(PRESS RELEASE – New York, USA, October 19, 2023)
Non-custodial protocol for spot margin trading Primex Finance announces the launch of its long-awaited mainnet beta. The latest version, which represents a major milestone for the protocol, has been implemented on Polygon’s PoS chain. Consequently, traders can use the Primex app and access spot margin trading on Uniswap, Balancer, Curve, Sushiswap, Quickswap, and Meshswap DEX.
By connecting lenders with traders, Primex allows traders to use lenders’ liquidity for leveraged spot trades on existing DEXs while benefiting from CEX-like tools and interfaces. In exchange for supplying assets to the protocol, lenders earn interest on the deposited digital assets. With Primex, lenders take advantage of high lending APYs and the ability to diversify their portfolio based on their risk appetite through 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 (CLOBs), 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 allow other leveraged trading on various DeFi protocols in future releases.
Along with the mainnet Beta, Primex Finance is also launching its Liquidity Mining Program. This program is essential for accumulating liquidity and trading volume of early lenders, and consists of rewards for participation in the segment launch and rewards for early lenders and traders. 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 program Referral program that plays an important role in the launch of the mainnet Beta. Referrers are eligible to receive a commission paid from protocol revenue for activities generated by referees, while referees will benefit from exclusive NFTs that can be used to reduce protocol fees and increase lender interest. The connection between referrers and their referees is stored in a smart contract, ensuring that both parties 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 fully decentralized and collateral-free lending for trading purposes. Now, with the launch of the Mainnet Beta, traders can use a rich set of features and interfaces to trade their favorite DEXs with leverage,” said Dmitry Tolok, Co-Founder of Primex.
About Primex Finance
Founded in 2021, Primex Finance is a decentralized protocol for spot margin trading on DEX. It connects lenders with traders, allowing them to use lenders’ liquidity to make leveraged trades on popular DEXs. Primex offers traders familiar CEX-like trading interfaces and tools to improve the flexibility of their trading strategies.
For more information, visit Primex Finance: Official website | Twitter | Discord
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