BlockBeats News, June 16th, Apyx's latest post stated that after undergoing its largest-scale stress test since June, it officially launched the "Apyx 2.0" framework. The protocol underwent a systematic overhaul of the redemption mechanism, collateral structure, and transparency metrics to address the previous issues of price dislocation and redemption pressure.

Apyx stated that after the protocol launched in February and expanded to a circulation size of about $500 million, it recently faced significant market pressure: the core collateral asset, STRC, experienced its largest drawdown in history, and apxUSD briefly dropped to around $0.90 in the secondary market. The protocol also processed large-scale redemption requests but still maintained overall solvency.

This stress test revealed that the core issue lies in the mechanism design of the excess collateral buffer zone. Apyx pointed out that in extreme market conditions, allowing redemptions based on Net Asset Value (NAV) would create a structural incentive for "first redeemers' arbitrage, later holders' loss," accelerating capital outflows and eroding the system buffer.

To address this, Apyx 2.0 introduces a "Dual Value System" to replace the previous single NAV framework. In the new system, the "Redemption Value" will serve as the unified pricing benchmark for all minting and redemption and will be applicable in both stress and normal market conditions. The "Total Collateral Value" will be used to display the complete reserve size, including the excess collateral buffer.

The protocol emphasizes that the price difference between the two is a transparent and visible risk buffer zone. However, this buffer zone will no longer be directly used for face value redemption, eliminating the "risk-free arbitrage window" and avoiding systemic run-off in market downturns. Apyx stated that this adjustment will transform the buffer zone from a "priority extractable arbitrage target" to a "continuously accumulating stabilizer."

Additionally, Apyx plans to introduce an RFQ (Request for Quote) mechanism, allowing users to trade directly with counterparties through quote matching during periods of market stress to improve liquidity exit efficiency and reduce the impact of automated redemptions on price.