Mono X launches Mainnet on Ethereum and Polygon

Automated Market Maker (AMM) MonoX has announced the official launch of its mainnet platform, which offers investors a full range of interchangeability and liquidity on the Ethereum blockchain network and Polygon.

With the release of this new service, Mono X aims to create an affordable and accessible infrastructure for liquidity providers who want to bring their projects to market, establish an interesting market and traders to participate in token swap services.

In the case of traditional decentralized exchanges (DEXs) like dYdX, projects must provide two tokens to build a liquidity pair, a requirement that increases the capital barrier to entry. With unilateral liquidity, projects only need to deploy their native tokens, which means they can provide more liquidity to the market overall.

According to the official announcement, the liquidity pools provided at launch are as follows: On Ethereum assets include Ether (ETH), Wrapped Bitcoin (WBTC), USD Coin (USDC) and Tether (USDT), on Polyon assets include Polgyong (MATIC), WBTC, USDC, USDT and Wrapped Ether (WETH).

Last month, AMM raised $ 5 million in funding to reduce capital requirements and liquidity levels for decentralized finance (DeFi) projects that provide swaps, lending and lending services.

At the time, the project was still in beta development, but that announcement marked the transition to a full deployment in the DeFi space.

Ruyi Ren, CEO of MonoX, told Cointelegraph how MonoX is, on the one hand, leveraging liquidity pool innovations to lower the barrier to entry for new DeFi participants:

“Protocols that use liquidity pairs result in high capital requirements to participate in DeFi. With our model, you only have to deposit your own tokens into the pool (0 collateral). Project owners can list their tokens with no capital burden and focus on using capital to build the project rather than providing liquidity. “

Related: DeFi Liquidity Team, explains

Additionally, Ren spoke about the potential impact the Value Support Token could have on the wider DeFi ecosystem:

A value backing token (VBT) is a token that is already secured by other assets. Financial derivatives, gaming tokens, NFT shards, DAO tokens, and even some stablecoins all fall into this category. With MonoX we do not need any additional collateral, so that the ether used, as soon as it is minted, can be traded on MonoX without a capital requirement.