Momentum, a decentralized alternate constructed on the Sui blockchain, has secured a strategic funding spherical at a $100 million valuation led by OKX Ventures.
Momentum, a ve(3,3) DEX on Sui, has introduced the profitable completion of a strategic funding spherical valued at $100 million. The spherical was led by OKX Ventures and included participation from Coinbase Ventures, Protagonist, DNA Fund, Gate Ventures, MEXC Ventures, and KuCoin Ventures. The newly raised capital is meant to assist scale platform operations, improve liquidity depth, and help the event of latest product options geared toward each retail and institutional customers.
The most recent spherical follows a $10 million funding occasion in March led by Varys Capital and builds on earlier help from Circle Ventures, Coinbase Ventures, and the Sui Basis.
Alongside these key backers, Momentum additionally obtained help from distinguished business figures and organizations, together with Coin Bureau, Monke Ventures, MultiChain Advisors, Crypto Lark, and @theonlynom, a core contributor at Bonk.
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Momentum is a DEX that operates on Sui (SUI), using the Transfer programming language to offer buying and selling, token vesting, and treasury administration providers. It formally launched its buying and selling platform in March this yr, marking its transition out of stealth mode.
Earlier than its public launch, Momentum spent over two years growing its core know-how and establishing partnerships with key ecosystem gamers such because the Sui Basis, Bluefin, Cetus Protocol, Agora Finance, AlphaFi, and Ondo Finance. Momentum was additionally concerned in minting the complete provide of a number of stablecoins on Sui, together with Agora USD (AUSD), First Digital USD (FDUSD), and USDY.
Not like typical DEX fashions that concentrate on liquidity suppliers, Momentum employs a vote-escrowed tokenomics mannequin often known as ve(3,3), which incentivizes customers to lock up the platform’s governance token, MMT, in alternate for voting energy and a share of the protocol’s income. This design aligns the pursuits of liquidity suppliers, merchants, and the protocol itself by redistributing 100% of buying and selling charges and rewards to veMMT holders.
Supply: medium.com/carbonocom/
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