(press release – please read disclaimer)
Non-custodial brokerage protocol Premix Finance We are pleased to announce the upcoming launch of its much awaited main network. With the code frozen and the auditing process underway, the Primex core team is making great strides toward release.
With independent auditors expected to complete the audit in the next 12 weeks, Primex Finance is set to launch its pilot mainnet in September 2023. Meanwhile, the team is actively developing subsequent protocol versions, which will be released in early 2024 to match the Primex release. v1.
For its initial deployment, Primex will be launched on the Polygon PoS network, taking advantage of the network’s rapidly growing ecosystem. The launch of the mainnet will provide support for leveraged trading of Wrapped Ether (wETH), Wrapped Bitcoin (wBTC), Polygon (MATIC), USD Coin (USDC) and USD Tether (USDT). These five assets will be available for trading in Primex Credit Buckets, which are specialized smart contracts that facilitate margin trading on the platform. Lenders will have the opportunity to earn a return by providing liquidity to funds, while traders can borrow assets for spot trading on margin.
In addition to margin trading, the initial deployment of Primex will enable users to engage in non-leverage-based trading through Spot1X trades and decentralized limit swaps. After the launch of the mainnet, the list of supported assets for these types of trade is expected to expand significantly.
Outside of the Polygon Network, Primex plans to run on one or two additional series in the near future. The team is actively exploring several options, including Arbitrum and the Ethereum mainnet.
Ethereum mainnet stands as the leading DeFi ecosystem, with more than $26 billion locked in decentralized finance protocols on its mainnet. Given Ethereum’s well-established infrastructure, it presents an attractive option for Primex expansion, particularly serving traders with large transaction volumes. At the same time, the protocol aims to support the broader community by leveraging more L2 blockchains to accommodate lower site sizes.
“We are thrilled with the launch of the upcoming mainnet, as it marks a significant milestone on our roadmap,” said Primex co-founder Dimitri Tullok. “In the meantime, Primex continues to be available to early adopters on the test network, providing a risk-free environment for exploring and testing the platform’s capabilities.”
Along with the mainnet update, the Primex team has unveiled additional information regarding the protocol documentation. Users can now easily access files White papers And highly expected yellow paper.
About Primex Finance
Founded in 2021, Primex Finance is a premier non-custodial brokerage protocol that bridges the gap between lenders and traders. With a focus on enhancing the trading experience on existing decentralized exchanges (DEXs), Primex enables spot margin trading with the backing of lender liquidity. The platform revolutionizes trading on DEXs by offering a wide range of limit orders with decentralized execution, providing traders with more choice and flexibility in their trading strategies.
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