MonoX Finance in Collaboration with StaFi Protocol
MonoX is a new Defi protocol that uses a single token design to create liquidity pools (instead of using pool pairs) is delighted to announce a partnership with StaFi Protocol to create a pool. This unity will create a platform that will yield the most capital in liquidity to staked tokens.
Liquid staking to unlock staked asset:
Proof of Stake protocol is used as a mechanism to validate cryptocurrency transactions, owners of this cryptocurrency can stake thier coin which gives them the authority to check new block of transactions and add them to the blockchain.
Proof of Stake allows cryptocurrency users to stake thier coins and create a validator node, these coins are locked up while you stake them, but can be unstaked anytime so they can be traded. The detriment to this PoS consensus mechanism is that the mining power of Proof of Stake depends on the amount of coins a validator is staking and the liability of these tokens to be traded or invested while they are staked.
At this point liquid staking is introduced, where tokenized derivatives are created to mine the value of the original assets which are freely traded while still earning rewards.
What this collaboration will do
The collaboration of StaFi Protocol and MonoX Finance will create a single token pool design which will bring about a solution to liquidity to rTokens and other tokens backed up by value.
This is not only about unlocking staked tokens alone, but it is also an easy access for profiting from any token the users own.
MonoX aims to be the best hub to trade these “value back tokens”
Examples of this value backed tokens are
I.Synthetics such as physical asset like gold, real estate or stocks.
II. Fractional NFTs
III. Gaming tokens
IV. Insurance tokens.
About MonoX Finance
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. 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.
About StaFi Protocol
StaFi is a DeFi protocol built to unlock liquidity of staked assets. The asset holders are staking through staking contracts built in StaFi protocol, and receive derived tokens called ‘rTokens’ in return, such as rETH, rATOM, rDOT, etc. rTokens hold the same value as the original assets, are freely tradable, and can get the same staking rewards from the original blockchain.
StaFi will create pools for their rTokens on our platform, giving their users a more capital-efficient way to trade and provide liquidity.