• Primex Finance is launching its mainnet Beta in September 2023.
• The mainnet will support leveraged trading of Wrapped Ether (wETH), Wrapped Bitcoin (wBTC), Polygon (MATIC), USD Coin (USDC) and Tether USD (USDT).
• Primex has plans to deploy on one or two additional chains in the near future.
Non-custodial Prime Brokerage Protocol
Primex Finance is scheduled to launch its mainnet Beta in September 2023, leveraging the Polygon PoS network for its initial deployment. With this launch, traders will be able to engage in leveraged trades with five supported assets: Wrapped Ether (wETH), Wrapped Bitcoin (wBTC), Polygon (MATIC), USD Coin (USDC) and Tether USD (USDT). In addition, users will have the opportunity to engage in non-leveraged trading through Spot1X trades and decentralized limit swaps.
Expanding Beyond Polygon
Following the upcoming mainnet launch, Primex plans to expand beyond the Polygon network by deploying on Ethereum’s mainnet and potentially one or two other blockchains. Ethereum stands as a major DeFi hub with over $26 billion locked in various protocols, making it an attractive choice for large position sizes. Additionally, Primex hopes to leverage more L2 blockchains to cater towards lower position sizes and better serve the broader community.
The code for Primex’s mainnet is currently frozen while independent auditors complete their audit process. This process is expected to take 12 weeks before completion; meanwhile, the team is actively developing subsequent protocol versions which are set for early 2024 release.
Yield Earning Opportunities
Lenders on the platform will have access to yield earning opportunities through liquidity supplying smart contracts called Credit Buckets. These Buckets are designed specifically for margin trading on the platform allowing users access to borrow assets for spot margin trading at competitive rates backed by security deposits from lenders.
Risk Free Environment
Before the official launch of its MainNet, Primex offers a risk-free environment where users can explore and test out all features available on its testnet platform without any real money involved