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MonoX Deploys Public Mainnet on Ethereum and Polygon Network

Wednesday, 20 October 2021 10:25 AM

MonoX

The mainnet launch has been announced shortly after MonoX bagged $5 million to improve existing DEXs and remove inefficiencies from the DeFi sector by leveraging single-sided liquidity pools.

SINGAPORE / ACCESSWIRE / October 20, 2021 / MonoX Protocol, the most capital-efficient automated market maker (AMM) in the crypto and DeFi sector, is pleased to confirm that it has successfully deployed its highly-anticipated mainnet with complete swap and liquidity features both on the Ethereum and Polygon networks. The mainnet is the result of more than a year of hard work, steady ongoing development, and extensive testing.

While more traditional decentralized exchanges (DEXes) have been able to reduce the barrier for initiatives issuing their tokens, it remains costly for platforms to offer their digital tokens because they have to deposit two (instead of just 1) tokens to create the liquidity pair. MonoX's unique single-sided liquidity pools (LPs) remove the requirement for project development teams to put up another asset, which makes it more manageable for initiatives to offer their tokens.

Additionally, it offers a significantly more capital-efficient and streamlined experience to LPs and digital asset traders. The LPs are required to deposit just one token to the pool, and they get the fees for swaps as well as borrowing. Crypto traders will discover that swapping tokens via MonoX is a lot more affordable than the other alternatives in the market. MonoX is able to provide considerably lower trading fees by not having to deal with the lengthy transaction paths present on conventional automated market makers (AMMs).

The official liquidity pools during launch are as follows:

  • Ethereum: ETH, WBTC, USDC, USDT
  • Polygon: MATIC, WBTC, USDC, USDT, WETH

MonoX intends to provide support for more Official Pools within the next few months. But Trustless Listing pools are set to go live at the time of the initial product deployment. Trustless pools enable initiatives to offer their token in a permissionless way. You just need to establish an initial price and provide liquidity for the token. It then groups the deposited tokens into a digital trading pair with its vCASH stablecoin, which is backed by assets found in MonoX pools.

MonoX is also an ideal solution to add liquidity to Value-backed Tokens (VBTs) like synthetic assets, fractional non-fungible tokens (NFTs), insurance tokens, and gaming tokens. Because these assets hold intrinsic value, projects and individual users need not collateralize them again with a suitable liquidity pair.

MonoX co-founder and CEO Ruyi Ren stated, "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.

For media enquiries, you may send an email to: Hugh Flood, [email protected]

For additional information, check out: https://monox.finance/

SOURCE: MonoX

Topic:
Product Announcements
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