The automated market maker is at present in beta improvement and set to launch in Q3 2021.
Automated market maker MonoX has at this time introduced a debut capital raise of $5 million from enterprise corporations together with the likes of Axia8 Ventures, Animoca Brands, Divergence Ventures, amongst others.
MonoX will use the funds to help its ambitions in lowering the capital and liquidity conditions for decentralized finance (DeFi) tasks providing swap, lending, borrowing and by-product capabilities on decentralized exchanges (DEXes).
The protocol will obtain this via the introduction of a single-sided liquidity mannequin. Though not a revolutionary idea for liquidity pools, it would intention to help the DeFi ecosystem’s development.
In conventional DEXes resembling Uniswap, business tasks require two tokens to construct a “liquidity pair,” rising the capital barrier for entry. With the single-sided liquidity mannequin, tasks are solely required to present their native token. As such, they will supply extra liquidity to the market.
Founder and CEO of MonoX, Ruyi Ren, shared his views on the potential impression of the funding:
“With a whole lot of innovation within the DeFi area, over-collateralization has change into an more and more huge drawback. We will use the funding to develop the group, additional develop and construct our neighborhood in new flourishing DeFi ecosystems like Solana.”
Related: Derivatives alternate dTrade raises $22.8M for market makers
Once a DeFi challenge contributes its native token, the MonoX-backed stablecoin vCASH steps in because the second token to kind the liquidity pair. Pegged 1:1 to the U.S. greenback, vCASH goals to cut back buying and selling charges generally skilled throughout the transactions of conventional automated market makers (AMM).
MonoX is about to launch its mainnet model on the Ethereum and Polygon blockchains in Q3 2021.
Despite the huge potential of single token liquidity, that is certainly not the primary utility of this type inside within the DeFi area.
This time final 12 months, fellow AMM Bancor launched what it referred to as “liquidity mining 2.0” — a single token liquidity provision designed to overcome the insidious challenges of sustaining liquidity and quantity within the DeFi markets.
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