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 using single-sided liquidity pools.
MonoX Protocol, the most capital-efficient automated market maker (AMM) in the DeFi space, is thrilled to announce the launch of its much-anticipated mainnet with full swap and liquidity features on Ethereum and Polygon networks. The mainnet is the culmination of over a year of hard work, continuous development, and testing.
Though traditional DEXes have significantly lowered the barrier for projects launching their tokens, it’s still expensive for projects to launch their tokens because they need to deposit two tokens to build the liquidity pair. MonoX’s innovative single-sided liquidity pools eliminate the need for developers to bring another asset, making it economical for projects to launch their tokens.
It also provides a more capital-efficient and optimized experience to liquidity providers (LPs) and traders. The LPs have to deposit only one token to the liquidity pool, and they will receive fees for both swaps and borrowing. Traders will find that swapping tokens on MonoX is much cheaper than alternatives. The platform achieves lower trading fees by avoiding the lengthy transaction paths seen on traditional automated market makers (AMMs).
The official liquidity pools at the time of 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 at initial product launch. Trustless pools allow any person or project to launch their token in a permissionless manner. All you have to do is set an initial price and deposit liquidity for the token. It groups the deposited tokens into a virtual pair with its own vCASH stablecoin, which is backed by all assets in the MonoX pools.
MonoX is also a capital-efficient solution to infuse liquidity to Value-backed Tokens (VBTs) such as synthetic assets, fractional NFTs, insurance tokens, and gaming tokens. Since these assets hold inherent value, projects and users don’t need to collateralize them a second time with a liquidity pair.
Speaking on this key inflection point in the project, MonoX co-founder and CEO Ruyi Ren said, “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.”
About MonoX
MonoX is the most capital-efficient automated market maker (AMM) in the DeFi ecosystem. It empowers developers, traders, and liquidity providers to participate in an open, accessible, and capital-efficient marketplace. MonoX aims to revolutionize DeFi by fixing the capital inefficiencies of the first-generation protocol models. Its single-sided liquidity pools and vCASH stablecoin facilitate lower trading fees, capital efficiency, and the ability to launch tokens with zero additional capital.
OhNoRipple via https://www.ohnocrypto.com/ @Press Release, @Khareem Sudlow
