- Automated market maker MonoX Protocol has just announced the closing of a $5 million funding round.
- The protocol aims to facilitate new projects by removing the requirement of depositing two tokens for building a liquidity pair.
- MonoX is now getting ready to launch its mainnet on Ethereum and Polygon in 2021 Q3.
Automated market maker MonoX Protocol has just announced the closing of a $5 million funding round. The raised funds will be used to develop the platform to make it more efficient for budding projects to launch their tokens.
The protocol aims to facilitate new projects by removing the requirement of depositing two tokens for building a liquidity pair. It enables developers to list their tokens without the worry of bringing another asset to pair with. This way projects can launch new tokens without extra capital as they wouldn’t have to bear the cost of a second token.
The funding round was led by Krypital Group, which is a leading global venture capital firm and blockchain incubator. Investors participating in the round included Axia8 Ventures, Animoca Brands, Divergence Ventures, Youbi Capital, Rarestone Capital, LD Capital, GenBlock Capital, 3Commas, OP Crypto, and Blockdream.
Ruyi Ren, founder, and CEO of MonoX, marked the event by saying:
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.
Replacing the traditional pairing mechanism of existing platforms, MonoX groups the deposited tokens into a virtual pair with the vCASH stablecoin. This is backed by all assets in the MonoX pools and eliminates the capital inefficiencies caused by liquid pairs.
With the funding round closed, MonoX is now getting ready to launch its mainnet on Ethereum and Polygon in 2021 Q3 with complete swap and liquidity features. Further, it also plans to launch on Solana in the near future.