Introducing mistX Labs

mistX Labs

mistX Labs is a product team within the Alchemist organisation building DeFi apps. The first one is called mistX, a DEX focused on making your swap experience easy & smooth while being protected and earning rewards when your trade is eligible. Check out below and the page for more details!

mistX, the worlds first DEX with front-running protection and instant cashback rewards

You’ve all heard the rumours, so let us confirm firsthand: mistX is indeed a DEX that brings you protection from front-running bot attacks. It is natively integrated with Flashbots technology, and we would like for you to take a moment to reflect on the implications (as there are many).
“mistX is the first time in Ethereum history that Flashbots is available to regular users for front-running protection and “no success, no fee” transactions. — There is no concept of reverts on mistX, your transaction is either successful with no front-running, or you pay nothing” — Nathan, mistX Dev
mistX is our very own Alchemist inspired DEX and for the first time ever, mistX enables end users to send transactions with protection & instant cashback rewards. On top of that you get the best prices from Uniswap v2, Uniswap v3, SushiSwap, a stunning UI and an intuitive & enhanced user experience.
mistX v2 stunning UI and intuitive user experience

mistX and the dark forest

Nowadays, front-running is one of the main problems of the Ethereum network and the DeFi sector in particular. The value damage for users is estimated in hundreds of millions of dollars, with over 400 million USD extracted from users since June 2020. As it stands, there is no front-running protection on typical AMM/Dex exchanges and this poses risks to you as a user, as well as having impacts on the Ethereum network as a whole. Recognising these concerns is to recognise the dark forest of Ethereum — and the hidden challenges and threats Front-running bots present to your trades. Understanding and addressing these concerns is essential in our view and so much of the development that has gone into mistX will specifically help Defi get rid of this problem. By building a Dex that takes these issues into deep consideration, paired with our passion for excellent user experiences, we aim to solve one of the core functionality issues in Defi, with mistX as just the beginning of our efforts towards this goal.

Front-runners and how do they do it

Front-running involves the front-runner making a swap in the same block transaction directly ordered in front of your own transaction, worsening the price rate for you, immediately following this they make another transaction, a reverse swap after your transaction has processed. the Front-runner uses the induced price difference to earn considerable margins on this manipulation in price. Your transaction, having been front-run, becomes sandwiched in the block between these transactions. Effectively if you are trading via a traditional DEX there is nothing you can do currently once this occurs. In some cases, you may not have even noticed the manipulations of front-running as the arbitrage may have been small, but in many others the results can become quite drastic as we see in the screenshot example below.
From the example above, we see how the frontrunner took a swap for 1.2 ETH into a sandwich, selling the token asset in front of the victim for 22.7 ETH and shifting the price rate from 0.0..001716 to 0.0..002141 by 24% This is a Huge loss for the would-be victim! (We feel you whomever you are). As a result the frontrunner won 0.12 ETH from this attack. This not only impacts your own portfolio, but poses concerns for wider security against MEV risk and trade externalities on the Ethereum network.

How mistX rewards Holders & the Alchemist community

The mistX Protection fees are reserved for the mistX platform. This is used to enrich the Crucible Aludel rewards program, the core of the Alchemist ecosystem. As a result any and all trades made for tokens on mistX will have a positive price impact on the price of $MIST directly.
This benefit rewards not only mistX users, but our community and all holders of $MIST(especially if that $MIST is subscribed to a Crucible). The benefits to this interaction are just the beginning and we are coming up with additional ways to drive value back to the Alchemist token holders and for the Alchemist community (More info on this to come soon).
This is only the beginning of the integrative features we have in store for the mistX Labs platform and the Alchemist ecosystem, and we are excited about the immediate impact our products will have for you, our users, as it stands.

The Alchemist Vision

Born out of the creative atmosphere induced by our collective disinclination to commit to the constraints of a fixed plan, road map or future projection, we are delighted to share mistX with you in line with our Alchemical vision. One of many functional products that we hope will stand the test of time. Our ideas are going to evolve, grow and coalesce in ways we cannot yet imagine…
We invite you to join us on this journey, dear user — if you haven’t already — and see the wisdom of having skin in the game. Remember, “There is no plan” as we explore the galaxy in search of the philosophers stone and immortality.