Primex Finance Launches its Mainnet Beta

Primex Finance Launches its Mainnet App 

Primex, a protocol for spot margin trading on DEXes, is now available for users on Polygon. Users have the option to either become early Lenders or Trade using Primex's capabilities. The project has conducted Beta tests, attracted notable investors, and formed important partnerships. Currently, the project is focused on enhancing security. The project's Smart Contracts have already been audited by Quantstamp, Halborn and Resonance.

Importance for DeFi: 

Primex enables users to utilize CEX-like tools and interfaces on multiple decentralized exchanges powered by a fully decentralized trade execution mechanism. Instead of using centralized order books, the protocol relies on community-hosted Keepers for executing trades. The protocol enables spot margin (leverage) trading with "Credit Buckets", special liquidity pools funded by Lenders. The Lenders earn interest backed by the fees that traders pay for using their liquidity for margin trades.

Liquidity Mining Program: 

Together with the Mainnet launch, Primex has initiated the Liquidity Mining Program to provide incentives to early Lenders and Traders. This program allows participants to obtain early tokens (ePMX) in exchange for contributing early liquidity and generating early trading volume.These tokens will be converted to PMX tokens in future versions.

In order to receive ePMX, early Lenders must exhibit patience as they will be unable to withdraw their funds until the completion of the "Credit Bucket's" stabilization stage. These credit buckets play a crucial role in the protocol as they allow traders to leverage their trades. Once enough liquidity has been accumulated in the Credit Bucket, it will be launched, enabling Lenders to start earning interest.

Referral Program:

Primex has also launched its highly anticipated Referral Program. This program offers direct contributions to both referrers and referees, as well as benefiting the protocol by increasing trading volume and TVL organically. The referral program is completely transparent, with the connection between referrers and referees stored on chain in a smart contract. Referrers are eligible to receive a portion of the revenue generated by the protocol, while Referees will be rewarded with special Primex NFTs. These NFTs can be used for trading fee discounts and increased Lender interest rates.