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MonoX Raises $5 Million to Disrupt Traditional DEXs Using Single-Sided Liquidity Pools

MonoX Raises $5 Million to Disrupt Traditional DEXs Using Single-Sided Liquidity Pools
© Copyright Image: DailyCoin.com

MonoX Protocol, the most capital-efficient automated market maker (AMM) in the DeFi space, is delighted to announce the closing of a $5 million funding round to make it economical for projects to launch their tokens using its innovative single-sided liquidity pools.

Led by Krypital Group, the funding round saw participation from Axia8 Ventures, Animoca Brands, Divergence Ventures, Youbi Capital, Rarestone Capital, LD Capital, GenBlock Capital, 3Commas, OP Crypto, and Blockdream.

Ruyi Ren, founder and CEO of MonoX, said,

“With a lot of innovation in the DeFi space, over-collateralization has become an increasingly big problem. As the most capital efficient liquidity solution, MonoX will help more innovative projects succeed. We will use the funding to grow the team, further develop and build our community in new flourishing DeFi ecosystems like Solana.”

Unlike traditional DEXes that require projects to deposit two tokens to build a liquidity pair, MonoX enables developers to list their tokens without the burden of bringing another asset. Projects can launch new tokens without extra capital because they don’t need to deposit a second token to build the pair.

The platform groups the deposited tokens into a virtual pair with the vCASH stablecoin, which is backed by all assets in the MonoX pools. It eliminates the capital inefficiencies caused by liquidity pairs.

The single-sided liquidity design reduces trading fees by avoiding the lengthy transaction paths that we see on traditional automated market makers (AMMs).

Maggie Wu, co-founder and CEO of Krypital Group said,

“Based on our full confidence in the future of DeFi, we have been looking for products that can help DeFi expand. We believe the MonoX team can lower the barriers to entry for users, at the same time create greater value for the DeFi field. This is why we decided to invest and incubate this project, and also use our various resources and experience to help them develop.”

MonoX is also a capital-efficient solution to infuse liquidity to Value-backed Tokens (VBTs) such as synthetics, fractional NFTs, gaming tokens and insurance tokens. Such assets can be launched and traded with zero collateral, meaning projects and users don’t have to collateralize them a second time with a liquidity pair.

MonoX is set to launch its mainnet on Ethereum and Polygon in the Q3 of 2021 with full swap and liquidity features. As a blockchain-agnostic platform, it will also launch on Solana in the near future.

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Read more: https://dailycoin.com/monox-raises-5-million-to-disrupt-traditional-dexs-using-single-sided-liquidity-pools/

Text source: DailyCoin.com

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
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