Mono X launches mainnet on Ethereum and Polygon

MonoX, an automated market maker (AMM), has officially launched its mainnet platform. It offers investors full swap- and liquidity capabilities on the Ethereum or Polygon blockchain networks.

Mono X has launched a new service to make it cost-effective and easy for liquidity providers to get their projects on the market. It also makes it easier for traders to engage in token swaps.

Traditional decentralized exchanges (DEXes), such as dYdX require that projects provide two tokens in order to create a liquidity pair. This requirement increases the capital barrier to entry. Projects do not need to stake their native token to offer greater overall liquidity to the market.

The official announcement states that the following liquidity pools were launched upon launch: Ethereum assets include Ether, Wrapped Bitcoin (WBTC), USD Coin, USDC and Tether (USDT). Polyon assets include Polgyong, MATIC, WBTC and USDC. Wrapped Ether is (WETH)

The AMM secured $5 million capital financing last month to help decrease mandatory capital and liquidity levels in decentralized finance (DeFi), projects that offer swap, borrowing, and lending derivative services on decentralized Exchanges (DEXes).

Although the project was still in beta, this announcement signals a shift to full-scale implementation within the DeFi space.

Ruyi Ren, CEO of MonoX, spoke to Cointelegraph about MonoX’s single-sided liquidity pool innovation and how it reduces the barrier-to entry for new DeFi participants.

“Capital requirements for DeFi participation are high when protocols use liquidity pairs. Our model requires that you only deposit your token into the pool (0 collateral). The tokens can be listed by project owners without any capital requirements. This allows them to focus on building the project and not providing liquidity.

Similar: DeFi liquidity pool explanation

Ren also spoke about the potential impact that Value Backed Tokens might have on the larger DeFi ecosystem.

Value-backed tokens (VBTs) are tokens already backed by assets. This category includes financial derivatives, DAO tokens and NFT shards tokens. MonoX doesn’t require additional collateral. Once a staked Ether has been minted, it is tradeable on MonoX without any capital requirements.
https://cointelegraph.com/news/mono-x-launches-mainnet-on-ethereum-and-polygon

Charles Griffin

Charles Griffin – Business and Transportation I am Charles Griffin with more than 10 years of experience in the Stock market industry, I am energetic about Finance and Business news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of Magnewspress.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Business News category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.  

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami