Author: Cointelegraph
Momentum has officially ended its stealth mode, launching a ve(3, 3) decentralized exchange (DEX) and token issuance platform on the Sui blockchain.
Momentum's ve(3, 3) DEX, inspired by Aerodrome's successful model, is designed to drive Sui ecosystem growth. The DEX will leverage Momentum's multi-signature liquidity layer with $500 million in total locked value (TVL), supporting the next wave of decentralized finance (DeFi) innovation and user growth. Trading functions are now online (website: https://app.mmt.finance/), with trading volume and liquidity expected to further increase during the upcoming LFG Ramp-Up liquidity phase and WAGMI trading competition.
Unlike traditional DEX models that prioritize liquidity providers, the ve(3, 3) token economic model builds an incentive mechanism that directs 100% of emissions, trading fees, and rewards directly to Momentum users, creating a flywheel effect that ensures coordination among all stakeholders (liquidity providers, traders, and the protocol).
Momentum's CEO and Co-founder ChefWEN (@ChefMMT_X), a founding engineer of Meta's Libra project, stated: "We believe BTCFi is about to drive Sui into an exponential growth phase. We're excited to launch a new phase of DeFi on the Sui chain. With the ve(3, 3) liquidity model, traders and liquidity providers will soon enjoy the lowest fees and highest APR."
The ve(3, 3) system was created to align incentives so that all participants benefit:
The protocol increases liquidity and optimizes APR by providing token rewards
Voters receive 100% of trading fees and bribe rewards
Liquidity providers receive 100% of MMT token emission rewards
Traders enjoy lower transaction fees and smaller slippage
Momentum's ve(3, 3) DEX will make on-chain trading easier for traders, retail investors, and institutions seeking higher liquidity, less slippage, and lower fees to achieve a better user experience.
From December 1, 2023, to January 5, 2025, Sui's on-chain TVL has surged to $2.08 billion, growing 1261% in just 13 months. This explosive growth is due to the rapid development of 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 for these stablecoins, making it a key infrastructure participant. As DeFi accelerates on Sui, Momentum will lead the next wave of applications and liquidity expansion in the ecosystem.
To accelerate DEX launch, the LFG Ramp-Up liquidity phase will start on March 31, targeting $50 million TVL, followed by a 12-week WAGMI trading competition. Supported by major liquidity providers in the Momentum investor network and protocols integrated with Momentum's multi-signature solution, the 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 deep connections with Sui ecosystem partners, collaborating with Sui Foundation, Agora Finance, AlphaFi, Bluefin, Bucket Protocol, Cetus Protocol, First Digital, Navi Protocol, Ondo Finance, Scallop, SpringSui, Suilend, Turbos Finance, Volo, and others.
In a recent strategic funding round led by Varys Capital, Momentum received support from notable investment institutions, raising a total of $10 million, including Coinbase Ventures, Circle Ventures, Sui Foundation, 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, said: "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 transparent liquidity mechanisms, making the market more open and liquid, and we're excited to support them in this process."
Varys Capital's latest fund is supported by the family office of H.H. Sheikh Nayef Bin Eid Al Thani from the Qatar Royal Family and Aquanow Ventures, a top Canadian digital integration provider.
About Momentum
Momentum is a Move-based centralized liquidity engine providing multi-signature treasury management, token vesting, and liquidity provisioning solutions. With over 35,000 active wallets, $500 million in total locked value (TVL), and $1.8 billion in trading volume, Momentum may redefine the market landscape with the launch of its Move ve(3, 3) DEX. Momentum was co-founded by ChefWEN (@ChefMMT_X), a founding engineer of Meta's Libra project.
About Sui
Sui is a layer-one blockchain and smart contract platform designed to make digital asset ownership fast, private, secure, and accessible to everyone. Built on the Move programming language with an object-centric model, Sui enables parallel execution, sub-second finality, and rich on-chain assets. With horizontal scaling of processing and storage, Sui offers higher speed at low cost, 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
