New York, USA, October 19, 2023, Chainwire
Non-custodial protocol for spot margin trading Primex Finance announces the launch of its long-awaited mainnet beta. The latest version represents a major milestone for the protocol and has been deployed on Polygon’s PoS chain. Consequently, traders can use the Primex app and access spot margin trading on the Uniswap, Balancer, Curve, Sushiswap, Quickswap and Meshswap DEXs.
Primex connects lenders with traders, allowing traders to leverage lenders’ liquidity for leveraged spot trading on existing DEXs while benefiting from CEX-like tools and interfaces. In exchange for providing assets to the protocol, lenders receive interest on deposited digital assets. With Primex, lenders benefit from high APYs for lending and the ability to diversify their portfolio based on their risk appetite via credit buckets, specialized liquidity pools that connect lenders with margin traders.
The protocol enables decentralized trade settlement through a network of community-hosted keepers. Instead of using centralized order books (CLOB), keepers are responsible for executing all automated trades and liquidating traders’ risky positions to protect lenders’ funds. In addition to non-custodial spot margin trading, Primex will enable further leveraged operations across various DeFi protocols in future releases.
In conjunction with the mainnet beta, Primex Finance is also launching its liquidity mining program. This program is critical to accumulating early lender liquidity and trading volume and consists of rewards for participating in the bucket launch as well as rewards for early lenders and traders. Participants in the Liquidity Mining Program are eligible to receive Early Primex Tokens (ePMX) based on their roles and activities. In the future, holders will have the opportunity to exchange the ePMX they have earned for fully functional Primex tokens (PMX).
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In addition to the liquidity mining program, Primex is also launching an on-chain referral program, which plays an important role in the launch of the mainnet beta. Referrers are entitled to a commission paid from protocol revenue for activities generated by referees, while recommenders benefit from exclusive NFTs that can be used to reduce protocol fees and increase lender interest. The connection between recommenders and their referees is stored in a smart contract, so both sides are rewarded for their activity.
“Months of hard work have led to the launch of the mainnet beta, turning a distant goal into a reality. Primex’s first mainnet finally enables undercollateralized, fully decentralized lending for trading purposes. With the launch of the mainnet beta, traders can now enjoy a rich feature set and interfaces for trading on their favorite leveraged DEXs,” explained Dmitry Tolok, co-founder of Primex.
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 provides traders with familiar CEX-like trading interfaces and tools to increase the flexibility of their trading strategies.
For more information, please visit Primex Finance | official website Twitter | discord
Contact
CMO
Anton Demenko
Primex Finance
[email protected]
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