Primex Finance Deploys on Ethereum to Facilitate Spot Margin Trading on DEXs

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Primex Finance Deploys on Ethereum to Facilitate Spot Margin Trading on DEXs

New York, New York, December 28th, 2023, Chainwire

Primex Finance, a non-custodial protocol for margin trading on decentralized exchanges, is delighted to announce its deployment on Ethereum. In addition to its newest deployment, Primex has been available in the Polygon PoS and Arbitrum One networks. Besides advancing its multichain initiatives, the protocol’s deployment on Ethereum expands its target audience, offers more asset choices for users, and leverages the decentralization and security of a long-standing and established blockchain.

As a non-custodial protocol compatible with the EVM, Primex facilitates spot margin trading within its ecosystem. Instead of competing with DEXs, Primex works on top of them, with the ultimate goal of unifying liquidity in the decentralized finance market. On the one hand, traders can take advantage of CEX-like tooling and interfaces and amplify their positions by borrowing assets from Credit Buckets, specialized liquidity pools designed exclusively for leveraged operations. In exchange for supplying liquidity to Buckets, lenders can earn high lending APYs and diversify their loan portfolio based on their risk appetite.

Trade execution remains completely decentralized within the Primex ecosystem. The protocol doesn’t rely on central limit order books (CLOBs) or other centralized backends to achieve this goal. Instead, a network of community-run keeper bots executes automated trades like limit, take profit, and stop-loss orders and liquidates traders’ positions that fall below the maintenance margin. Primex’s future plans include extending the protocol’s functionalities and use cases with further leveraged operations across DeFi protocols beyond non-custodial margin trading.

“With Primex being live on Ethereum, the protocol can now reach users in the largest DeFi market. This provides an excellent opportunity for Primex to grow and expand its audience. This deployment offers more options and flexibility for users, and they can also tap into the blockchain’s security and decentralization. Considering Ethereum’s liquidity, gas fees and block time, it may be a better fit for traders and lenders with larger positions and deposit sizes,” said Dmitry Tolok, Primex’s co-founder.

Primex’s deployment on Ethereum represents a new stage in the project’s Liquidity Mining Program. With new Credit Buckets accumulating liquidity and launching in the protocol, Primex invites users to join the program and support the ecosystem while earning rewards based on their roles and activities. More opportunities can be realized by participating in the Referral Program, which offers a portion of generated protocol revenue to referrers and Early Primex NFTs to referees.

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. In October 2023, the protocol launched its long-awaited mainnet Beta release on Polygon, representing a significant milestone in its roadmap. Not long after, Primex deployed on Arbitrum and became a multichain protocol.