Backed by Over $10 Million in Funding, Momentum Launches ve(3,3) DEX to Drive Sui DeFi Innovation and User Growth

Author: Cointelegraph

Momentum has officially exited stealth mode, launching its ve(3,3) decentralized exchange (DEX) and token launch platform on the Sui blockchain.

Inspired by Aerodrome’s successful model, Momentum’s ve(3,3) DEX is purpose-built to drive growth within the Sui ecosystem. The DEX will leverage Momentum’s multisig liquidity layer—backed by $500 million in total value locked (TVL)—to power the next wave of innovation and user adoption in decentralized finance (DeFi).

Trading is now live at:

https://app.mmt.finance/

Additional trading volume and liquidity are expected to grow further with the upcoming LFG Ramp-Up liquidity phase and the WAGMI trading competition.

Unlike traditional DEX models that prioritize liquidity providers, the ve(3,3) tokenomics model creates incentive alignment by directing 100% of emissions, trading fees, and rewards directly to Momentum users, generating a flywheel effect that ensures coordination across all stakeholders—including liquidity providers, traders, and protocols.

ChefWEN (@ChefMMT_X), CEO and co-founder of Momentum and former founding engineer at Meta's Libra project, said: “We believe BTCFi is about to push Sui into an exponential growth phase. We’re excited to launch this new era of DeFi on Sui. With the ve(3,3) liquidity model, traders and liquidity providers will soon enjoy the lowest fees and highest APRs.”

The ve(3,3) system is designed to align incentives so that all participants benefit:

• Protocols enhance liquidity and optimize APR by offering token rewards

• Voters receive 100% of trading fees and bribe rewards

• Liquidity providers earn 100% of MMT token emissions

• Traders enjoy lower fees and reduced slippage

Momentum’s ve(3,3) DEX will make on-chain trading more accessible for traders, retail investors, and institutions alike—offering higher liquidity, less slippage, and lower fees for a superior user experience.

From December 1, 2023, to January 5, 2025, Sui’s on-chain TVL surged to $2.08 billion, a 1,261% increase over just 13 months. This explosive growth has been fueled by rapid expansion in the stablecoin ecosystem, including Agora USD (AUSD), First Digital USD (FDUSD), and Ondo Finance (USDY). Notably, Momentum is responsible for minting 100% of the supply of these stablecoins on Sui, establishing itself as a critical infrastructure player. As DeFi accelerates on Sui, Momentum is poised to lead the ecosystem’s next wave of application and liquidity expansion.

To accelerate DEX adoption, the LFG Ramp-Up liquidity phase will launch on March 31, targeting $50 million in TVL, followed by a 12-week WAGMI trading competition. Backed by key liquidity providers from Momentum’s investor network and protocols integrated with Momentum’s multisig solution, the competition will reward early adopters with veMMT tokens based on trading volume and liquidity contributions prior to the token generation event (TGE).

Over the past two years, Momentum has built deep partnerships across the Sui ecosystem, 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 secured $10 million from prominent investors, including Coinbase Ventures, Circle Ventures, Sui Foundation, Aptos Foundation, Gate Ventures, Amber Group, Selini Capital, Jump, Arcanum Capital, WAGMI Ventures, DeWhales, MonkeVentures, and Adeniyi Abiodun, co-founder of Mysten Labs.

Darius Askaripour, Managing Partner at Varys Capital, said: “The Sui ecosystem is at an inflection point, and we believe Momentum will be a key driver of its application growth. Their work lays the foundation for transparent liquidity mechanisms, making markets more open and liquid. We’re thrilled to support them in this journey.”

Varys Capital’s latest fund is backed by MBS Global, the family office of H.H. Sheikh Nayef Bin Eid Al Thani of Qatar’s royal family, and Aquanow Ventures, a leading Canadian digital integration provider.

About Momentum

Momentum is a Move-based centralized liquidity engine offering solutions in multisig treasury management, token vesting, and liquidity provisioning. With over 35,000 active wallets, $500 million in total value locked (TVL), and $1.8 billion in trading volume, Momentum is set to redefine market dynamics with the launch of its Move-based 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 1 blockchain and smart contract platform designed to make digital asset ownership fast, private, secure, and accessible to everyone. Built on the Move programming language and an object-centric data model, Sui enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui delivers high speed at low cost, supporting a broad range of applications.

Learn more about Sui at: https://sui.io.

Learn more about Momentum at: Website | X | LinkedIn | Telegram