MonoX Protocol, the Automated Market Marker (AMM), is joyful to announce its a lot anticipated public mainnet launch on Ethereum and Polygon Networks.
As per the announcement, MonoX has formally launched its mainnet platform, which can supply the investor a full complement of swap and liquidity capabilities.
Notably, the brand new platform will enable MonoX to set up a cheap, and accessible infrastructure for liquidity suppliers who shall be in search of to take their mission to the subsequent stage. It can even assist merchants enthusiastic about participating in token swap companies. Traditionally, it has been costly for mission house owners to launch their tasks since they should deposit two tokens to construct a liquidity pair. However, with its innovation, MonoX eliminates the necessity for builders to add one other asset making it comparatively economical for the tasks.
While commenting on the mission, MonoX co-founder and CEO Ruyi Ren defined:
“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.”
Through its mainnet, tasks will solely be required to deposit just one token to the liquidity pool. These tasks shall be in a position to obtain charges for each borrowing and swaps functionalities.
The liquidity swimming pools applied on the launch can have 4 belongings on Ethereum and 5 on Polygon. On Ethereum, belongings will embody Ether (ETH), USD Coin (USDC), Wrapped Bitcoin (WBTC), and Tether (USDT), whereas on Polygon, belongings embody WBTC, USDC, Polygon (MATIC), USDT, and Wrapped Ether (WETH). In the approaching days, MonoX plans to add extra official swimming pools to the mainnet.
Notably, the platform additionally plans to have trustless itemizing swimming pools reside on the preliminary product launch. Trustless swimming pools are improvements created to enable customers to launch their tokens in a permissionless method. It works by permitting the mission proprietor to set an preliminary value and deposit liquidity for the token. The trustless swimming pools then group the deposited tokens right into a digital pair with MonoX’s vCASH stablecoin backed by all MonoX swimming pools’ belongings.
Ruyi Ren additional defined:
“With our model, all you need to do is deposit your token to the pool (0 collateral). Project owners can list their tokens without the burden of capital requirements and focus on using funds for building the project instead of providing liquidity.”
