Welcome to the MonoX Docs. Here we aim to provide a robust explanation and understanding for how our protocol works. Get to know us and join us on our journey to make DeFi more capital efficient.
This documentation is a work in progress. Please be aware that some elements will be subject to change. If you have any questions please reach out to us.
What is MonoX?
MonoX is a new DeFi protocol using a single token design for liquidity pools (instead of using pool pairs). This is made possible by grouping deposited tokens into a virtual pair with the vCASH stablecoin.
Our first use case for single token liquidity pools will be an Automated Market Maker - Monoswap, which is set to launch in October 2021.
In the future, we will be launching lending/borrowing and derivatives products.
Why use MonoX?
Single token liquidity pools are more capital-efficient, resulting in a more optimized experience for all participants.
As a project or developer, you can launch your token with zero extra capital.
As a liquidity provider you only have to deposit one token to the liquidity pool.
As a trader, swapping tokens is made much cheaper.
We use one pool so LPs will receive fees for both swaps and borrowing.
Most capital efficient solution to trade tokens already backed by value (Synthetics, NFT shards, Gaming Tokens, Insurance Tokens)
Who do we expect to be the primary users of MonoX?
DeFi Degens: A new way to Ape. No more explanation needed.
Alpha seekers: Traders who are looking for a cheaper alternative to invest into crypto compared to using other GAS and fee heavy AMMs/DEXs.
DeFi Enthusiasts: DeFi natives, protocol connoisseurs, and yield farmers who love to use/experiment with new and exciting DeFi products.
Projects & Developers: Legitimate projects looking to launch their token, but lacking in sufficient capital.
Anyone who was rug pulled: We have a two-tiered pool system for Official Pools and trustless listing pools (where the vCASH balance cannot go below 0). Such a system makes it harder for rug pulls and scam token listings to operate.