MonoX has announced the public launch of the mainnet with liquidity and swap features on Polygon and Ethereum. The launch comes after MonoX raised $5 million to eliminate inefficiency on DeFi and disrupt traditional DEXs. MonoX has put a year of work, extensive testing, and ongoing development on mainnet.
MonoX enables projects to launch tokens at a lower cost
Traditional DEXs have reduced barriers for businesses launching tokens. However, launching tokens is expensive as the project development team has to deposit two tokens to make the liquidity pair. Through MonoX’s one-sided liquidity pools, developers can eliminate the need for another asset, making it easier and more cost-effective to launch a token.
MonoX also gives liquidity providers a conducive and capital-efficient experience. The liquidity providers will only deposit a single token into the liquidity pool and receive fees for borrowing and swapping. As a result, swapping will be cheaper on MonoX than on other platforms because MonoX eliminates long transaction paths used on traditional automated market makers that make token launching more expensive.
On the mainnet launch, the liquidity pools are MATIC, WETH, USDT, USDC, and WBTS on Polygon and USDT, USDC, WBTC, and ETH on Ethereum. The firm will add more pools in the next few months.
Trustless listing pool will go live at the launch
The company will provide support to these official pools in the next few months. However, Trustless Listing Pools go live at the initial launch. These pools enable projects to launch tokens without any permissions by setting an initial deposit and depositing liquidity for the token. The firm groups the tokens into a virtual pair with Vcash STABLECOIN, supported by all MonoX pool assets.
MonoX is a great solution to add liquidity to Value-added tokens, such as Non Fungible Tokens (NFTs), gaming tokens, insurance tokens, and synthetic assets. These assets have intrinsic value hence individual users and projects do not need to get any collateral with an appropriate liquidity pair.
MonoX is an automated market maker in the DeFi ecosystem. It enables liquidity providers, traders, and developers to participate in a capital-efficient, accessible and open marketplace. The platform also plans to change DeFi by repairing the inefficiencies within its protocol models.