> For the complete documentation index, see [llms.txt](https://myxfinance.gitbook.io/myx.finance-v2/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://myxfinance.gitbook.io/myx.finance-v2/readme.md).
# Protocol Overview
**MYX V2 is the first perpetual market for any token — a place where all trading opportunities can exist.**
It is a new protocol layer where spot demand naturally evolves into perpetual markets, unlocking leverage trading for any token from day one. By removing the gatekeepers that traditionally control derivatives listings, MYX allows markets to form around opportunity itself.
In most trading venues, access to opportunity is limited. Whether a token can be traded with leverage depends on centralized listing committees, governance processes, or operational decisions made behind closed doors. As a result, many assets may attract strong market demand long before they ever receive a derivatives market.
MYX V2 changes this.
With permissionless market creation, MYX is designed so that whenever real spot demand exists, a perpetual market can emerge. This makes MYX not just a trading venue, but an open market layer for on-chain opportunity.
***
### How MYX Works
MYX V2 is a fully on-chain perpetual trading protocol built around transparent rules, self-custody, and demand-driven market formation.
At a high level, the protocol works through three key components:
#### Permissionless Market Creation
Markets can be created as demand emerges, rather than only after centralized approval. This is what allows MYX to become a home for trading opportunities that other venues cannot support early enough.
#### Asset-Pure Vaults
Each market is supported by separate Base and Quote Vaults, allowing liquidity providers to deposit the asset exposure they actually want. This structure is designed to avoid impermanent loss and align capital more efficiently with the market.
#### mTokens
Depositors receive mTokens representing their vault position. These tokens allow spot holdings to become productive market infrastructure, helping transform passive asset demand into active perpetual market depth.
Together, these components allow spot demand, liquidity, and trader participation to evolve naturally into perpetual markets.
***
### More Than a Perp DEX
MYX V2 should not be understood as just another perpetual exchange.
It is better understood as:
* a **market creation protocol for derivatives**,
* an **opportunity layer for on-chain trading**,
* and a **Perp Launchpad** for new assets.
Most venues compete over existing markets.
MYX is designed to bring new markets into existence.
That distinction is critical. MYX does not merely offer a better place to trade what is already available. It expands what can be traded in the first place.
***
### Who MYX Is For
MYX V2 is built for participants who care about access to opportunity.
#### Traders
Traders come to MYX to access the first leverage market for new tokens, hedge early exposure, and trade opportunities before they appear on major venues.
#### Liquidity Providers
LPs come to MYX to deploy capital into emerging markets through asset-aligned vaults, while preserving their desired exposure.
#### Token Projects and Communities
Projects and communities come to MYX to give their asset a fuller market structure — not only spot trading, but also leverage, hedging, and deeper discovery.
#### Brokers and Interfaces
Brokers, wallets, and trading interfaces can build on top of MYX as the shared execution and liquidity layer for permissionless derivatives.
***
### The Vision
The long-term vision of MYX V2 is to make access to trading opportunity as open as token creation itself.
In a permissionless financial system, markets should not depend on a small group of gatekeepers deciding what deserves to exist. If an asset has real demand, real liquidity, and real attention, the market should be able to form.
MYX V2 is built to make that possible.
**Not just by allowing any token to have a perpetual market, but by becoming the place where all trading opportunities can exist.**
### Jump right in
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