[PRESS RELEASE – Singapore, Singapore, 25th November 2021]
MonoX Protocol, the most capital-efficient liquidity solution in the DeFi space, has announced that the public sale of its MONO token will take place on Huobi Global’s Primelist token listing platform on Thursday, November 25. The listing comes a month after MonoX launched its mainnet on the Ethereum and Polygon networks.
There will be a supply of one million MONO tokens for purchase at $0.40 each. Investors can find further details of the listing here. With Huobi Primelist, participants stand a chance to purchase new tokens at a low price and trade the newly listed token immediately after the Primelist activity ends.
MONO is the governance token of the protocol. Token holders can vote on approval for official pools, and pool parameters like fees, rewards, and the future Lending and Borrowing parameters.
MonoX founder and CEO Ruyi Ren said, “MonoX is one of the most innovative products in the DeFi 2.0 space, with a profitability 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.”
The project had earlier raised $5 million from a group of investors that included Krypital Group, Axia8 Ventures, Animoca Brands, Divergence Ventures, Youbi Capital, Rarestone Capital, LD Capital, GenBlock Capital, 3Commas, OP Crypto, and Blockdream.
It has been profitable since the mainnet went live, thanks to its unique single-sided liquidity pools that enable it to generate revenue not just from trading fees but also from the virtual vCASH token. Without a native token, the protocol has generated over $800,000 in profit with only about $20 million in total value locked (TVL) in the first month of mainnet launch.
MonoX is a multi-chain, multi-layer DEX that is revolutionizing the DeFi ecosystem by eliminating capital inefficiencies of the existing liquidity models. Unlike traditional DEXes that require projects to deposit two tokens to build a liquidity pair, MonoX enables developers to list their tokens without the burden of bringing another asset.
Its innovative single-sided liquidity model groups the deposited tokens into a virtual pair with the vCASH, which is backed by all assets in the MonoX pools. It results in improved capital efficiency, lower trading fees, and zero-capital token launching.
MonoX is also a capital-efficient solution to infuse liquidity to Value-backed Tokens (VBTs) such as synthetic assets, fractional NFTs, insurance tokens, and gaming tokens. Since these assets hold inherent value, projects and users don’t need to collateralize them a second time with a liquidity pair.
MonoX is the most capital-efficient automated market maker (AMM) in the DeFi ecosystem. It empowers developers, traders, and liquidity providers to participate in an open, accessible, and capital-efficient marketplace. MonoX aims to revolutionize DeFi by fixing the capital inefficiencies of the first-generation protocol models. Its single-sided liquidity pools and vCASH facilitate lower trading fees, capital efficiency, and the ability to launch tokens with zero additional capital.