MonoX
Published in

MonoX

MonoX 2.0 is Live!

We’re live!

We’ve spent the last few months with our heads down building and revitalizing the MonoX Protocol. We are ecstatic to proceed with a relaunch and move towards compensating, rebuilding, and growing the MonoX community.

MonoX 2.0 is initially going live with two features: Bonds and Pools. Further functionality will be incorporated in the near future.

Check out the Dapp on Polygon here:

Bonds

We’re launching bonds for DEX owned liquidity. Bonding is a protocol mechanism designed to accumulate treasury assets via the sale of the protocol token. Users are able to purchase protocol tokens at a discount using specific assets. The user is paid out by the protocol according to preset and agreed-upon conditions. In the case of MonoX, the protocol will be launching bonds denominated in vUNIT. vUNIT will be vested to users who have purchased bonds over 7 days. Users will be able to purchase bonds using: USDC USDT, vUNIT -USDC Sushi LP.

Stake

You can stake your vUNIT to earn yield.

Pool

Pool and DEX are hidden as of now. Once we acquire enough liquidity to bootstrap the DEX, we’ll turn them back on. We will keep the pools feature for users to add liquidity and earn trading fees. The protocol-owned liquidity will provide most of the liquidity for the pool. The feature functions as follows: Deposit one token to the pool as single-sided liquidity and receive an LP token representing your share of the pool reserve.

We are making vUnit available on third-party DEXs as well. If you deposit USDC to the USDC-vUnit pool on Sushiswap you can use your LP token to bond and earn discounted vUNIT.

What’s Next?

  • MonoX DAO
  • dMONO Vault
  • dMONO Vote
  • Vault Staking
  • Multiple Chains

MonoX DAO

Our first goal is to build a community with a voice. The first order of business is to vote on the snapshot date of compensation. The community will also be able to create and vote on proposals that will benefit the long term success of the protocol.

Any previous eligible airdrop participants will receive their MONO tokens before the snapshot.

dMONO Vault

dMONO will soon be airdropped to users affected by the exploit. It will be on a 1 dMONO : $1 ratio. Profits will be distributed into the dMONO vault in the form of MONO tokens or its LP tokens.

dMONO Vote

The initial vote will determine the dMONO token quantity, price, and participant requirements. Voting power will be allocated in MONO to all users who participated in the original airdrop. This mechanism allows for a community-led relaunch of the MonoX governance token. Once the price parameters have been set by the vote, users will have 30 days to accept the terms for dMONO distribution.

Vault Staking

Following the airdrop, dMONO will automatically be deposited to the dMONO vault. Staking dMONO allows users to earn back the remainder of the debt that they are owed by the protocol. Rewards from staking can be added to the user’s staked position. dMONO is not transferable and can only be burned and redeemed for MONO, MONO-VUnit LP or MONO-ETH LP.

When we launch the Vault, we will release a full detailed article on how to participate in the compensation plan.

Look out for a separate post coming soon.

Multiple Chains

Shortly after we relaunch we will be deploying to other chains. In the next month, we plan to launch on Avalanche and Harmony One, others to be announced shortly.

The beauty of vUNIT as a reserve currency and virtual pair is that we’re able to elegantly support cross-chain swaps. Once we get enough chains, we’ll be supporting cross-chain swaps across multiple chains.

📱 Stay Connected

Follow our official social media accounts and visit our website to stay up to date.

Website | Documentation | Twitter | Telegram | Discord

🚨 IMPORTANT

Be careful of fake Telegram groups, and Twitter accounts trying to impersonate MonoX.

Always verify that you are on our official Twitter page, Telegram group, or Discord

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store