MonoX Announces Public Token Sale On Huobi Global’s Primelist

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MonoX Announces Public Token Sale On Huobi Global’s Primelist
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MonoX Protocol, the most capital-efficient automated market maker in the decentralized finance (DeFi) sector, has announced the public sale of its governance token, $MONO. The sale will take place on Huobi Global’s Primelist token listing platform on Thursday, Nov. 25. This event comes just a month after the platform launched its Mainnet on the Ethereum and Polygon blockchains.

During the public sale, $MONO tokens will go for $0.40 each, with 1 million tokens up for sale. Huobi Primelist allows participants to purchase the tokens at a cost-efficient price. The platform also gives $MONO holders the chance to trade the token immediately after the Primelist event. Being a governance token, $MONO allows holders to vote on proposals regarding liquidity pools, pool parameters such as fees, rewards, and the upcoming lending and borrowing features.

Of the development, MonoX founder and CEO Ruyi Ren remarked:

“MonoX is one of the most innovative products in the DeFi 2.0 space, with the profitability of almost 100x a regular swap project with similar TVL. Huobi is one of the largest and best-centralized exchanges in the world. It’s an honor to get to launch on Huobi. We’ll be using our tokens to promote decentralized governance of the project and attract more liquidity and partnerships.”

MonoX is a multi-chain multi-layer decentralized exchange (DEX) that brings something unique on the DeFi table: capital efficiency, previously unseen in earlier liquidity models. Moreover, contrary to traditional DEXs that require users to deposit two tokens to build a liquidity pair, MonoX allows developers to list single tokens. These tokens are then virtually paired with the virtual vCASH token via the platform’s innovative single-sided liquidity model. vCASH is backed by all assets present in the MonoX pools. This design improves capital efficiency, cuts trading fees, and facilitates zero-capital token launching.

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On top of that, MonoX uses its capital-efficient solution to inject liquidity into Value-backed Tokens (VBTs) such as fractional NFTs, synthetic assets, insurance tokens, and gaming tokens. Such assets already possess inherent value and therefore, do not require second collateralization with a liquidity pair.

Earlier on, MonoX had raised funds amounting to $5 million from a cluster of investors including Krypital Group, Axia8 Ventures, Animoca Brands, Divergence Ventures, and Youbi Capital. Others were Rarestone Capital, LD Capital, GenBlock Capital, 3Commas, OP Crypto, and Blockstream.

Since the Mainnet launch, the protocol has exhibited profitability owing to its unique single-sided liquidity pools. The pools support revenue generation from trading fees and also from the vCASH token. In the first month following its Mainnet launch, MonoX registered $800,000 in profits and roughly $20 million in total value locked (TVL).