AMM MonoX closes $5M funding round to launch economical liquidity pools

AMM MonoX closes $5M funding round to launch economical liquidity pools
фото показано с : invezz.com

2021-9-18 16:01

Automated market maker MonoX Protocol plans to disrupt traditional DeFi with cutting-edge, single-sided liquidity pools. The highly capital-efficient platform announced completion of a $5 million funding round, which will make token launches far more affordable than they are now. The round was led by Krypital Group with participation from Divergence Ventures, Youbi Capital, Axia8 Ventures, Animoca Brands, GenBlock Capital, 3Commas, Rarestone Capital, LD Capital, 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 (SOL/USD).”

Developers save money, listing single tokens to build liquidity pair

Traditional DEX require developers to deposit two tokens to build a pair. With MonoX, they can list a single one, saving the extra capital. MonoX groups the tokens deposited with the vCASH stablecoin into a virtual pair, which assets in the MonoX pools back. This does away with capital inefficiencies and reduces fees because extensive transaction paths are avoided.

Maggie Wu, cofounder 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.”

The capital efficient AMM infuses liquidity to insurance and gaming tokens, synthetics, and other value-backed tokens (VBTs). You can now trade such assets with zero collateral.

MonoX will launch its mainnet on Polygon (MATIC/USD) and Ethereum (ETH/USD) in the third quarter of this year with full liquidity and swap features. The blockchain-agnostic platform will also launch on Solana soon.

The post AMM MonoX closes $5M funding round to launch economical liquidity pools appeared first on Invezz.

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