SIL and MonoX Partnership
Now SIL will set it’s next milestone to Polygon Network(previous Matic Network), which is a Layer-2 network for Ethereum with low gas fees.
Now SIL is thrilled to announce a key partnership with MonoX — a next generation Decentralized Finance (DeFi) protocol redefining how users can participate in the peer-to-peer financial systems enabled by decentralized technologies built on the Ethereum blockchain.
The SIL team find MonoX definitely a creative, unbloomed gem waiting to be shine, it’s Single token Liquidity Pool design fully matches SIL’s product philosophy(SIL is also Single-Sided), which results in lower trading fees, less capital needed to be a liquidity provider and less capital is siloed in multiple pool pairs, which also result in more capital being unlocked and free to use within the greater DeFi ecosystem.
SIL will land it’s first version on Polygon with Monoswap as the first swap protocol, Monoswap works by creating single token liquidity pools, this is achieved by grouping deposited tokens into a virtual pair with the vUSD stablecoin. vUSD is backed by all the assets in MonoX pools that have a positive vUSD balance. SIL may directly expose the vUSD asset to SILians, which may be more straightforward in the first stage of integration.
MonoX brings a brand new pattern of liquidity formations, to SIL’s side, how to improvise assets’ utilization without compromising transparency is always an important topic, which SIL team will strive to pursue. Thanks to this collaboration, SIL will work closely with MonoX to expand and develop more options by leveraging MonoX’s focus on capital efficiency and capital incentives to create more combinations for DeFi user’s to explore.
As MonoX gears up for a mainnet launch in Q3 (both Ethereum mainnet and Polygon L2), the time is almost alright for SIL to integrate MonoX, this strategic partnership will boost the confidence in the idea of a single token/liquidity pool and increase both products’ utility upon mutual release.
About MonoX
MonoX introduces the premier bootstrap decentralized exchange, Monoswap. Project owners can list their tokens without the burden of capital requirements and focus on using funds for building the project instead of providing liquidity.
It works by grouping deposited tokens into a virtual pair with our own vUSD stable coin, to offer a single token pool design.
MonoX will revolutionize the DeFi ecosystem by fixing the capital inefficiencies of current protocol models. With lower trading fees, capital efficiency, and zero-capital token launching — MonoX will expand the capabilities of DeFi.
About SIL Finance
SIL.Finance is a single sided yield aggregator with adventurous functional #NFT farming card add-ons. It’s a decentralized automatic investment platform based on smart contracts, focusing on providing users with DeFi Financial Management services. SIL provides dual-token liquidity for variable swaps, automatic LP matching, and automatic compound interests. According to factors such as annualized rate of return, safety factor, financial management cycle, etc., it automatically selects and configures products that best suit the interests of users, making complex liquidity mining to become simple.
The SIL’s model is unique on the DeFi market, it’s single-sided functionality is solely contributed by users, the product gives all the possible choices back to the community and is way more open than yield products.
MonoX Links
Website | Documentation | Twitter | Telegram
SIL.Finance Links
Website | Twitter | Telegram | Medium | Discord
SOURCE: https://sil-finance.medium.com/sil-monox-partnership-a65f73863291
