• The MonoX project could be launched by the end of September.
• The decentralized finance company seeks to exceed Solana’s protocols.
MonoX announced a few minutes ago that it would increase the debut capital by over $5M from companies such as Animoca Brands and Axia8 Ventures.
The protocol backed by cryptocurrencies will use this income to meet its goals and thus limit the capital collection in DeFi plans. These services will be focused on credits, financing, and DEX protocols.
MonoX advances its crypto plans
MonoX is advancing its crypto plans, and the latest announcements support those goals. The company intends to build a successful system after it introduces its partial treasury scheme. Although this is not a renovating project for treasury financing, it is supported by decentralized finance.
Crypto exchange platforms such as a complex system require two tokens to create equivalent liquidity. However, with this MonoX proposal, these systems will require only one token, giving a faster settlement process.
The CEO and developer of the crypto protocol spoke about the projects that the company promotes, leaving enthusiasts convinced. The platform promises innovation, more accurate liquidity processes, and an updated system for the community to grow. The CEO’s purpose is to make the company have a strong DeFi protocol, just like Solana is.
DeFi goals to be met
When one of these decentralized Finance projects reaches the MonoX protocol, their token enters the second part of the liquidity plan. This stablecoin will be pegged to the US dollar, while vCash will lower commission rates within AMM.
MonoX developers plan to release a version of the Polygon and Ethereum Blockchain before the end of the year, possibly later this September. However, this is not set in stone as everything could change because there are doubts about the protocol, how it will work, and the conditions for enthusiasts to use it.
Although the company shows a settlement protocol with a token, this would not correspond to the first app that meets these objectives. In 2020, a company affiliated with the AMM protocol created the v-2.0 treasury crypto-mining project that promised a new scheme in the decentralized finance market. However, this project did not go far due to its innate complexities and difficulties with usage.
Decentralized finance protocols have not stopped being released throughout this year, leaving high expectations for crypto enthusiasts. It is interesting how these finance plans are growing in sync with cryptocurrency adoption worldwide.
Soon it will be possible to see what DeFi proposals that countries like El Salvador support for the nation. The Salvadoran government accepted the use of cryptocurrencies legally, so a DeFi project would definitely not be ignored.