Categories: Press Releases

Primex, the Protocol for Spot Margin Trading on DEXs, Launches its Mainnet Beta

New York, USA, October 19th, 2023, Chainwire

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

Connecting Lenders with Traders, Primex enables Traders to utilize Lender liquidity for leveraged spot trading on existing DEXs while benefiting from CEX-like tooling and interfaces. In exchange for supplying assets to the protocol, Lenders earn interest on deposited digital assets. With Primex, Lenders take advantage of high lending APYs 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 achieves decentralized trade execution 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 Lender funds. Besides non-custodial spot margin trading, Primex will enable other leveraged operations across various DeFi protocols in future versions.

In conjunction with the mainnet Beta, Primex Finance is also launching its Liquidity Mining Program. This program is essential for accumulating early Lender liquidity and trading volume, and it consists of rewards for bucket launch participation 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 have the ability to exchange the ePMX they have earned for fully functional Primex Tokens (PMX).

In addition to the Liquidity Mining Program, Primex also launches an on-chain Referral Program that plays an important role in the mainnet Beta’s launch. The referrers are eligible for a commission paid from the protocol revenue for activities generated by the referees, while referees will benefit from exclusive NFTs that can be utilized to reduce protocol fees and increase lender interest. The connection between referrers and their referees is stored in a smart contract, ensuring both sides are rewarded for their activity.

“Dedicated 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. Now, with the launch of the mainnet Beta, traders can utilize a rich feature set and interfaces for trading on their favorite DEXs with leverage,” stated 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, enabling traders to utilize lender liquidity for leveraged trading on popular DEXs. Primex offers traders familiar CEX-like trading interfaces and tools to enhance flexibility for their trading strategies.

For more information visit Primex Finance’s: Official Website | Twitter | Discord

Contact

CMO
Anton Demenko
Primex Finance
info@primex.finance

chainwire

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

4 hours ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

4 hours ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

7 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

9 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

12 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

13 hours ago

This website uses cookies.