Momentum, a decentralized exchange built on the SUI blockchain, secured strategic funding at a $100 million valuation led by OKX Ventures.
Momentum, SUI’s VE(3,3)Dex, has announced that its $100 million worth of strategic funding round will be successfully completed. The round was led by OKX Ventures and included participation from Coinbase Ventures, heroine, DNA fund, Gate Ventures, MEXC Ventures and Kucoin Ventures. The new pay raise capital aims to expand the platform’s operations, increase liquidity and help develop new product features aimed at both retail and institutional users.
The latest round follows a $10 million funding event led by Vivarys Capital in March, followed by previous support from Circle Ventures, Coinbase Ventures and the SUI Foundation.
Alongside these key supporters, Momentum has also received support from prominent industry figures and organizations such as Coin Bureau, Monke Ventures, Multichain Advisors, Crypto Lark, and Bonk’s core contributor Theonlynom.
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Momentum is a DEX that operates with SUI (SUI) and uses a mobile programming language to provide trading, token vesting, and financial management services. It officially launched a trading platform in March this year, marking the transition from stealth mode.
Before it was released, Momentum established core technology development and partnerships with leading ecosystem players such as the SUI Foundation, Bluefin, Cetus Protocol, Agora Finance, Alphafi and Ondo Finance. Momentum was also involved in casting full supply of a full supply of several Stablecoins on the SUI, including Agora USD (AUSD), First Digital USD (FDUSD), and USDY.
Unlike traditional DEX models that focus on liquidity providers, Momentum uses a vote-emission toconomics model known as VE (3,3). This design adjusts the profits of liquidity providers, traders, and the protocol itself by redistributing 100% of trading fees and compensation to VEMMT holders.
Source: medium.com/carbonocom/
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