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 Leepers. 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).
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