The only plan is no plan. This motto fostered an environment that led to building pioneering technology that changed the way users navigate MEV in Ethereum. In the space of a few months, the mistX Labs team built a fundamental piece of infrastructure that democratized access to Flashbots — a leading research and development organization focusing on MEV and mitigating its negative effects. A leading service that mitigates the negative externalities of current Maximal Extractable Value (MEV).
mistX.io is the world’s first-ever FlashDEX that utilizes Flashbots technology to give end-users front-running protection, free cancellations, and no cost on failed transactions. And on top of that, mistX Labs developed a unique feature that enabled instant cashback to users. Experience in building a platform providing this service seamlessly paved the way for collaborating further with Flashbots to help deliver Flashbots Protect API and RPC.
Witnessing users instantly adopt the RPC across web3 and flex about it on Twitter was a true moment to savor as we knew this was the start of something much bigger. We at mistX Labs had ambitions to bring further benefit to the Alchemist ecosystem through these products although it became evident later on that these products will serve a greater purpose in the world of DeFi, way beyond our initial scope.
We worked with Flashbots to plant the seed in Flashbots Protect and it’s now time to watch it grow as the Flashbots team work on developing it further independently.
The mistX DEX in our view is still in its infancy, yet we were able to hit half a billion in volume and reward users with over $110,000 in the space of a couple of months. This is just the start and we’re confident that it is only a matter of time until we become a go-to platform in web3.
Our focus will be on developing the DEX and taking it to the next level. In such a short amount of time, the team has built incredible experience, skills and a network of key contacts and thought leaders in this space. This direction allows us to really hone in on what our platform will deliver and provide to users.
We’re extremely proud to have played a crucial role in mitigating the negative effects of MEV and fulfilling one of our objectives of solving real problems in Ethereum. This experience also further cemented the level of caliber and ingenuity we have in our team and it’s only a glimpse into what we’re capable of bringing to the table.
What’s the plan for mistX Labs?
mistX Labs aims to deliver cutting-edge products in the DeFi ecosystem that will benefit Alchemist. Two products so far were delivered since we started this journey in March this year:
- the DEX: A solution for end-users, monetized via fees and cashback rewards
- the API: A solution for business partners, and what powered Flashbots Protect RPC and API when they launched
The DEX’s success has allowed us to deliver unique and unprecedented features such as the Flashbots integration and instant cashback rewards for the direct benefit of end-users and the Alchemist community. Half a billion dollars in volume has been traded since it launched at the end of May, $148k collected in fees and over $114k awards sent directly to users — in just over 2 months.
The API is one of our greatest accomplishments so far — with thousands of transactions processed daily — it became so successful that it led Flashbots to recognize its benefit, decide to integrate it internally and make it a core component of their platform. We’re proud to have participated in a major change in the Ethereum ecosystem and Alchemist will always be recognized for this achievement.
Our plan was to utilize this product to return benefit through monetization to the Alchemist community; we now recognize that its key value to the Ethereum network means that we wouldn’t be able to monetize it in a fair and democratic manner.
What will happen with the mistX API?
The mistX API will remain available by switching the endpoint to api.mistx.io (instead of protection.flashbots.net) for strategic partners who want to keep using or integrate our solution. We will continue to update and maintain the mistX API and its documentation can be found at https://mistx.stoplight.io/docs/mistx
Will Uniswap integrate mistX API?
Some of our team members have been involved in the tentative integration of the mistX API into Uniswap. We cannot comment on behalf of Flashbots for any integration of the Flashbots Protect solutions but we can say that if any integration was to happen, it would not be utilising the mistX API.
Will mistX Labs continue to work on Flashbots Protect?
The main focus for mistX Labs in the coming period is developing the mistX DEX. The Flashbots team will continue building and expanding Flashbots Protect solutions.
There’s one thing to remember for everyone: DeFi is young. The mistX Labs team and its community is early and there are many problem spaces within which we can build out a competitive advantage. It’s critical for mistX Labs to iterate quickly and take a minimum viable product approach when evaluating which solutions to explore. Not all explored solutions will result in profitable outcomes, but at least we can pivot quickly, grow our expertise, and maximize our chance at developing the next big opportunity.
Let the Alchemist experiments continue! Although not all will go as planned, building trust and allegiances with key players in this space will result in massive benefits for years to come. Stay tuned for what’s to come not just from mistX Labs but also from the other Alchemist projects!