Primex Mainnet Beta Is Live on Polygon
Are you ready for the biggest Primex announcement so far? Here you go: Primex mainnet Beta officially launches on Polygon on October 19, 2023.
After several months of hard work, the Primex mainnet launch has finally become a reality. As a significant milestone in the project’s history, the protocol’s current release enables spot margin trading on multiple DEXs with real digital assets and decentralized trade execution backed by Lender liquidity.
In this article, readers will be introduced to Primex Finance, the new mainnet Beta, as well as the Primex Liquidity Mining and Referral programs. Let’s get started!
What Is Primex Finance?
Primex Finance is a non-custodial protocol for spot margin trading on decentralized exchanges. On Primex, traders benefit from CEX-like trader tooling and interfaces, while lenders earn interest backed by margin trading fees.
To facilitate spot margin trading, Primex provides access to Lender liquidity through Credit Buckets, smart contract-powered liquidity pools designed exclusively for leveraged operations. In exchange for supplying assets to Buckets, Lenders earn interest on the funds they lend to Traders. Consequently, Traders can use borrowed liquidity to amplify their spot trading positions simultaneously on Uniswap (v3), Balancer, Curve, Sushiswap (v2), Quickswap (v2, v3), and Meshswap without over-collateralizing their entire margin debt.
With the goal of unifying liquidity in DeFi, Primex will operate as an EVM-compatible protocol integrated with multiple decentralized exchanges. Instead of competing with DEXs, it aggregates liquidity pools within their ecosystems to improve the trading experience.
Unlike most DEXs with margin trading capabilities, Primex doesn’t use order books or any other centralized backends. Instead, the protocol’s trade execution is entirely decentralized, and a network of community-hosted Keeper bots are responsible for executing all automated trades (e.g., Limit, Stop Loss, and Take Profit orders) and liquidating positions that are below the maintenance margin.
Liquidity Mining Program
In addition to launching the mainnet Beta, the Primex Liquidity Mining Program is also rolling out now. It is a critical mechanism that enables the launch of new Credit Buckets, as well as incentivizes early lenders and traders with rewards.
In a nutshell, Credit Buckets Launch mechanism has two different stages:
- Accumulation period: Lenders supply assets to new Buckets and earn Early Primex Tokens (ePMX) in exchange. The goal of the stage is for Buckets to accumulate the liquidity necessary for margin trading functionality. While Traders can’t borrow funds from new Buckets yet, Lenders must forfeit the rewards they earned if they decide to withdraw their assets before the next phase.
- Stabilization period: A Bucket will progress to the stabilization stage if it accumulates enough liquidity within the specified timeframe. Traders can use borrowed funds for margin trading. Simultaneously, while they can only withdraw assets supplied to Buckets at the end of the stabilization period (if they provided them during the accumulation stage), Lenders start earning interest on deposited tokens.
Early Lenders and Traders participating in the Liquidity Mining Program earn ePMX rewards for their protocol activity. Utilized during the protocol’s early stage (including the current mainnet Beta release), ePMX is the early version of the native Primex Token (PMX) that features limited functionality.
ePMX holders will be able to exchange their earned mainnet tokens for fully-functional PMX tokens on the mainnet after Primex v1 advances to its stable stage. It’s important to highlight that ePMX and PMX tokens earned on the testnet have no financial value and can’t be redeemed for mainnet ePMX or PMX.
The earnings of the Liquidity Mining Program’s participants are distributed based on their roles and activities. While Early Lenders and Margin Traders will receive rewards on a per-second basis, Early Spot 1X Traders’ tokens are distributed periodically.
Referral Program
Besides the Liquidity Mining Program, the Referral Program is another key highlight of the Primex mainnet Beta launch.
With the goal of attracting new users to the protocol, the program offers an excellent opportunity for referrers to earn rewards based on their referees’ activities and the value they bring to the protocol. For example, the users they invite may become Lenders providing liquidity to Credit Buckets and Traders generating trading volume.
The Primex Referral Program operates on-chain to grant rewards fairly and transparently to participants. The connection between Referees and referrers is stored in a smart contract and ensures that both sides are rewarded for their participation.
The Referrers can take advantage of the following perks, including:
- A portion of the protocol revenue generated by their referees’ activities
- Access to the core team’s private Discord channels
- Challenges with unique rewards
Join the Referral Program to invite friends, earn valuable rewards, and boost the protocol’s activity.
Give the Primex App a Try
As Primex Beta is live on the mainnet, you can now launch the app, take on one of the available roles, and use real assets on Polygon for protocol activities.
You can become a Lender and earn interest and liquidity mining rewards by supplying tokens to Credit Buckets. Or you can trade digital assets on your favorite DEXs benefitting from CEX-like interfaces and tooling, by being a Trader. Ultimately, it’s up to you what role you will take on in the Primex ecosystem.
Launch the Primex app now to get started!
