Was MYX Finance’s Airdrop Distribution Fair or Manipulated?

MYX Finance (MYX) has responded to fresh concerns raised by Bubblemaps, which alleged that the platform had likely carried out the ‘biggest airdrop Sybil in history.’

The decentralized perpetual exchange released a statement stressing its commitment to fairness and openness. It also addressed questions surrounding wallet activity and participation patterns tied to the token distribution.

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MYX Finance Faces Heat Over Airdrop Manipulation Claims

MYX Finance has been making headlines recently, thanks to its native token MYX’s price rally. In fact, Google Trends data showed that the search interest for ‘MYX Finance’ spiked to the maximum score of 100 yesterday, signalling increased public attention. It has eased to 70 at press time.

The surge in interest has also been accompanied by mounting criticism. Market watchers have raised concerns about MYX’s rapid rise. Some have accused the platform of manipulation, and others have predicted its crash, similar to what happened with MANTRA (OM).

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Now, in a detailed thread on X (formerly Twitter), Bubblemaps, a blockchain analytics platform, has flagged suspicious activity linked to the token airdrop.

“Everyone is talking about MYX hitting a $17 billion FDV. A 20x in under 48 hours. But we spotted something unusual. Something no one is mentioning,” the platform wrote.

For context, the MYX token was launched in early May through Binance Wallet’s 15th Exclusive Token Generation Event (TGE). Bubblemaps revealed that nearly 100 wallets were funded via cryptocurrency exchange OKX about a month before the airdrop.

According to their report, each address received comparable amounts of BNB within the same transaction window on April 19, around 6:50 AM. These addresses later qualified for the airdrop distribution. They went on to secure roughly 9.8 million MYX — about 1% of the total supply.

The platform added that most of these wallets executed their claims around 5:30 AM on May 7. Given their lack of prior activity and the near-identical funding and claiming patterns, Bubblemaps suggested the clustering was unlikely to be coincidental.

“Could this be the biggest airdrop sybil of all time?” Bubblemaps questioned.

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MYX Finance responded to Bubblemaps’ claims. The platform clarified that, aside from the ‘Cambrian’ campaign — which implemented anti-Sybil measures to curb bot activity—all other airdrop rewards were distributed solely based on genuine user trading volume and liquidity provider (LP) contributions.

MYX acknowledged pre-launch address change requests from high-volume participants. However, it emphasized its policy of not restricting such actions to encourage user participation. 

“Looking ahead, in campaign designs that involve user growth incentives or could potentially affect the interests of other users, we will place greater emphasis on preventing sybil attacks. However, in trading and LP incentive programs, we will continue to maintain an open and inclusive approach, encouraging more users to actively engage with MYX,” the post read.

Despite MYX’s defense, skepticism persists. Bubblemaps dismissed MYX Finance’s clarification as a “long, vague GPT reply.” The analytics platform argued that the response only added to suspicions surrounding the airdrop instead of easing concerns.

“MYX founder sybilled his airdrop with 100 wallets and made sure the allocations to each address were inflated. The total allo is currently worth $170m but sad thing is he can’t fully exit his position since he’s definitely in a deal with the mms and vcs behind the MYX pump,” another market watcher added.

As of now, MYX has not provided further details to counter Bubblemaps’ findings. The situation is unfolding, with potential implications for MYX’s reputation and the broader DeFi sector. Stakeholders await additional data or a regulatory response to clarify the extent of the alleged manipulation and its impact on the market.