As the blockchain market matures, the speed at which institutional funds and regulated assets enter the chain is accelerating. In the past, decentralized finance (DeFi) primarily focused on the liquidity and trading of crypto assets, but now some projects are beginning to explore extending to more comprehensive financial services. The industry generally believes that this transformation requires four conditions: a smooth user experience, cross-chain liquidity integration, tokenized physical asset support, and a robust security system.
From Multi-Signature to Liquidity Engine
The Momentum team previously launched a multi-signature management solution, MSafe, in the Move ecosystem, which has been used by multiple projects for treasury management after going live on Aptos and Sui. This background led the team to prioritize security as one of the core design principles when developing Momentum, including measures such as smart contract audits, code reviews, and real-time monitoring.
In May 2024, after the leading DEX in the Sui ecosystem, Cetus, encountered a security incident, Momentum collaborated with the Sui Foundation to participate in ecosystem security reinforcement. Subsequently, the platform's TVL was restored and continued to rise.
Cross-Chain and Liquidity Integration
Momentum is built on the L1 public chain Sui, leveraging the chain's high performance and low fees to provide an on-chain experience close to that of a centralized trading platform. However, Sui lags behind public chains like Ethereum and Solana in terms of liquidity scale.
To improve this situation, Momentum partnered with the cross-chain protocol Wormhole to introduce the Native Token Transfers (NTT) framework, becoming the first project in the Sui ecosystem to adopt this technology. NTT enables native token cross-chain transfers without the need for traditional wrapping methods. With this solution, tokens like ETH, SOL, and BONK can be traded natively on Sui, thereby enhancing cross-chain liquidity pool depth while maintaining composability with Sui's native protocols.
Advancing Tokenized Asset Trading
Momentum is developing a tokenized asset trading platform, which has already integrated stablecoins issued by compliant institutions and backed by physical assets, including USDC (Circle), USDY (Ondo US Dollar Yield), and FDUSD (First Digital USD).
In the future, the platform plans to expand to various asset classes such as stocks, bonds, and commodities, and collaborate with custodial institutions to ensure the legality and security of on-chain transactions. By centrally managing tokenized assets from different sources, users can trade cryptocurrencies, stablecoins, and tokenized securities on a single platform.
Project Incubation and Ecosystem Development
Momentum also plans to launch a Launchpad linked to its DEX to provide financing and user resource support for early-stage projects. The platform will implement a project selection mechanism, primarily targeting early-stage projects with potential rather than opening it to all types of token issuers.
Financing and Partnerships
Momentum has secured investments from institutions such as Coinbase Ventures, OKX Ventures, Circle Ventures, and Superscrypt, the latter being supported by Singapore's sovereign investment agency. The recent round of strategic financing amounted to $100 million, led by OKX Ventures.
The project team maintains a strategic partnership with the Sui Foundation and Mysten Labs CPO Adeniyi Abiodun, and collaborates with several ecosystem projects including Agora, Ondo Finance, NAVI Protocol, SuiLend, and Turbos Finance.
Core team members include CEO Wendy Fu (PhD in Computer Science from the University of California, Berkeley, who previously participated in the Meta Libra/Diem project and the development of the Move language) and co-founder Jacky Wang (who previously worked on cross-chain technology research at Harmony).
Current Status and Direction
Currently, Momentum's TVL is approximately $150 million, ranking first in the Sui ecosystem. As cross-chain liquidity, tokenized assets, and Launchpad functionalities gradually materialize, its positioning is shifting from a single exchange to a multifunctional financial infrastructure.
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