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MonoX announces public mainnet launch on Ethereum and Polygon
[PRESS RELEASE – Singapore, Singapore, 20th October 2021] The mainnet launch comes just weeks after MonoX raised $5 million to disrupt traditional DEXs and remove inefficiencies from the DeFi ecosystem with one-sided liquidity pools. MonoX Protocol, the most capital efficient automated market maker (AMM) in the DeFi space, is pleased to announce the launch of its highly anticipated mainnet with full swap and liquidity capabilities on Ethereum and Polygon networks. The mainnet is the result of over a year of hard work, continuous development and testing. Although traditional DEXs have significantly lowered the barrier for projects launching their tokens, it is…
MonoX announces public mainnet launch on Ethereum and Polygon
[PRESS RELEASE – Singapore, Singapore, 20th October 2021]
The mainnet launch comes just weeks after MonoX raised $5 million to disrupt traditional DEXs and eliminate inefficiencies from the DeFi ecosystem with one-sided liquidity pools.
MonoX protocol, the most capital efficient automated market maker (AMM) in the DeFi space, is pleased to announce the launch of its highly anticipated mainnet with full swap and liquidity capabilities on Ethereum and Polygon networks. The mainnet is the result of over a year of hard work, continuous development and testing.
Although traditional DEXs have significantly lowered the barrier for projects to launch their tokens, it is still expensive for projects to launch their tokens as they need to deposit two tokens to build the liquidity pair. MonoX's innovative one-sided liquidity pools eliminate the need for developers to bring another asset, making it economical for projects to bring their tokens to market.
It also offers liquidity providers (LPs) and traders a more capital efficient and optimized experience. The LPs only need to deposit one token into the liquidity pool and receive fees for both swaps and borrowing. Traders will find that exchanging tokens on MonoX is much cheaper than alternatives. The platform achieves lower trading fees by avoiding the long transaction paths encountered with traditional automated market makers (AMMs).
The official liquidity pools at launch are:
Ethereum: ETH, WBTC, USDC, USDT Polygon: MATIC, WBTC, USDC, USDT, WETH
MonoX plans to add more official pools in the coming months. However, Trustless Listing Pools will be live upon initial launch. Trustless pools allow any person or project to launch their token without permission. All you need to do is set a starting price and deposit liquidity for the token. It groups the deposited tokens into a virtual pair with its own vCASH stablecoin, supported by all assets in the MonoX pools.
MonoX is also a capital-efficient solution to provide liquidity to value-backed tokens (VBTs) such as synthetic assets, fractional NFTs, insurance tokens and tokens. Because these assets have inherent value, projects and users do not need to collateralize them with a liquidity pair a second time.
Commenting on this important turning point of the project, Ruyi Ren, co-founder and CEO of MonoX, said: "MonoX will be an important building block and enabler for DeFi 2.0. With our product, it is finally possible and easy to make innovative projects and Value Backed Tokens (VBTs) tradable without capital requirements or collateral."
About MonoX
MonoX is the most capital efficient automated market maker (AMM) in the DeFi ecosystem. It enables developers, traders and liquidity providers to participate in an open, accessible and capital efficient marketplace. MonoX aims to revolutionize DeFi by eliminating the capital inefficiencies of first-generation protocol models. Its one-sided liquidity pools and vCASH stablecoin enable lower trading fees, capital efficiency and the ability to launch tokens without additional capital.