost and instability of obtaining and retaining liquidity through liquidity providers (LPs) can be significant. To mitigate this, MUX has thoughtfully designed its POL mechanism to serve several key functions — the most important of which is increased self-reliance, or less dependence on “rented” liquidity.

MUX POL Functions, from most important to least important:

The POL’s primary role is to act as the cornerstone of the MUXLP pool by supporting trading demands.
The POL also binds with the veMUX share of protocol income.
Additionally, the POL is instrumental in financing the annual development and marketing budget.
Lastly, the POL also functions as a safeguard mechanism, protecting all LPs in extreme market conditions. A recent example is the Fantom incident caused by the Multichain hack, where the POL absorbed a financial hit of $120K to secure all LPs.

MUX has undergone impressive growth in the last year, resulting in healthy POL growth over the past 1 year from $6.57M → $10M.

Here’s the kicker: the rewards for veMUX holders haven’t kept pace with that POL growth.

On September 12, MUX proposed an Amendment to Protocol Income to give veMUX holders a bigger (and more deserved) slice of the pie.

Here’s what’s changed in [brackets] :

Income Allocation Before

veMUX Holder Share (in ETH) — Total Protocol Income × [70% × POR]
MUXLP Share (in ETH) — Total Protocol Income × 70% × (1 — POR)
POL Share (in MUXLP) — [Total Protocol Income × 30%]: Bought in MUXLP to add as POL.

Income Allocation Now

veMUX Holder Share (in ETH) — Total Protocol Income × [ (70% × POR + 15%) ]
MUXLP Share (in ETH) — Total Protocol Income × 70% × (1 — POR)
POL Share (in MUXLP) — [Total Protocol Income × 15%]: Again, bought in MUXLP to beef up the POL.

The diverted income now increases $veMUX rewards from 15% — 30%, essentially doubling holder incentives without impairing POL functionality.

Let’s talk numbers. 👇

Right now, the POR is hovering around 20%. Plug that into the new formula, and here’s how the income pie gets sliced:

veMUX Holder Share (in ETH) = (70% × 20% + 15%) = 29%
MUXLP Share (in ETH) = 70% × (1–20%) = 56%
POL Share (in MUXLP) = 15%

Takeaways:

veMUX holder share gets a 15% bump, pushing it up to ~29%.
The MUXLP share holds steady at 56%.
The POL’s share takes a 15% haircut, leaving it with a 15% allocation.

This redistributed protocol income has been live since September, but now, let’s jump into the next piece of the puzzle.

Adjusted Aggregator Referral Rebates 🔄

As an additional income stream, MUX utilizes its own GMX and Gains Network referral codes to earn rebates from trades routed to GMX and Gains Network. The integrated protocols keep 100% of the fees generated from these routed trades.

Previously, LPs and veMUX holders shared 100% of the income derived from Referral Rebates. However, effective November 1, the income from Referral Rebates will be entirely allocated to veMUX holders, following the guidelines outlined in the recent proposal for Adjusted Referral Rebates.

This increase in veMUX share aligns with the probable boost in trading volume from the upcoming ARB Grant distribution, which would benefit traders and LPs the most. As highlighted earlier, ensuring a fair distribution of incentives among diverse entities in the MUX ecosystem is necessary.

For reference, the daily income generated by GMX Referral Rebates alone occasionally exceeds $100K during a busy trading week, so this update should serve to rebalance the benefits between traders, LPs and veMUX holders once the campaign goes live.

Insights 💡

In light of the current market dynamics, the POL is healthy enough to allow for increased diversification of incentives. Redirecting 100% of the income from Referral Rebates to veMUX holders aims to realign the rewards between veMUX holders, traders and LPs, when considering an expected increase in trading activity following the introduction of ARB incentives.

Good governance requires a constant appraisal of incentives. Locking up tokens isn’t just a couple of clicks; it’s a symbolic pledge of allegiance towards a protocol. veMUX holders represent some of the most dedicated members of the MUX community, and they need to be rewarded accordingly, especially when there is an abundance of resources to share.

That means MUX can roll out the red carpet for its most devoted users.

This one’s for you, chads! 🍻

Socials 📲

Feeling good after that read?

Stay on top of everything MUX by following us on Twitter and joining our Discord.

Twitter — https://twitter.com/muxprotocol

Discord — https://discord.com/invite/bd88NrzN3N

Documentation — https://docs.mux.network/protocol/overview

Website — https://mux.network/#/

MUX Matters: September 2023 Edition

MUX Protocol — Wed, 18 Oct 2023 06:20:47 GMT

TL;DR 🌟

Quiet month? Not at all! $15B Total Trading Volume and $10M Total Protocol Income reached!
veMUX holder share of protocol income doubled from 15% — ~30%.
MUX Arbitrum Grant Proposal: 0% net trading fees for GMX v1, GMX v2, Gains Network and MUXLP positions on MUX!
MUX Airdrop? Already claimable for GMX traders.

September: A Springboard for the Future of MUX 🫰

On the surface, September appeared to be a deceptively quiet month due to market volatility being so scarce. But beneath the calm tides of the market, MUX was bustling with activity behind the scenes to gear in preparation for the upcoming months.

MUX redistributed protocol income rewards to the benefit of veMUX holders, put together a thoughtful Arbitrum Short Term Grant Proposal (that passed with flying colors!), hosted a retroactive airdrop for GMX Traders, and put together a new liquidity mechanism for the MUXLP (coming soon).

Eager to understand more?

Let MUX guide you through the details! 👇

By the Numbers 🧮

September 2023 TVL: $49M
30D Trading Volume: $773,623,348
30D Protocol Income: $434,180

Let’s address the elephant in the room: overall volatility did dip in what was arguably the most stagnant month for the market. However, in the face of these challenges, MUX achieved new milestones in total trading volume and protocol income.

New Milestones Reached ⭐

MUX hit a landmark with a Total Trading Volume of $15B!
And let’s not forget that Total Protocol Income also passed $10M!

But most importantly — September wasn’t purely about the numbers, and MUX didn’t just sit tight.

As we alluded to above, last month was pivotal in laying the groundwork for some exciting community-driven initiatives that are set to play a monumental role in shaping MUX’s future, specifically: The realigning of incentives for loyal veMUX holders and passing the Arbitrum Short-Term Grant Proposal — with flying colors! 🎉

The last one is huge, folks!

Let’s go through both of them in order.

A New Dawn for VeMUX 🌄

Over the past year, the MUX POL has soared from $6.57 to over $10M, bringing it to a level where it can now fulfill its primary roles while better incentivizing veMUX Holders. This growth not only showcases MUX’s resilience but also positions it to reward dedicated veMUX Holders better.

Now, for those new to the game, the MUX POL wears three crucial hats:

It funds development and marketing endeavors.
It’s a protective buffer, ready to tackle unforeseen black swan events.
Lastly, it deepens the liquidity of MUXLP, ensuring a silky-smooth trading UX.

With the TVL currently at $49M, the liquidity of MUXLP is robust enough to significantly minimize slippage for most trading pairs and eliminate it for BTC and ETH trades. To top it off, having a POL at the $10M mark means that MUX is also well-equipped to handle black swan events.

Here’s the important shift: MUX can now redirect a larger portion of the protocol income toward veMUX holders:

Before: veMUX Holder Share (in ETH) — Total Protocol Income × [70% × POR]

Now: veMUX Holder Share (in ETH) — Total Protocol Income × [70% × POR + 15%]

This means the rewards for veMUX holders have increased from 15% to 30%. This enhancement is significant, and it’s worth noting that it has been implemented without affecting the core functionalities of the POL. Given that accruing veMUX requires locking MCB, it is important to reward the most long-term MUX supporters in a manner that scales with the protocol’s drastic growth over the past year.

An upcoming article will further explain the relationship between veMUX holders, MUXLP Liquidity Providers, and the POL.

In summary:

The robust state of MUX’s POL has enabled a thoughtful reallocation of protocol income.
veMUX holders will now benefit from a larger share of the protocol income.
The revised structure ensures that the interests of long-term veMUX holders align more closely with MUX’s continued success.

For a detailed breakdown, the full POL Redistribution Proposal is available here.

Arbitrum Short-Term Grant: The MUX Proposal 🗳️

Without a doubt, the star of the show in September for all the protocols on Arbitrum was the Short-Term Incentive Grant.

Picture this: 97 protocols on Arbitrum submitted their proposal for ARB incentives and 29 protocols were left standing, entitled to their share of the 50M ARB allocated by the DAO to expand the Arbitrum ecosystem. MUX is one of them!

MUX is now the second largest recipient of ARB tokens after GMX, and intends to increase global perpetual trading adoption on Arbitrum by driving volume to GMX v1, GMX v2, and Gains Network, to further cement the Arbitrum ecosystem as the on-chain derivatives trading hub. Given MUX’s primary role as a perpetual trading aggregator, it is strategically positioned for this task.

The Arbitrum Grant Proposal from MUX in its entirety can be read here, but here are some key highlights:

Grant Allocation ⚖️

The proposal has been approved, securing a grant of 6M ARB.
55% of the ARB tokens are designated to invigorate trading on Arbitrum by reducing trading fees for GMX v1, GMX v2, Gains Network, and MUXLP Positions on MUX to 0%.
The remaining 45% of the ARB has been allocated to MUXLP stakers, in addition to their real yield in ETH. This dynamic allocation will be adjusted based on performance metrics, ensuring adequate liquidity in the MUXLP to accommodate potential surges in trading.

Net Zero Percent Trading Fees 💵

Trading fees will be reduced to 0% for all GMX V1, GMX V2, Gains Network, and MUXLP native pool trades opened on MUX through claimable rebates in ARB tokens.
The intended implementation begins from the first week of ARB Grant token dispersal to around January 31, 2024.
The primary objective of this reduction is to address the trading cost barrier, which has been identified as a limiting factor for trader acquisition within perpetual platforms.

Rebate Rate Based on Fees Spent ◀️

The proposed rebate model will be calibrated based on actual fees incurred. There will be no overlap of GMX and MUX trading incentives.
MUX is vigilant in deterring wash trading and Sybil-attack-related activities during the entire duration of this campaign. The specific criteria to counteract Sybil attacks have been meticulously formulated and will be disclosed once the trading incentives are initiated.

MUX has already undertaken three retroactive MUX airdrops for GMX traders precisely to stop any trade-to-earn behavior and has significant experience under its belt when it comes to enforcing incentives that cannot be gamed.

Speaking of airdrops…

MUX Airdrop to GMX: Volume 3 🪂

MUX had a surprise in store to toast the successful integration with GMX v2!

If you’ve traded over $500k in GMX volume between June 1st and August 31st, you’re in for a treat.

Depending on your trading volume during those specific dates, you could be looking at rewards ranging from 2 MUX all the way up to 100 MUX. It’s all calculated based on your GMX trading activity during that period.

Mark your calendars: the airdrop festivities began on September 15th.

If you’re eyeing those MUX rewards, claim them by November 1st.

A heads-up: the structure was designed to ensure there’s no way to manipulate these incentives.

These MUX tokens were strategically acquired from secondary markets using a slice of the marketing budget (thanks to that robust POL we always talk about!). So, rest easy knowing these airdropped tokens won’t dilute the MCB supply. Over time, you can vest your MUX back into MCB tokens.

Curious to see if you made the cut? 👇

Simply connect your wallet to the MUX Trading dAPP. If you meet the $500k GMX volume criteria from the snapshot timeframe, you’ll spot a “Claim MUX” button shining brightly in the upper right corner. Happy claiming!

Closing Thoughts 💭

Sometimes, growth is slow and steady. At other times, growth comes in leaps and bounds. September was definitely the latter category for MUX.

Although these markets were some of the quietest in crypto in the last two years, the foundations set last month in the form of realigned veMUX incentives, and thoughtful distribution of ARB grant tokens stand to reinvigorate on-chain trading activity on Arbitrum over the final stretch of 2023.

We’ve said this many times before, and we’ll say again -

We’re just getting started.

Fancy coming along for the ride?

Socials 📲

Feeling good after that read?

Stay on top of MUX by following us on Twitter and joining our Discord.

Twitter — https://twitter.com/muxprotocol

Discord — https://discord.com/invite/bd88NrzN3N

Documentation — https://docs.mux.network/protocol/overview

Website — https://mux.network/#/

MUX Matters: July + August 2023 Edition

MUX Protocol — Wed, 20 Sep 2023 04:54:43 GMT

Coming Up:

MUX set a new daily volume and income all-time highs in July amidst a low volatility environment ($415M and $234k, respectively)
MUX reduced MUXLP position fees by 25% (0.08% — 0.06%)
Protocol Income remained strong in July and August
GMX v2 Integration is live!
The Aggregated Position Feature has been completed, reducing trading costs even further.

Introduction

July and August haven’t been the easiest months in crypto as volatility, inflows, and the CT timeline sentiment are all at historical lows. But while the markets were hushed, MUX was busy crafting an unparalleled user experience.

Why?

Because despite the current market sentiment, the crypto world is still on the up and up. MUX is gearing up, tools in hand, ready to usher in the next brigade of crypto enthusiasts. To keep you in the loop, we’re rolling out a combined update for both July and August, ensuring you’re up to speed with all the action on MUX.

By the Numbers:🔑

July:

TVL: $57M
30D Trading Volume: $1.81B
30D Protocol Income: $1.43M

August:

TVL: $52.5M
30D Trading Volume: $1.22B
30D Protocol Income: $796k

Despite the drop in trading volume across the entire perpetual space, it’s important to note that MUX had an average daily protocol income of $37k for July and August while dropping MUXLP trading costs by 25%.

How?

We’ll unravel that in this article. 🧙

Stat Highlight 🤯

On July 13, MUX set two new all-time highs despite the historically low volatility environment.

24HR Volume — $415M.
24HR Protocol Income — $234k.

When liquidity in the markets are this thin, significant price shifts in $BTC and $ETH become golden opportunities for gains. When a market opportunity like this presents itself, it’s best to strike while the iron is hot — and MUX traders didn’t miss a beat.

Let’s go! 🚀

Feature Spotlight💡

The current market condition did not necessarily introduce new problems into the crypto space. Instead, the low volatility environment magnified existing issues that were already there:

Lack of Trading Long Tail Assets
Escalating trading expenses due to liquidity inefficiencies.
A surge in Mercenary Trading Volume, thanks to excessive incentivization.

So, what’s the MUX playbook for navigating these hurdles over the recent couple of months?

GMXv2 Integration 🔀

The current market conditions can be described in one word: PvP.

With traders on the prowl for any hint of an upside, demand for smaller caps like TG bot tokens meme coins increase.

Unfortunately, decentralized perpetual exchanges have struggled to list these tokens without hiking up trading costs. Liquidity for these new low-cap assets is usually too thin, their price action is too volatile, or both.

GMXv2 ventured into the realm of low caps with the implementation of their v2 GM Pools. These are isolated pools that introduce a variable price impact fee and trimmed-down base fees (0.01% in the GLP Pool vs 0.05% in the GM Pools). The lower base fees are meant to offset the new price impact fee.

MUX didn’t miss a beat, integrating with GMX v2 as soon as July rolled around. While GMX v2 is still stretching its legs, it’s already listed longer tail assets like $DOGE and $LTC.

Anything that GMX v2 lists in the future will be automatically tradeable on MUX.

Pros:

Simplify Your Trading — On GMX, traders juggle between v1 and v2 pools to snag the best trading costs. MUX simplifies this. You’re automatically routed to the most cost-effective position, no price comparisons needed.
Amped up Leverage — MUX can boost leverage on GMX v1 and GMX v2 by up to 100x! Any $DOGE lovers in the house?

Aggregated Positions, Perfected ✨

Picture this: a myriad of pools and protocols, each with its unique trading costs and ever-shifting parameters influenced by size, max leverage, skew, and a few other variables.

How do you snag the most cost-effective trades in such a maze of different protocols, fees, and trading factors?

The answer:

Fragment your trade, strategically placing bits in the optimal OI across various pools, ensuring you save a bundle on trading expenses.

If done manually, this process would require an unreal amount of micromanagement. But that’s what MUX is for.

Aggregated Open: Seamlessly channel your trade liquidity from the likes of MUXLP, Gains Network, GMX v1, and GMX v2, all under one unified position.
Aggregated Display: Effortlessly manage and oversee those segments.
Aggregated Close: Cherry-pick which chunks of your trade to ride upwards, or close.

So, what’s in it for you?

Unparalleled Cost Efficiency: Enjoy the leanest trading expenses across the heavyweights of decentralized perpetual platforms: Gains Network, GMX v2, GMX v2, and MUX.
Streamlined UX: Fancy a streamlined experience? How does a single open and close across a plethora of protocols sound?
Boosted LP Fees: While the current market’s trading volume might be on the lower side, the volume channeled to the MUXLP sees a spike, thanks to optimized liquidity utilization. This is how MUX managed to retain respectable protocol income despite the drop in crypto trading activity across the board. No more dormant OI.

Lower Trading Costs 💰

MUX was always built on the premise of giving traders the lowest-cost, most hassle-free trades. But recently, MUX took this even a step further by lowering position fees for trades routed from the MUXLP from 0.08% to 0.06%. Lowering base fees is an organic — and longer-term — approach to incentivizing trading volume without the need to sacrifice holder trust,

Let’s not forget, $BTC and $ETH trades routed through the MUXLP already have 0% slippage and 0% spread.

Advantages:

Sticky Users: While it might be tempting for platforms to dangle incentives during quieter market phases, history shows it’s a short-lived strategy. Users lured by incentives rarely become platform loyalists. Users who come for the incentives don’t stick around for the platform.
Positive Sum Benefits: Who doesn’t love a 25% discount on position fees? More volume at lower trading costs is a win-win for both traders and the protocol.

Closing Thoughts 📈

The market may have been quiet, but that doesn’t stop MUX from taking steps forward.

Over the past couple of months, the trading experience on MUX’s frontend has seen a remarkable transformation, all thanks to the Aggregated Display and Aggregated Position Features. On top of this boost in Aggregation ability, the MUXLP also dropped its position fees by 25%.

Easier to use, more liquidity efficient, and cheaper to trade on?

On MUX, you’re geared up for the next spike in volatility.

Don’t miss the next wave.

Later, MUX trader!

Socials 📲

Enjoy the read?

Stay on top of everything MUX by following us on Twitter and joining our Discord.

Twitter — https://twitter.com/muxprotocol

Discord — https://discord.com/invite/bd88NrzN3N

Documentation — https://docs.mux.network/protocol/overview

Website — https://mux.network/#/

Aggregated Positions: Harnessing Multiple Pools, One Trade at a Time

MUX Protocol — Tue, 12 Sep 2023 17:40:31 GMT

Tackling Liquidity Fragmentation: MUX’s Mission

In 2022, MUX emerged with a clear goal: to raise the bar for decentralized perpetual trading. MUX aims to make it so affordable, straightforward, and user-friendly that Decentralized Perpetual Platforms would become the go-to for leveraged crypto trading.

However, Liquidity Fragmentation in Web 3 posed a significant challenge. With the same asset scattered across multiple pools and chains, liquidity often lacked depth when sourced from just one place. This fragmentation led to:

Varying prices for the same asset across different pools and chains.
Time-consuming and costly processes to bridge crypto assets between chains.
Oracle vulnerability in low liquidity markets, allowing for potential exploitation by larger entities.
Unpredictable trading experiences due to inconsistent liquidity depths.

These challenges affected the entire on-chain trading community, and MUX was crafted to address them head-on.

Enter the Aggregated Positions Feature, our comprehensive solution. Rolled out over four months, this feature introduced:

Aggregated Open
Aggregated Close
Aggregated Display

We’ll walk you through how each element works symbiotically with the others. By the end, you’ll grasp the immense convenience, trading control and cost-saving potential they offer.

Eager to explore further? Let’s dive in!

Aggregated Open

Historically, each open position on MUX exclusively routed liquidity from either GMX, Gains Network, or the MUXLP. While this setup allowed traders to access the most cost-effective trades from each platform, it also left room for improvement.

Consider this scenario:

Previously, a $10M position opened through the MUX Aggregator would be routed through either GMX or Gains Network, even if $8M in available open interest (OI) existed in the MUXLP.

But what if this trader could have routed 80% of their trade liquidity from a more cost-efficient source?

This limitation led to underutilized OI in the MUXLP, where trading costs are typically lowest, resulting in higher net trading costs for users.

To address this inefficiency, MUX introduced the Aggregated Open Feature in June 2023. This feature allows for the simultaneous routing of trade liquidity from MUXLP, GMX, and Gains Network within a single trade position. It was the first in a series of three updates that make up the Aggregated Positions feature.

Upon its launch, the Aggregated Open Feature achieved the following:

Boosted Liquidity Utilization in the MUXLP from an average of 20% to 40%
Increased fees for MUXLP Liquidity Providers due to higher utilization
Further Reduced Trading Costs for MUX users

Essentially, the Aggregated Open already provided most of the cost-saving advantages of the full Aggregated Positions Feature. Subsequent updates like Aggregated Close and Aggregated Display were rolled out to further refine the user experience.

Currently, the Aggregated Positions Feature is turned off by default in the Trading Settings Menu.

The following two images contrast the Trading Costs with the Aggregated Positions turned on, vs turned off.

With the activation of the Aggregated Position Feature, the average spread for this trade dropped from 0.04% to 0.01%, saving an additional $2,665.7 in Open Fees.

“Trading Costs” are calculated using a variety of factors like price, spread, slippage, price impact, position fees and other potential explicit trading costs in addition to other implicit costs like max leverage, maintenance margin, liquidation fees, available liquidity, etc.

This intricate web of factors is exactly why trading positions that draw from multiple liquidity sources tend to be more cost-efficient. This is particularly true when trying to optimize across diverse Funding Fee and Price Impact Fee models from different protocols. As a result of this, the Aggregated Open Feature significantly enhanced MUX’s Aggregation capabilities, although a minor convenience issue still needed to be accounted for.

MUX traders still had to close their single, Aggregated Position as multiple positions.

Previously, this meant that all Aggregated Positions required one open and two closes, but you’ll be glad to hear that this has all been patched by now.DD

Aggregated Display

What’s better than saving on trading costs?

The ability to manage multiple positions as a single, Aggregated Position!

The Aggregated Display Feature serves this purpose. It offers a panoramic overview of all the “routed positions” housed within your singular Aggregated Position.

Naturally, the Aggregated Display Feature can also be minimized for those times when you’d like to maximally focus on your trades.

Aggregated Close

The Aggregated Close completes the Aggregated Positions, granting you total control over the Profit Taking aspect of your Aggregated Position Trades.

MUX traders can now:

Close their entire Aggregregated Position at once. (1 Open, 1 Close)
Opt for partial closures by choosing from the routed pools. (1 Open, Multiple Closes)

This works for Market Orders, Limit Orders and Stop Loss Orders.

Below are images that showcase both options side by side:

The Aggregated Close also displays the exact composition of their collateral and profit upon closing their position.

To sum up, the totality of MUX’s aggregation capabilities can now be expressed within a single trade position. The Aggregated Position Feature seamlessly combines these three components:

The Aggregated Open utilizes liquidity from GMX v1, GMX v2, Gains Network and the MUXLP from within a single position to further reduce trading costs.
The Aggregated Display gives traders insight into all of the individual components that comprise their Aggregated Position to allow them to make better trading decisions.
Using this information, traders can now opt to either fully or partially close their Aggregated Position(s) through the Aggregated Close.

Ready to get your trades aggregated?

The aggregated display feature on the position list can’t tell users how much they saved.

Maybe can change this to things surrounding “aggregated position info based on all individual components within the aggregate positions” “manage multiple positions as one aggregated position”