News17 September 2021

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

MonoX Protocol Raises $5 Million

Summary

· In DeFi, MonoX Protocol is the most capital efficient AMM

· The Protocol has announced the closing of its $5 million funding round

· The round makes it possible for projects to launch tokens

· The single-sided liquidity minimizes trading fees

In the DeFi ecosystem, the most capital-efficient automated market maker (AMM) is MonoX Protocol. The Protocol is pleased to announce the closing of its $5 million funding round. The round was to make it more economical for projects to launch tokens via its single-sided liquidity pools.

The funding round was led by the Krypital Group. The financing was participated by Animoca Brands, Axia8 ventures, Rarestone Capital, GebBlock Capital, Youbi Capital, Blockdream 3Commas Divergence Ventures, LD Capital, and OP Crypto.

Ruyi Ren, founder and CEO of MonoX stated, “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 other conventional DEXs that need a project to deposit two tokens for a liquidity pair, MonoX allows developers to list their tokens as stand-alone assets. A project can launch a token without additional capital. They don’t need to record a second token to build a liquidity pair.

MonoX groups the deposited tokens into a virtual pair alongside the vCASH Stablecoin, backed by all the MonoX pool assets. It removes the liquidity pair capital inefficiencies. The single-sided liquidity design minimizes trading fees by abolishing the long transaction processes seen on conventional AMMs (automated market makers).

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