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Non-custodial prime brokerage protocol Primex Finance is excited to announce the imminent launch of its highly awaited mainnet. With the code finalized and the auditing phase in progress, the Primex core team is making considerable advancements toward the release.
Independent auditors are anticipated to finish the auditing process within the next 12 weeks, with Primex Finance planning to launch its mainnet Beta in September 2023. In the meantime, the team is actively working on subsequent versions of the protocol, which are set to be introduced in early 2024 to coincide with the Primex V1 release.
For its initial rollout, Primex will be launching on the Polygon PoS network, taking advantage of the network’s rapidly expanding ecosystem. The mainnet launch will bring support for leveraged trading of Wrapped Ether (wETH), Wrapped Bitcoin (wBTC), Polygon (MATIC), USD Coin (USDC), and Tether USD (USDT). These five assets will be available for trading in Primex Credit Buckets, specialized smart contracts designed to facilitate margin trading on the platform. Lenders will have the chance to earn yield by providing liquidity to the Buckets, while traders can borrow assets for spot margin trading.
In addition to margin trading, Primex’s initial deployment will allow users to participate in non-leveraged trading through Spot1X trades and decentralized limit swaps. After the mainnet launch, the range of supported assets for these trading types is expected to grow significantly.
Beyond the Polygon network, Primex has intentions to deploy on one or two additional chains in the near future. The team is actively investigating various possibilities, including Arbitrum and the Ethereum mainnet.
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The Ethereum mainnet remains the leading DeFi ecosystem, with over $26 billion locked in decentralized finance protocols on its mainnet. Given Ethereum’s established infrastructure, it represents an appealing option for Primex’s expansion, particularly for traders with larger position sizes. At the same time, the protocol aims to support the broader community by utilizing more L2 blockchains to accommodate smaller position sizes.
“We are excited about the forthcoming mainnet launch, as it marks a significant milestone on our roadmap,” stated Dmitry Tolok, Co-founder of Primex. “In the interim, Primex continues to be accessible to early users on the testnet, providing a risk-free environment to explore and test the platform’s functionalities.”
Alongside the mainnet update, the Primex team has released additional details regarding the protocol’s documentation. Users can now easily access the project’s Whitepaper and the highly anticipated Yellow Paper.
About Primex Finance
Established in 2021, Primex Finance is a non-custodial prime brokerage protocol that connects lenders and traders. With an emphasis on improving the trading experience on existing decentralized exchanges (DEXs), Primex facilitates spot margin trading supported by lender liquidity. The platform transforms trading on DEXs by providing a diverse array of limit orders with decentralized execution, offering traders greater options and flexibility in their trading strategies.
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