- MonoX Protocol raises $5 million through mass fundings.
- Focuses on bringing projects with superior DEX features.
- All new projects to be upon single sided pools featuring only one token.
When it comes to the world of Decentralized Finance (DeFi) and all its protocols, the MonoX Protocol is one of the most renowned and prolific platforms which cannot be left out. It offers all sorts of DeFi based services upon its platform including extremely cost efficient automated market maker (AMM). In spite of all this, the platform looks into building more and more projects all completely based on Decentralized Exchanges (DEX).
The Raise of $5 Million
In a bid to come up with a single side pooled DEX, based solely on one token, the MonoX has been working on its proficiency. However, the need for funds was essential too. In spite of this, an open fundraising program was started.
Furthemore, for this fundraising, MonoX partnered with the blockchain entity, the Krypital group. Besides, being led by the Krypital group, the fundraising saw my blockchain entities and crypto technology companies together. These ventures were, RareStone Capital, Divergence Ventures, Youbi Capital, Axia8 Ventures, OP Crypto, and much more.
As a result, the overall funds raised to about $5 million. In spite of this, the MonoX platform will be developing a new technology for DEX which uses only one single side tokens.
On the contrary, most DEXs consist of a minimum two tokens for the complete exchange transaction to facilitate.
Moreover, this will be in new projects which could launch tokens without adding an extra token as in regards to the previous DEX models.
The Founder’s Comments
Besides, the epic news on the circle, the CEO of MonoX Protocol, Ruyi Ren states that plenty and plenty of developments and innovations are going on in the DeFi industry.
In spite of this development, high rates of collateralization have become hectic, he adds.
In addition, he states with such findings the entire MonoX ecosystem could do well in terms of innovations, as that in Solana (SOL).
Moreover, such a single side tokenized system will reduce the transactions costs too, as the transaction time reduces evidently.
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