The mainnet launch comes simply weeks after MonoX raised $5 million to disrupt conventional DEXs and get rid of inefficiencies from the DeFi ecosystem utilizing single-sided liquidity swimming pools.
MonoX Protocol, probably the most capital-efficient automated market maker (AMM) within the DeFi house, is thrilled to announce the launch of its much-anticipated mainnet with full swap and liquidity options on Ethereum and Polygon networks. The mainnet is the fruits of over a 12 months of onerous work, steady growth, and testing.
Though conventional DEXes have considerably lowered the barrier for tasks launching their tokens, it’s nonetheless costly for tasks to launch their tokens as a result of they want to deposit two tokens to construct the liquidity pair. MonoX’s progressive single-sided liquidity swimming pools get rid of the necessity for builders to carry one other asset, making it economical for tasks to launch their tokens.
It additionally offers a extra capital-efficient and optimized expertise to liquidity suppliers (LPs) and merchants. The LPs have to deposit just one token to the liquidity pool, and they will obtain charges for each swaps and borrowing. Traders will discover that swapping tokens on MonoX is less expensive than alternate options. The platform achieves decrease buying and selling charges by avoiding the prolonged transaction paths seen on conventional automated market makers (AMMs).
The official liquidity swimming pools on the time of launch are:
- Ethereum: ETH, WBTC, USDC, USDT
- Polygon: MATIC, WBTC, USDC, USDT, WETH
MonoX plans to add extra Official Pools within the coming months. However, Trustless Listing swimming pools will likely be dwell at preliminary product launch. Trustless swimming pools enable any individual or venture to launch their token in a permissionless method. All you’ve gotten to do is set an preliminary worth and deposit liquidity for the token. It teams the deposited tokens right into a digital pair with its personal vCASH stablecoin, which is backed by all belongings within the MonoX swimming pools.
MonoX is additionally a capital-efficient answer to infuse liquidity to Value-backed Tokens (VBTs) comparable to artificial belongings, fractional NFTs, insurance coverage tokens, and gaming tokens. Since these belongings maintain inherent worth, tasks and customers don’t want to collateralize them a second time with a liquidity pair.
Speaking on this key inflection level within the venture, MonoX co-founder and CEO Ruyi Ren mentioned,
“MonoX will be a key building block and enabler for DeFi 2.0. With our product, it's finally possible, and easy, to make innovative projects and Value Backed Tokens (VBTs) tradable without any capital requirements or collateral.”