Monad's decentralized exchange, Monda DEX, changes its identity to Purps Exchange, incorporating CryptoRubic for seamless cross-chain exchanges.
Hey there! It's a significant shift in the crypto world as Monda, the major DEX and liquidity incubator on the Monad blockchain, has changed its name to Purps exchange and now provides cross-chain swaps.
The official announcement was made on X, and now, the platform's home can be found at Purps.xyz. The old domain, Monda.fund, has been fully redirected.
In a subsequent post, the company shared the reasons behind the rebrand. The initial name, "Monda," inadvertently coincided with other "Mon-" projects in the Monad ecosystem, leading to confusion and reputational issues.
The shift to Purps also signifies the exchange's growth. As the DEX rapidly expanded, the team felt they had outgrown the "Mon-da" label and required a standalone identity.
The new name, Purps, echoes the platform's vibrant purple theme and subtly refers to its primary offering: 20x perps trading. Now, the catchy phrase "Are you trading purps today?" functions both as a brand slogan and a witty inside joke within the trading community.
Today, the company also announced it has teamed up with CryptoRubic, a decentralized bridging protocol that supports native cross-chain token swaps. To commemorate this integration, the company is arranging a 250 Monad giveaway.
With cross-chain swaps now operational, Purps offers a user-friendly entry point for users from other chains to access its substantial liquidity and low-cost, instant swaps. The dApp's built-in bridging technology makes it easier for newcomers to onboard and start trading or providing liquidity swiftly.
Beyond swapping, Purps is also a token launchpad. Projects can apply to be highlighted and possibly host their Initial DEX Offering on the Purps Launchpad. Through its incubation program, selected projects get access to funding, community development resources, and market traction support, all aimed at expediting their growth and adoption.
As for the mainnet launch, Circle is set to enable USDC on Monad's mainnet from day one!
Even though the enrichment results don't provide a concrete explanation for why Monda opted for a rebrand to Purps exchange, it's plausible that the rebrand might have been a vital aspect of a broader strategy to bolster its functionality, particularly in interoperability-an essential element in cross-chain technology. Cross-chain swaps enable users to exchange assets between various blockchain networks in a smooth fashion, which in turn boosts the exchange's liquidity and utility.
For a deeper understanding of the reasons behind the rebrand and specific features, it would be beneficial to seek information directly from Monda/Purps exchange.
- Monda, the major decentralized exchange (DEX) and liquidity incubator on the Monad blockchain, has rebranded to Purps exchange.
- The official website of Purps exchange can now be found at Purps.xyz, following its rebranding.
- The rebranding has been initiated to avoid confusion and reputational issues due to a name coincidence with other projects in the Monad ecosystem.
- Apart from the vibrant purple theme, the name Purps also signifies the platform's primary offering: 20x perps trading.
- Purps has partnered with CryptoRubic, a decentralized bridging protocol, to support cross-chain token swaps.
- Purps offers a user-friendly entry point for users from other chains to access substantial liquidity and low-cost, instant swaps.
- Beyond swapping, Purps serves as a token launchpad, providing funding, community development resources, and market traction support to selected projects.
