Momentum's ve(3, 3) DEX will make it easier for traders, retail investors, and institutions seeking higher liquidity, less slippage, and lower fees to conduct on-chain transactions for a better user experience.
Author: Cointelegraph
Momentum has officially ended its stealth mode and launched the ve(3, 3) decentralized exchange (DEX) and token issuance platform on the Sui blockchain.
Inspired by the successful model of Aerodrome, Momentum's ve(3, 3) DEX is designed to drive growth in the Sui ecosystem. This DEX will leverage Momentum's multi-signature liquidity layer with a total locked value (TVL) of $500 million to support the next wave of decentralized finance (DeFi) innovation and user growth. The trading functionality is now live (website: https://app.mmt.finance/), and more trading volume and liquidity will be further enhanced with the upcoming LFG Ramp-Up liquidity phase and the WAGMI trading competition.
Unlike traditional DEX models that prioritize liquidity providers, the ve(3, 3) token economic model creates incentives that direct 100% of emissions, trading fees, and rewards directly to Momentum users, generating a flywheel effect that ensures coordination among all stakeholders (liquidity providers, traders, and the protocol).
ChefWEN, CEO and co-founder of Momentum (@ChefMMT_X), who was a founding engineer of the Meta Libra project, stated: "We believe that BTCFi is about to drive the Sui chain into an exponential growth phase. We are excited that Momentum can launch a new phase of DeFi on the Sui chain. With the support of the ve(3, 3) liquidity model, traders and liquidity providers will soon enjoy the lowest fees and the highest annual percentage rates (APR)."
The creation of the ve(3, 3) system aims to adjust the incentive mechanisms so that all participants can benefit:
The protocol enhances liquidity and optimizes annual percentage rates through token rewards.
Voters receive 100% of trading fees and bribe rewards.
Liquidity providers receive 100% of MMT token emission rewards.
Traders enjoy lower trading fees and less slippage.
Momentum's ve(3, 3) DEX will make it easier for traders, retail investors, and institutions seeking higher liquidity, less slippage, and lower fees to conduct on-chain transactions for a better user experience.
From December 1, 2023, to January 5, 2025, the on-chain TVL of Sui has surged to $2.08 billion, growing by 1261% in just 13 months. This explosive growth is attributed to the rapid development of the stablecoin ecosystem integration, including Agora USD (AUSD), First Digital USD (FDUSD), and Ondo Finance (USDY). Notably, Momentum is responsible for minting 100% of the supply of these stablecoins on the Sui chain, making it a key infrastructure participant. As DeFi accelerates on Sui, Momentum will lead the next wave of applications and liquidity expansion for the entire ecosystem.
To accelerate the DEX launch, the LFG Ramp-Up liquidity phase will start on March 31, targeting a TVL of $50 million, followed by a 12-week WAGMI trading competition. With the support of major liquidity providers from Momentum's investor network and protocols integrated with Momentum's multi-signature solution, this competition will reward early adopters with veMMT rewards based on trading volume and liquidity supply before the token generation event (TGE).
Over the past two years, Momentum has built strong connections with Sui ecosystem partners, collaborating with companies such as the Sui Foundation, Agora Finance, AlphaFi, Bluefin, Bucket Protocol, Cetus Protocol, First Digital, Navi Protocol, Ondo Finance, Scallop, SpringSui, Suilend, Turbos Finance, and Volo.
In a recent strategic financing round led by Varys Capital, Momentum secured support from prominent investors, raising a total of $10 million, including Coinbase Ventures, Circle Ventures, the Sui Foundation, the Aptos Foundation, Gate Ventures, Amber Group, Selini Capital, Jump, Arcanum Capital, WAGMI Ventures, DeWhales, MonkeVentures, and Mysten Labs co-founder Adeniyi Abiodun.
Darius Askaripour, managing partner at Varys Capital, stated: "The Sui ecosystem is at a turning point, and we believe Momentum will be a key player in driving its application ecosystem. Their work lays the foundation for a transparent liquidity mechanism, making the market more open and liquid, and we are excited to support them in this process."
Varys Capital's latest fund has received backing from the family office of Qatari royal H.H. Sheikh Nayef Bin Eid Al Thani, as well as from Aquanow Ventures, a leading digital integration provider in Canada.
About Momentum
Momentum is a centralized liquidity engine for Move, providing solutions such as multi-signature treasury management, token vesting, and liquidity provisioning. Momentum boasts over 35,000 active wallets, a total locked value (TVL) of $500 million, and $1.8 billion in trading volume. With the launch of the Move ve(3, 3) DEX, Momentum may redefine the market landscape. Momentum was co-founded by ChefWEN (@ChefMMT_X), one of the founding engineers of Meta's Libra project.
About Sui
Sui is a layer-1 blockchain and smart contract platform designed to make digital asset ownership fast, private, secure, and accessible to everyone. The platform is based on the Move programming language and employs an object-centric model that enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage capabilities, Sui offers higher speeds at lower costs, suitable for a wide range of applications.
To learn more about Sui, visit: https://sui.io.
To learn more about Momentum, visit: Official Website | X | LinkedIn | Telegram
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
