CyberDEX

CYDX was deployed on Ethereum on 29 April 2024. Its constructor sent all 2 billion units to the designated recipient 0x3b4D…C9B38. A separate read on 5 September 2026 showed that address as a Safe requiring signatures from two of its three owner addresses. The code stops at ordinary ERC-20 transfers and approvals, without an owner, mint extension, pause, tax, staking or vote.

The project’s 2024 image divided supply into public 20%, seed 15%, liquidity 10%, reserves 10%, ecosystem 25% and team 20%, with 600 million intended at launch and separate cliffs. None of those locks exists in CYDX itself. They describe an allocation plan whose wallets and vesting execution still need outside evidence.

Eight transfers in August and October 2024 moved exactly 400 million CYDX to 0x0000…dEaD. The amount matches the slide’s 20% public bucket, but the chain does not prove why it moved, so the biography does not invent that link.

Because CYDX has no burn function, totalSupply remains 2 billion. Calling the dead balance “burned” may be useful market shorthand; it is not a reduction of the ERC-20 accounting value. The difference explains why supply sites can show 1.6 billion while the contract reports 2 billion.

CyberDEX’s published Optimism system creates account proxies that call Synthetix Perps V2 markets. Margin is sUSD, the SNX debt pool takes the aggregate trader counterparty, and skew changes funding velocity. Pyth signed prices, onchain oracle checks and keepers execute delayed orders and liquidations. CYDX is absent from this risk engine.

The fee page quotes 0.01–0.02% maker and 0.06–0.10% taker fees against position value, plus a gas-sensitive keeper payment. It says CyberDEX adds no charge and that exchange fees go to SNX stakers who provide liquidity.

A utility slide proposed a different future: use 20% of trading-platform revenue and 50% of Deal Flow revenue to buy and burn CYDX, while locked holders would enter launchpad deals. Yet the FAQ called Deal Flow “coming soon,” the roadmap still lists the token launch, buyback and rewards, and the token contains no enforcement path. A proposal is not a holder receivable.

The timeline has also shifted under the product. Synthetix now labels Perps V2 legacy and recommends V3 for new trading. CyberDEX’s registry still points to V2-shaped Account code and its roadmap names V3 as an item, leaving migration and current volume unproven.

Each Cyber Wallet proxy records its user as owner and supports delegates. All proxies nevertheless read one implementation from Factory 0x972d…3dA2. Verified code says an owner upgrade affects every existing account and even warns it does not validate the replacement. Settings 0x39A7…51Ab can disable account execution and change token allowlisting or executor fee.

On 5 September 2026 both control contracts named EOA 0x829d…B727B as owner. Factory returned canUpgrade=true and implementation 0x741f…0a23; Settings returned execution enabled and 0.001 ETH. These are observable powers, not evidence of abuse. They qualify the custody claim because the user key controls an account whose executable rules remain operator-controlled.