MonoX is a multi-layer, multi-chain DEX that solves the capital inefficiencies caused by liquidity pairs using a single token pool model. By creating a virtual pair with the vCASH token, MonoX enables single-sided liquidity, resulting in lower trading fees, reduced capital requirements for Liquidity Providers, and less siloed capital. Additionally, this protocol design opens up opportunities for various DeFi products and services, including lending and derivatives markets. It also provides the most capital-efficient way to trade 'Value Backed Tokens' (VBTs) such as NFT shards, synthetics, gaming tokens, and insurance tokens.