Primex, a point margin trading protocol on DEXs, launches its mainnet beta
New York, USA, October 19, 2023, Chainwire
Primex Finance announces the launch of the long-awaited mainnet beta for its non-custodial protocol for spot margin trading. Representing a major milestone for the protocol, the latest version has been deployed on Polygon's PoS chain. Therefore, traders can use the Prex app and access spot margin trading on Uniswap, Balancer, Curve, Sushiswap, Quickswap and Meshswap DEXs.
Connecting lenders to traders, Primex allows traders to use CEX-like tools and interfaces for lenders to exchange funds for better spot trading on existing DEXs. In exchange for submitting assets to the protocol, lenders receive interest on deposited digital assets. At Primex, lenders leverage advanced lending APIs and the ability to base their portfolios on risk appetite through credit buckets, specialized liquidity pools that connect lenders with margin dealers.
The protocol achieves decentralized trade execution through a network of community-hosted custodians. Instead of using centralized order books (CLOB), custodians are responsible for executing all automated trades and liquidating traders' risky positions to protect lender funds. In addition to non-custodial margin trading, PrimeX will enable other supported operations on various DeFi protocols in future versions.
In conjunction with PrimeNet Beta, Primex Finance is also launching a liquid mining program. This program is essential for collecting early lender funding and transaction volume, and includes rewards for bucket launch participation and early lenders and merchants. Participants in the Liquid Mining Program will be eligible for Early Primex Tokens (ePMX) based on their activities and performance. In the future, holders will have the ability to exchange their earned ePMX for fully functional Primex Tokens (PMX).
In addition to the liquid mining program, Primex has launched an on-chain referral program that will play a major role in the launch of the mainnet beta. Referrals are eligible for commissions from protocol revenue for activities generated by referees, and referees benefit from special NFTs that can be used to reduce protocol fees and increase lender interest. The relationship between referrers and referees is stored in a smart contract, which ensures that both parties are rewarded for their actions.
“Several months of hard work have turned a long-term goal into a reality and led to the launch of the mainnet beta. Prex's first mainnet will ultimately enable decentralized, fully decentralized lending for business purposes. Now, with PrimeNet's beta launch, traders can use a rich feature set and interface to profitably trade on their favorite DEXs, Primex co-founder Dmitry Tolok said.
About Primex Finance
Founded in 2021, Primex Finance is a decentralized protocol for spot margin trading on DEXs. It connects lenders with traders, allowing traders to leverage lender fees for better trading on popular DEXs. Primex offers traders a familiar CEX-like trading interface and tools to enhance the flexibility of their trading strategies.
For more information visit Primex Finance's:
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CMOAnton DemenkoPrimex Finance[email protected]
