Primex Finance Unveils Mainnet Plans, Set to Launch in September 2023
Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.
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
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