I recently noticed the MYX DEX project and the more I look at it, the more I feel its valuation is a bit outrageous.

First, let's talk about trading data—As a contract trading platform, MYX has an average daily trading volume of just over $200 million. What does that mean? Some top-tier exchanges have a single popular coin with a daily trading volume that easily exceeds this number. The platform itself lacks sustainable revenue generation capability, which is a major flaw for long-term price support.

Next, regarding market cap positioning—MYX is currently ranked around 70th, similar to projects like PUMP and SEI that are genuinely working hard. But the problem is, the fully diluted market cap has already expanded to around $3 billion, making this valuation highly questionable.

The most critical issue is the token release schedule—unlock cycles will continue until 2027. This means that over the next two years or so, the market will face continuous selling pressure. The team designing such a long unlock period also somewhat hints at their true expectations for the long-term price trend.

Based on these points, I tend to be bearish on MYX's medium- to long-term prospects. Of course, this is just my personal judgment based on publicly available data and does not constitute investment advice.