MonoX Protocol, the most capital-efficient automated market maker (AMM) in the decentralized finance (DeFi) industry, is pleased to confirm that it’s launching its mainnet on Ethereum and Polygon networks. This, after finalizing a $5M round last month in order to make it more economical for initiatives to issue their crypto tokens by utilizing its state-of-the-art single-sided liquidity pools.
MonoX’s investment round has been led by Krypital Group, along with participation from Axia8 Ventures, MarketAcross, Animoca Brands, Divergence Ventures, Youbi Capital, Rarestone Capital, LD Capital, GenBlock Capital, 3Commas, OP Crypto, and Blockdream.
Ruyi Ren, Founder and CEO at MonoX, stated, “With a lot of innovation in the DeFi space, over-collateralization has become an increasingly big problem. As the most capital efficient liquidity solution, MonoX will help more innovative projects succeed. We will use the funding to grow the team, further develop and build our community in new flourishing DeFi ecosystems like Solana.”
Unlike most of the traditional decentralized or non-custodial exchanges (DEXes) that require platforms to deposit two digital tokens to create a liquidity pair, MonoX allows application developers to simply list their tokens without being required to bring on another asset. Projects are able to issue new tokens without needing additional funding, because they don’t have to deposit a second token to establish the pair.
The platform groups the deposited tokens into a digital pair with the vCASH stablecoin, which is backed by assets in the MonoX pools. This approach aims to eliminate the capital inefficiencies resulting from liquidity pairs.
The single-sided liquidity design aims to lower trading fees by completely avoiding the extensive transaction paths that we’re used to seeing on conventional automated market makers (AMMs).
Maggie Wu, Co-founder and Chief Executive at Krypital Group, remarked, “Based on our full confidence in the future of DeFi, we have been looking for products that can help DeFi expand. We believe the MonoX team can lower the barriers to entry for users, at the same time create greater value for the DeFi field. This is why we decided to invest and incubate this project, and also use our various resources and experience to help them develop.”
MonoX is also serving as a capital-efficient solution to add liquidity to Value-backed Tokens (VBTs) including fractional non-fungible tokens (NFTs), gaming tokens, synthetics, and insurance tokens. These assets may be deployed and traded without any collateral, which means that platforms and end-users need not collateralize them again with a liquidity pair.
MonoX’s mainnet is set to go live on Ethereum and Polygon shortly with complete swap and liquidity features. As a blockchain-agnostic solution, it will also be deployed on Solana in the foreseeable future.
Background on MonoX
MonoX is the most capital-efficient automated market maker (AMM) in the decentralized finance (DeFi) space. It has been designed to support application developers, traders, and liquidity providers to actively take part in an open, accessible, and capital-efficient marketplace.
MonoX plans to streamline DeFi services by addressing the capital inefficiencies of the first-gen protocol models. Its single-sided liquidity pools and vCASH stablecoin aim to ensure significantly lower trading fees, greater capital efficiency, and the option to issue crypto tokens without needing additional financial resources.
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For additional information, please visit: https://monox.finance/