Introducing mistX

Introducing mistX
“ Our ethos is by the people for the people.
 Our reputation is under-promise over-deliver.
 And our road map is well… that there isn’t one”
With that ethos in mind we are proud to announce our next DeFi product mistX! Created by Alchemists, powered by FlashBots, driven by $Mist
mistX.io
mistX, the worlds first FlashDEX
You’ve all heard the rumours, so let us to confirm firsthand: mistX is indeed a FlashDEX, running on 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 FlashDEX and for the first time ever, mistX enables end users to send transactions through Flashbots bundles. We’ve worked hard to make mistX something unique and truly beneficial to the end user. Inspired by the insights promulgated by Flashbots and their deep understanding of the MEV crisis, we recognise the dark forest that lurks in the Ethereum network and have developed mistX as a solution that enables the end user to navigate the dark forest safely. 
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Flashbots & Miner Tips
mistX gas is not paid how it is traditionally paid. Instead of using ETH for gas on these transactions, mistX transactions are processed via miner tips, which are proportionately similar to traditional gas fees, however, trading on mistX includes powerful protection on the security and assurance of transactions. The unique technology underlying the mistX platform utilises Flashbots and as such transactions processed via mistX do not publish user transaction information to a public mempool, but instead bundle transactions together. This effectively hides the information from front-runners and thus prevents your transactions from being manipulated, front-run, or sandwiched.
No Cost on cancelled transactions
mistX Users also have the option to easily cancel transactions at a click of a button, meaning, mistX permits users to potentially halt a transaction before it is carried out on the network without a penalty for doing so.
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
A percentage of all miner tips are reserved for the mistX platform. This is used to enrich the Crucible and Aludel rewards programme 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 platform and the Alchemist ecosystem, and we are excited about the immediate impact mistX 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.