Compiled by Odaily Planet Daily Ethan ( @ethanzhang_web3 )
March 31, 12:00 EST - Momentum officially ended its stealth mode and launched the ve(3, 3) decentralized exchange (DEX) and token issuance platform on the Sui blockchain.
Momentums ve(3, 3) DEX is inspired by the successful model of Aerodrome and is designed to drive the growth of the Sui ecosystem. The DEX will leverage the $500 million total locked value (TVL) of Momentums multi-signature liquidity layer to help the next wave of decentralized finance (DeFi) innovation and user growth. Trading is now live (URL: https://app.mmt.finance/ ), and more trading volume and liquidity will be further increased with the upcoming LFG Ramp-Up liquidity phase and WAGMI trading competition.
Unlike the traditional DEX model that prioritizes liquidity providers, the ve(3, 3) token economic model builds an incentive mechanism so that 100% of emissions, transaction fees, and rewards flow directly to Momentum users, creating a flywheel effect and ensuring coordination among all stakeholders (liquidity providers, traders, and protocols).
Momentum CEO and co-founder ChefWEN ( @ChefMMT_X ), who was a founding engineer of the Meta Libra project, said: “We believe that BTCFi is about to drive Sui Chain into an exponential growth phase . We are very happy that Momentum can start a new stage of DeFi on Sui Chain. With the support of the ve(3, 3) liquidity model, traders and liquidity providers will soon get the lowest fees and the highest annualized rate of return (APR).”
ve(3, 3) systems are created to align incentives so that all participants benefit:
The protocol provides token rewards to improve liquidity and optimize annualized yields
Voters receive 100% of transaction fees and bribes
Liquidity providers receive 100% of the MMT token emission rewards
Traders enjoy lower transaction fees and less slippage
ve(3, 3) DEX launched by Momentum will make on-chain trading more accessible to traders, retail investors, and institutions seeking higher liquidity, less slippage, and lower fees for a better user experience.
From December 1, 2023 to January 5, 2025, Sui’s on-chain TVL has soared to $2.08 billion, an increase of 1,261% 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 on the Sui chain, making it a key infrastructure player. As DeFi accelerates on Sui, Momentum will lead the next wave of applications and liquidity expansion across the ecosystem.
To accelerate the launch of the DEX, the LFG Ramp-Up liquidity phase will be launched on March 31 with a target of $50 million TVL, followed by a 12-week WAGMI trading competition. Supported by major liquidity providers from the Momentum investor network and protocols integrated with the Momentum multi-signature solution, the competition will reward early adopters with veMMT rewards based on trading volume and liquidity provision before the Token Generation Event (TGE).
Over the past two years, Momentum has established deep connections with Sui ecosystem partners, working 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.
Momentum has recently raised $10 million in a strategic funding round led by Varys Capital, with participation from a diverse group of investors, 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.
“The Sui ecosystem is at an inflection point, and we believe Momentum will be a key player in driving its adoption,” said Darius Askaripour, Managing Partner at Varys Capital. “Their work lays the foundation for transparent liquidity mechanisms that make the market more open and liquid, and we are excited to support them in this journey.”
Varys Capital’s latest fund is backed by MBS Global, the family office of Qatari royal HH Sheikh Nayef Bin Eid Al Thani, and Aquanow Ventures, a top Canadian digital integration provider.
About Momentum
Momentum is Moves centralized liquidity engine, providing solutions such as Multi-Sig Treasury Management, Token Vesting, and Liquidity Provisioning. Momentum has more than 35,000 active wallets, $500 million in total locked value (TVL), and $1.8 billion in trading volume. With the launch of 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 Metas 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. The platform is based on the Move programming language and uses an object-centric model that enables parallel execution, sub-second finality, and rich on-chain assets. With scale-out processing and storage capabilities, Sui delivers higher speeds at a low cost for a wide range of use cases.
To learn more about Sui, please visit: https://sui.io .
To learn more about Momentum, please visit: Official Website | X | Linkedin | Telegram .
