NEW YORK ,, July 05, 2023 (GLOBE NEWSWIRE) -- Non-custodial prime brokerage protocol Primex Finance is thrilled to announce the upcoming launch of its highly anticipated mainnet. With the code frozen and the auditing process underway, the Primex core team is making significant strides towards the release.
With independent auditors expected to complete the auditing process in the next 12 weeks, Primex Finance is scheduled to launch its mainnet Beta in September 2023. Meanwhile, the team is actively developing subsequent protocol versions, which will be rolled out in early 2024 to align with the Primex V1 release.
For its initial deployment, Primex will be launching on the Polygon PoS network, leveraging the network's fast-growing ecosystem. The mainnet launch will introduce 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 that facilitate margin trading on the platform. Lenders will have the opportunity to earn yield by supplying liquidity to the Buckets, while traders can borrow assets for spot margin trading.
In addition to margin trading, Primex's initial deployment will enable users to engage in non-leveraged trading through Spot1X trades and decentralized limit swaps. Following the mainnet launch, the list of supported assets for these trade types is expected to expand significantly.
Beyond the Polygon network, Primex has plans to deploy on one or two additional chains in the near future. The team is actively exploring various options, including Arbitrum and the Ethereum mainnet. Ethereum mainnet stands as the leading DeFi ecosystem, with over $26 billion locked in decentralized finance protocols on its mainnet.
Considering Ethereum's established infrastructure, it presents an attractive choice for Primex's expansion, particularly catering to traders with large position sizes. Simultaneously, the protocol aims to support the broader community by leveraging more L2 blockchains to accommodate lower position sizes.
"We are thrilled about the upcoming mainnet launch, as it signifies a significant milestone on our roadmap," said Dmitry Tolok, Co-founder of Primex. "In the meantime, Primex continues to be available to early users on the testnet, offering a risk-free environment to explore and test the platform's capabilities."
Alongside the mainnet update, the Primex team has unveiled additional information regarding the protocol's documentation. Users can now conveniently access the project's Whitepaper and the highly anticipated Yellow Paper.
About Primex Finance Founded in 2021, Primex Finance is a non-custodial prime 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 backed by lender liquidity. The platform revolutionizes trading on DEXs by offering a wide range of limit orders with decentralized execution, providing traders with more options and flexibility in their trading strategies.
