Mono X Launches Mainnet on Ethereum and Polygon

Mono X Launches Mainnet on Ethereum and Polygon WikiBit 2021-10-21 15:12

The stage will offer a set-up of four resources on Ethereum, and a further five on Polygon.

  The stage will offer a set-up of four resources on Ethereum, and a further five on Polygon.

  Automated market maker (AMM) MonoX has declared the authority dispatch of its mainnet stage, offering financial backers a full supplement of trade and liquidity capacities on the Ethereum and Polygon blockchain networks.

  With the arrival of this new assistance, Mono X is planning to build up a savvy and available framework for liquidity suppliers looking to impel their tasks to the market and dealers keen on taking part in token trade administrations.

  On account of customary decentralized trades (DEXes) like dYdX, it is vital for ventures to give two tokens to construct a liquidity pair, a necessity that expands the capital obstruction for passage. With the single-sided liquidity highlight, extends just need to stake their local token, which implies that they can offer more generally liquidity to the market.

  As per the authority declaration, the liquidity pools carried out upon dispatch are as per the following: On Ethereum, resources incorporate Ether (ETH), Wrapped Bitcoin (WBTC), USD Coin (USDC) and Tether (USDT), while on Polygon, resources incorporate Polygon (MATIC), WBTC, USDC, USDT and Wrapped Ether (WETH).

  Last month, the AMM brought $5 million up in capital subsidizing to help the lessening of required capital and liquidity levels for decentralized money (DeFi) projects offering trade, getting and loaning subsidiary administrations on DEXes.

  At that point, the venture was as yet in beta turn of events, yet this declaration denotes a progress to full-scale execution in the DeFi space.

  MonoX CEO Ruyi Ren let Cointelegraph know how MonoX is using single-sided liquidity pool advancement to diminish the boundary to-section for new DeFi members:

  “Protocols that use liquidity pairs result in capital requirements to participate in DeFi being high. With our model, all you need to do is deposit your own 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.”

  Likewise, Ren talked about the potential effect Value Backed Tokens could have on the more extensive DeFi ecosystem:

  Value Backed Tokens (VBT) are tokens that are already backed by other assets. Financial derivatives, game tokens, NFT shards, DAO tokens, and even some stablecoins all fall into this category. With MonoX, we dont require extra collateral so once a staked Ether is minted, it can be tradable on MonoX with zero capital requirement.

  As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!




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