Primex Finance announces new deployment on Arbitrum One
NY, NY, November 27, 2023 (GLOBE NEWSWIRE) — Primex Finance, a non-custodial protocol for spot margin trading on DEXs, announces a new deployment on Arbitrum One. The current event is not only live on Polygon PoS, but also an important milestone in Primex’s multichain initiatives. At the same time, deploying the protocol on Arbitrum increases user flexibility, improves the user experience of traders and lenders, and allows the project to reach an expanded audience.
With a mission to unify liquidity in the DeFi market, Primex connects lenders with traders to enable spot margin trading on existing decentralized exchanges. While traders can benefit from CEX-like tools and interfaces, lenders can gain access to high lending APYs by providing liquidity to credit buckets, specialized smart contract-based liquidity pools. In addition to earning interest on their deposited assets, lenders can also use buckets to diversify their portfolio according to their risk appetite.
As a key protocol feature, Primex Finance facilitates spot margin trading in the ecosystem with decentralized trade execution. Instead of central limit order books (CLOBs) and other centralized backends, a network of keepers is responsible for executing automated trades and liquidating traders’ unprofitable positions that fall below the maintenance margin. In the future, Primex aims to expand the protocol’s functionalities to include other DeFi-based leveraged operations beyond non-custodial spot margin trading.
Arbitrum One is an outstanding Layer 2 scalability solution that leverages optimistic rollups to achieve improved throughput while relying on the decentralization and security of Ethereum for transaction finality. By batch processing transactions at the second level, the L2 chain offers users cheap gas fees and lightning-fast block times. With a TVL of over $7 billion and 14.1 million unique addresses, it is the largest decentralized finance market.
The story goes on
“The recent deployment on Arbitrum represents an important milestone for Primex. It makes the protocol multichain, offers users more opportunities to lend and trade with reduced gas fees and fast confirmation times, and offers lenders and traders more flexibility for their activities. At the same time.” “Primex can now leverage Arbitrum’s $7 billion TVL and large user base to expand its audience and reach more retail and institutional customers,” said Vlad Kostanda, co-founder of Primex.
In parallel with Primex’s Arbitrum deployment, the protocol invites community members to join the liquidity mining program to help accumulate liquidity in credit buckets for their launch on the Layer 2 network. In return for their contributions, participants can receive rewards based on their roles and activities. As part of the referral program, users can also reward a portion of the protocol revenue generated through referral as a referrer or Early Primex NFTs as a referrer.
About Primex Finance
Founded in 2021, Primex Finance is a decentralized protocol for spot margin trading on DEXs. It connects lenders with traders and allows traders to leverage lenders’ liquidity for leveraged trading on popular DEXs. Primex offers traders familiar CEX-like trading interfaces and tools to increase the flexibility of their trading strategies. In October 2023, the protocol released its long-awaited mainnet beta on Polygon, marking a major milestone in its roadmap.
Contact information
CMO
Anton Demenko
Primex Finance
Disclaimer: This article does not contain an offer to sell, a solicitation of an offer to buy, or a recommendation for any security or other product or service. This is not investment advice. Please do your own research.
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