MonoX Protocol, the Automated Market Marker (AMM), is happy to announce its much anticipated public mainnet launch on Ethereum and Polygon Networks.
As per the announcement, MonoX has officially launched its mainnet platform, which will offer the investor a full complement of swap and liquidity capabilities.
Notably, the new platform will allow MonoX to establish a cost-effective, and accessible infrastructure for liquidity providers who will be seeking to take their project to the next level. It will also help traders interested in engaging in token swap services. Traditionally, it has been expensive for project owners to launch their projects since they must deposit two tokens to build a liquidity pair. However, with its innovation, MonoX eliminates the need for developers to add another asset making it relatively economical for the projects.
While commenting on the project, MonoX co-founder and CEO Ruyi Ren explained:
“MonoX will be a key building block and enabler for DeFi 2.0. With our product, it’s finally possible, and easy, to make innovative projects and Value Backed Tokens (VBTs) tradable without any capital requirements or collateral.”
Through its mainnet, projects will only be required to deposit only one token to the liquidity pool. These projects will be able to receive fees for both borrowing and swaps functionalities.
The liquidity pools implemented at the launch will have four assets on Ethereum and five on Polygon. On Ethereum, assets will include Ether (ETH), USD Coin (USDC), Wrapped Bitcoin (WBTC), and Tether (USDT), while on Polygon, assets include WBTC, USDC, Polygon (MATIC), USDT, and Wrapped Ether (WETH). In the coming days, MonoX plans to add more official pools to the mainnet.
Notably, the platform also plans to have trustless listing pools live at the initial product launch. Trustless pools are innovations created to allow users to launch their tokens in a permissionless manner. It works by allowing the project owner to set an initial price and deposit liquidity for the token. The trustless pools then group the deposited tokens into a virtual pair with MonoX’s vCASH stablecoin backed by all MonoX pools’ assets.
Ruyi Ren further explained:
“With our model, all you need to do is deposit your token to the pool (0 collateral). Project owners can list their tokens without the burden of capital requirements and focus on using funds for building the project instead of providing liquidity.”