MYST, the rising auto trading ecosystem, is making waves with its innovative approach. MYST stands for Multi-Strategy, Yield-Optimized Systematic Trading.
The crypto bot trading and dApp, as the name implies, are a combination of multiple algorithms. It automates trades via the trading bot, facilitating several off-chain and on-chain indicators.
In addition, it uses ML and MI to maximize the profit-loss ratio. The platform allows users to stake the BUSD stablecoin, establishing a stable revenue stream. Due to its tiered structure, MYST users can rest assured about its transparency and reliability.
MYST has recently launched a new withdrawal mechanism. The platform announced this as an official post to talk about how DeFi has been brewing uncertainty for some time. This has put immense pressure on projects to revamp the withdrawal mechanism.
Usually, stakeholders are unable to get their funds out of projects, even if there is an emergency. For example, most DeFi projects have a hard lock period of 28 days that specifies no early withdrawal. In addition, users are unable to earn anything unless the assets are restaked after the 28th day.
MYST, on the other hand, offers a no-lock policy with minor early withdrawal penalties. MYST explains that users can now stake BUSD at any moment, starting their 28-day cycle.
However, their assets will not be hard-locked during the period. Nonetheless, the platform has established a penalty based on how early users make the withdrawal. The penalty starts at 81% for a first-day withdrawal and goes down by 3% per day until the 28th day.
According to MYST, the penalized funds will also be part of the contract funds. The rule is only applicable to new deposits, compounds, or redeposits. This means that the old on-chain data is not amendable. Thus, they must wait for the 28-day maturity period before trying the new system.
Given the approach’s novelty, it is expected to reel in new users while making MYST a standout in the market.