Revolutionizing Decentralized Finance, Primex Protocol Introduces Spot Margin Trading on DEXs, Launches Liquidity Mining and Referral Programs
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High Rollers:
Primex Finance, a non-custodial protocol for spot margin trading, has launched its mainnet Beta, marking a significant milestone in decentralized finance (DeFi).
The new protocol, deployed on Polygon’s PoS chain, enables spot margin trading on various Decentralized Exchanges (DEXs) and introduces innovative Liquidity Mining and Referral Programs to incentivize participation.
Dive into the article to explore more about this groundbreaking development in the DeFi landscape.
Primex, the Protocol for Spot Margin Trading on DEXs, Launches its Mainnet Beta
New York, October, 19th, 2023 — 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, they take advantage of high lending APYs and the ability to diversify their portfolio based on their risk appetite via Credit Buckets, specialised 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’ positions that are below the maintenance margin. 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 two stages: the accumulation phase and the stabilization phase. 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.
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⚠️ DISCLAIMER: Investing in cryptocurrency and DeFi platforms comes with inherent risks including technical risk, human error, platform failure and more. At certain points throughout this post, we might get a commission for promoting certain projects, if this is the case we will always make sure it is clear. We are strictly an educational content platform, nothing we offer is financial advice. We are not professionals or licensed advisors.
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