[PRESS RELEASE – New York, USA, October 19th, 2023]
Non-custodial protocol for spot margin buying and selling Primex Finance pronounces the launch of its long-awaited mainnet Beta. Representing a major milestone for the protocol, the most recent model has been deployed on Polygon’s PoS chain. Consequently, merchants can make the most of the Primex app and entry spot margin buying and selling on the Uniswap, Balancer, Curve, Sushiswap, Quickswap, and Meshswap DEXs.
Connecting Lenders with Merchants, Primex allows Merchants to make the most of Lender liquidity for leveraged spot buying and selling on current DEXs whereas benefiting from CEX-like tooling and interfaces. In trade for supplying property to the protocol, Lenders earn curiosity on deposited digital property. With Primex, Lenders reap the benefits of excessive lending APYs and the flexibility to diversify their portfolio based mostly on their danger urge for food through Credit score Buckets, specialised liquidity swimming pools that join lenders with margin merchants.
The protocol achieves decentralized commerce execution by a community of community-hosted Keepers. As an alternative of utilizing centralized order books (CLOB), Keepers are answerable for executing all automated trades and liquidating Merchants’ dangerous positions to guard Lender funds. In addition to non-custodial spot margin buying and selling, Primex will allow different leveraged operations throughout varied DeFi protocols in future variations.
Together with the mainnet Beta, Primex Finance can also be launching its Liquidity Mining Program. This program is crucial for accumulating early Lender liquidity and buying and selling quantity, and it consists of rewards for bucket launch participation and Early Lenders and Merchants rewards. Members within the Liquidity Mining Program can be eligible for Early Primex Tokens (ePMX) based mostly on their roles and actions. Sooner or later, holders could have the flexibility to trade the ePMX they’ve earned for absolutely practical Primex Tokens (PMX).
Along with the Liquidity Mining Program, Primex additionally launches an on-chain Referral Program that performs an vital function within the mainnet Beta’s launch. The referrers are eligible for a fee paid from the protocol income for actions generated by the referees, whereas referees will profit from unique NFTs that may be utilized to scale back protocol charges and improve lender curiosity. The connection between referrers and their referees is saved in a wise contract, making certain each side are rewarded for his or her exercise.
“Devoted months of exhausting work have led to the launch of the mainnet Beta, turning a distant aim right into a actuality. Primex’s first mainnet lastly allows undercollateralized, absolutely decentralized lending for buying and selling functions. Now, with the launch of the mainnet Beta, merchants can make the most of a wealthy characteristic set and interfaces for buying and selling on their favourite DEXs with leverage,” said Dmitry Tolok, Co-founder of Primex.
About Primex Finance
Based in 2021, Primex Finance is a decentralized protocol for spot margin buying and selling on DEXs. It connects lenders with merchants, enabling merchants to make the most of lender liquidity for leveraged buying and selling on standard DEXs. Primex gives merchants acquainted CEX-like buying and selling interfaces and instruments to reinforce flexibility for his or her buying and selling methods.
For extra data go to Primex Finance’s: Official Web site | Twitter | Discord
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