Primex, the Protocol for Spot Margin Trading on DEX, launches its Mainnet Beta

New York, USA, 19 October 2023, Chainwire

Non-custodial protocol for margin trading Primex Finance announces the release of the long awaited mainnet Beta. Representing a major milestone for the protocol, the latest version has been deployed on Polygon’s PoS chain. Consequently, traders can use the Primex app and access margin trading for Uniswap, Balancer, Curve, Sushiswap, Quickswap and Meshswap DEX.

By connecting lenders with traders, Primex allows investors to use lenders’ liquidity to leverage spot trades on existing DEXs while benefiting from CEX-style tools and interfaces. In exchange for providing assets to the protocol, lenders earn interest on deposited digital assets. With Primex, lenders benefit from high loan APYs and the ability to diversify their portfolio based on their risk appetite through Credit Buckets, specialized liquidity pools that connect lenders with margin traders.

The protocol achieves decentralized transaction execution through a community-hosted network of gatekeepers. Instead of using centralized order books (CLOBs), Keepers are responsible for executing all automated trades and liquidating Traders’ risky positions to protect lenders’ funds. In addition to non-custodial margin trading, Primex will enable other leverage functions on various DeFi protocols in future releases.

In conjunction with the Beta mainnet, Primex Finance is also launching the Liquidity Mining Program. This program is essential for accumulating early lender liquidity and trading volume and consists of rewards for participating in the bucket launch and Early Lenders and Traders rewards. Participants in the Liquidity Mining Program will be eligible for Early Primex Tokens (ePMX) based on their roles and activities. In the future, holders will be able to exchange their earned ePMX for fully functional Primex Tokens (PMX).

In addition to the Liquidity Mining Program, Primex is also launching an on-chain Referral program which plays an important role in the Beta mainnet release. Referrers are entitled to commission paid from protocol revenue for activities generated by arbitrators, while arbitrators will benefit from exclusive NFTs that can be used to reduce protocol fees and increase lender interest. The connection between referrals and their referees is stored in a smart contract, ensuring that both sides are rewarded for their activity.

“Dedicated months of hard work led to the release of the mainnet Beta, turning a long-held goal into reality. Primex’s first mainnet finally enables undersecured, fully decentralized lending for trading purposes. Now, with the release of the mainnet Beta, traders can use a rich feature set and interfaces for trading on their favorite leveraged DEXs,” said Dmitry Tolok, co-founder of Primex.

About Primex Finance

Founded in 2021, Primex Finance is a decentralized protocol for spot margin trading on DEX. It connects lenders with traders, allowing traders to use lenders’ liquidity for leveraged trading on popular DEXs. Primex offers traders familiar CEX-like trading interfaces and tools to improve flexibility for their trading strategies.

For more information, visit Primex Finance’s Official webpage | Twitter | Discord

Anton Demenko
Primex Finance
[email protected]

DailyBlockchain.News Admin

Our Mission is to bridge the knowledge gap and foster an informed blockchain community by presenting clear, concise, and reliable information every single day. Join us on this exciting journey into the future of finance, technology, and beyond. Whether you’re a blockchain novice or an enthusiast, DailyBlockchain.news is here for you.
Back to top button