MonoX protocol announced today the completion of its funding round that saw investors come together to raise $5 million.
As per the announcement, the funding round saw numerous investors’ participation, including Krypital Group, Youbi Capital, Rarestone Capital Axia8 Ventures, Capital, 3Commas, OP Crypto, Animoca Brands Divergence Ventures, LD Capital, GenBlock, and Blockdream.
Notably, the newly acquired funding will help Monox to launch tokens using its unilateral liquidity pools.
Commenting on the funding round, Ruyi Ren, Founder, and CEO of MonoX stated:
“With a lot of innovation in the DeFi space, oversizing has become a growing problem. As the most capital-efficient liquidity solution, MonoX will help the most innovative projects succeed. We will use the funding to grow the team, further develop and build our community into thriving new DeFi ecosystems like Solana.”
The MonoX protocol is a single token liquidity pool that seeks to provide users with superior DeFi products and services. Unlike other DEXs projects in the market, the protocol uses one liquidity pool and groups deposited tokens into a virtual pair with the vUSD stablecoin.
The project was created to help build and shape the new ownership economy while positively impacting the community. MonoX hopes to release new innovative DeFi products and services that participants of the DeFi ecosystem will value and love.
MonoX provides users with lower trading fees compare to other platforms in the industry. In addition, users require less capital to become a liquidity provider and less siloed capital in multiple pool pairs. The protocol also allows project owners to launch their new tokens with zero capital.
Derek Hansen, Partner at Rarestone Capital, explained:
“MonoX addresses capital inefficiencies caused by liquidity pairs. Project owners can list their tokens without the burden of capital requirements and focus on using the funds for building the project instead of providing the cash. Their new approach to unilateral liquidity will certainly help evolve unique emerging DeFi ecosystems like Solana and Avalanche.” He added,
“We look forward to their launch and will use our collective resources and expertise to help them succeed.”