Myx Finance (MYX) responds to new concerns raised by Bubblemaps, claiming that the platform likely ran “the biggest airdropsibil in history.”
The decentralized, lasting exchange issued a statement highlighting its commitment to fairness and openness. We also addressed questions surrounding wallet activities and participation patterns related to token distribution.
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Myx Finance is facing heat with Airdrop Manipulation claims
Myx Finance has been making headlines recently thanks to its native token Myx price rally. In fact, Google Trends data shows that search interest for “Myx Finance” has skyrocketed to a 100 maximum score yesterday, bringing the public’s attention. It was relaxed at 70 at the time of pressing.
The surge in interest also comes with an increase in criticism. Marketwatchers have expressed concern about Myx’s rapid rise. Some have criticized the platform for operation, while others have predicted the crash, just like what happened with the Mantra (OM).
Currently, in a detailed thread on X (formerly Twitter), blockchain analytics platform Bubblemaps flags suspicious activity linked to token airdrops.
“Everyone is talking about Myx hitting a $17 billion FDV. 20 times more in under 48 hours. But we found something extraordinary. We found something nobody mentioned.”
For context, Myx tokens were launched in early May through Binance Wallet’s 15th Exclusive Token Generation Event (TGE). Bubblemaps revealed that nearly 100 wallets had been funded via cryptocurrency exchange OKX about a month before the airdrop.
According to their reports, each address received an equal amount of BNB within the same transaction window at around 6:50am on April 19th. These addresses were later eligible for airdrop distribution. They went on to secure about 9.8 million myx. This is about 1% of the total supply.
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The platform added that most of these wallets carried out their claims around 5:30am on May 7th. Given the lack of funding and claims patterns that are almost identical to previous activities, Bubblemaps suggested that clustering was not a coincidence.
“Is this the biggest Airdropsivil ever?” Bubblemaps questioned.
Myx Finance responded to Bubblemaps’ claim. The platform revealed that, except for the “Cambrian” campaign, which implemented sy agent measures to curb bot activity, all other airdrop rewards were distributed only based on authentic user trading volume and the contributions of liquidity providers (LPs).
MYX changed its pre-release address change requests from a large number of participants. However, it emphasized its policy not to limit such behavior to encourage user participation.
“Campaign designs that include user growth incentives, or that may affect the benefits of others, focus on preventing civil attacks. However, our trading and LP incentive programs will continue to maintain an open and inclusive approach and encourage them to become actively involved with MYX,” reads the post.
Despite Myx’s defense, skepticism continues. Bubblemaps has rejected the Myx Finance clarification as a “long and ambiguous GPT reply.” The Analytics platform argued that the response would only add to the suspicion surrounding Airdrop, rather than alleviating concerns.
“The founder of Myx sivded airdrops with 100 wallets and confirmed that their allocations to each address are inflated. Currently, Aro’s total is worth $170 million, but the sad thing is that he can’t leave his position completely, as he is definitely trading with the MMS and VC behind the MYX pump,” another market watcher added.
At this time, Myx has not provided any further details to combat the findings of Bubblemaps. The situation is unfolding and has a potential impact on Myx’s reputation and the broader Defi sector. Stakeholders are awaiting additional data or regulatory responses to clarify the suspected operation and its impact on the market.
