Metrics to Track: TVL, Fee Revenue & Liquidity on MYX Finance

Understanding how a perpetual DEX performs is a data exercise as much as it is a trading or liquidity-providing decision. Whether you’re sizing a position on MYX Finance, monitoring LP risk, or benchmarking it against peers, three core metrics consistently matter: TVL, fee revenue, and liquidity. This guide explains what to track, how to interpret it, and where to find reliable on-chain sources in 2025.

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Why these metrics matter for a perp DEX

• TVL signals available collateral and risk capacity
• Fee revenue signals product–market fit and sustainability
• Liquidity depth signals execution quality and LP capital efficiency

Together, these metrics help you answer the questions that drive returns: Is growth organic or just incentive-driven? Are fees covering emissions? Can large orders execute with low slippage and minimal liquidation cascade risk?

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TVL: capacity and durability of capital

TVL (Total Value Locked) measures the dollar value of assets supplied to a protocol. For a perp DEX like MYX Finance, TVL underpins:

• Margin and risk buffers for open interest
• LP capacity to absorb volatile order flow
• Room for scaling without extreme funding rate dislocations

What to check:

• Composition: Stablecoins vs volatile assets (more stables often means steadier risk capacity)
• Distribution: TVL by chain and by pool/market (multi-chain fragmentation can impact execution)
• Durability: TVL persistence through drawdowns and post-incentive periods
• Double counting: Avoid overestimating capital reused via restaking or rehypothecation

Useful references:

• DeFi TVL overview and project pages on DefiLlama for cross-chain comparisons and sector trends. See DefiLlama’s dashboards and narratives to benchmark perps against DEX and derivatives cohorts at the sector level at the DefiLlama homepage (DefiLlama updates these views continuously).
• High-level explainer of TVL and its limitations on Binance Academy for foundational context at Binance Academy’s article on TVL.

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Fee revenue: sustainability over raw volumes

Not all fees are equal. Distinguish between:

• Protocol fees: What the protocol can accrue or direct to a treasury or buyback
• Supply-side revenue: What goes to LPs, market makers, or keepers
• Net economics: Fees minus incentives/emissions

What to track:

• Take rate: Fees divided by notional volume (a proxy for pricing power)
• Consistency: 30/90-day fee stability through market regimes
• Quality of flow: Are fees supported by organic users, or just mercenary incentives?

Useful references:

• Daily protocol fee snapshots across major chains via CryptoFees to contextualize fee scale versus peers
• Metric definitions on take rates, fees and revenue in Token Terminal’s educational resources to align on terminology

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Liquidity: execution quality and risk absorption

Perp DEXs vary in design (orderbook vs vAMM vs hybrid). Regardless, measure real, tradable depth and its resilience:

• Depth at 5–10 bps: Usable size you can trade with minimal price impact
• Slippage profile: Slippage for small, medium, and large clips in active hours and during high volatility
• Open interest (OI) vs TVL: Capacity to absorb positions (low OI/TVL may indicate unused capital; too high can amplify liquidation cascades)
• Skew and utilization: Side imbalances and the proportion of LP capital actively risked
• Liquidation dynamics: Are liquidations frequent, clustered, and destabilizing?

For a deeper look at how perps function and why liquidity depth matters:

• Paradigm’s primer on perpetual futures market structure provides a solid conceptual grounding at Paradigm’s perpetuals explainer
• Kaiko’s research hub regularly analyzes depth, spreads, OI and funding across derivatives markets for a data-driven view at Kaiko Research

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Connecting the dots for MYX Finance

When reviewing MYX Finance specifically, consider a dashboard approach that triangulates:

• TVL and asset mix by chain
• Daily fees and a derived take rate (fees/volume)
• Depth at 10 bps on top markets, plus a slippage heatmap
• OI, funding, and liquidation events over time
• LP utilization, inventory skew, and realized versus advertised APY

Where to source data:

• Dune’s community dashboards and datasets are a great starting point for protocol-specific analytics and can be forked and extended for MYX Finance
• L2Beat for chain-level TVL and risk profiles on the rollups where MYX operates, helping you understand the base-layer context
• Chainlink Data Feeds for oracle architecture and market data reliability if the protocol relies on external price feeds
• The Graph for indexing protocol events to power your custom dashboards or machine-readable APIs

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Interpreting 2025 market context

• L2 growth: Layer 2 TVL and activity continue to expand, concentrating liquidity and making L2 market microstructure increasingly important. Cross-check chain risk and bridge assumptions when evaluating protocol TVL and liquidity locations at L2Beat’s scaling overview.
• MEV and LVR awareness: LP returns depend on order flow quality. Loss vs Rebalancing (LVR) and MEV-aware design are now table stakes for sustainable liquidity provision. For a practitioner-friendly overview, see a16z crypto’s piece on LVR and LP losses at a16z crypto’s article on LVR.

These dynamics strengthen the case for looking beyond headline TVL toward fee consistency, depth, and risk-adjusted LP returns.

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Practical checklist for MYX Finance

• TVL
  • Is TVL diversified across stable and volatile collateral?
  • Is TVL persistent without emissions? Does it hold in drawdowns?
• Fee revenue
  • Are fees steady relative to volume? What’s the take rate trend?
  • How much of fees accrue to the protocol vs LPs?
• Liquidity
  • What is depth at 10 bps across top pairs during peak and off-peak?
  • OI/TVL ratio: Is leverage creeping up, raising liquidation risks?
  • Are funding rates stable, or signaling imbalances and stress?
• Risk and operations
  • Oracle setup, keeper reliability, circuit breakers, and OI caps
  • Chain risk where liquidity resides (rollup escape hatches, bridge trust)
  • Audit history and ongoing monitoring

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Building or auditing a public dashboard

If you want a repeatable process:

• Pull chain-level TVL and sector benchmarks from DefiLlama, then segment MYX Finance against other perps cohorts at DefiLlama’s homepage
• Use Dune to compute fees, take rate, and depth metrics, and to chart OI/funding/liquidations over time at Dune
• If MYX exposes subgraphs, ingest them via The Graph for low-latency event data at The Graph
• Validate price feeds/oracle assumptions with Chainlink’s documentation at Chainlink Data Feeds

This cross-verification reduces blind spots and helps separate signal from incentives.

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Security tip: sign like a pro when trading perps on-chain

Perpetuals often require complex EIP-712 signatures and frequent margin adjustments. A hardware wallet reduces key-exposure risk by isolating private keys and verifying transaction details on-device. If you’re interacting with MYX Finance regularly, OneKey can help you:

• Securely sign EIP-712 orders and approvals with clear, on-device prompts based on the EIP-712 standard at the EIP-712 specification
• Connect via WalletConnect in most browser or mobile workflows for a smooth UX
• Manage multi-chain assets across L2s with open-source firmware and transparent code review practices

Security is a core performance variable—capital that isn’t compromised compounds.

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Bottom line

For MYX Finance, don’t let single metrics dominate your decision-making. Pair TVL with fee revenue quality, and evaluate liquidity where it matters: realized depth and risk absorption during volatility. Ground your view in transparent, reproducible data sources and track how these signals evolve as market structure on L2s matures in 2025.

References for further reading:

• DefiLlama for TVL and sector benchmarking: DefiLlama
• Token Terminal for metric definitions and comparables: Token Terminal’s education resources
• CryptoFees for daily fee snapshots: CryptoFees
• L2Beat for rollup risk and TVL context: L2Beat
• Kaiko Research for market microstructure and derivatives analytics: Kaiko Research
• EIP-712 standard for typed data signing (relevant to on-chain perps): EIP-712 specification