MonoX users will now be able to transact on Ethereum and Polygon networks, as well as make deposits to one-way liquidity pools.
The developers of the DeFi MonoX protocol, which uses a single token for liquidity pools, announced the official launch of Monoswap AMM on the Ethereum and Polygon networks. The new MonoX product was launched to create an accessible infrastructure for liquidity providers looking to bring their projects to market.
In the case of decentralized exchanges like dYdX, projects must provide two tokens to create a liquidity pair, and this raises the entry threshold. Thanks to Monoswap AMM, users will be able to deposit to one-way liquidity pools, which will increase capital efficiency and reduce trading fees.
Liquidity pools for Ethereum include ETH, WBTC, USDC, and USDT, while for Polygon they include MATIC, WBTC, USDC, USDT, and WETH. MonoX CEO Ruyi Ren said:
“With our model, all you have to do is contribute your own token to the pool. Project owners can place their tokens and focus on using funds to build the project, rather than on proving liquidity. ”