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June 13

Primex

Primex project overview

Decentralized Finance (DeFi) has become an integral part of the digital assets world, enabling both traders and lenders to increase their profits without the need for traditional banking operations.

Decentralized Exchanges (DEX) allow users to trade digital assets while maintaining privacy and retaining control over their funds, eliminating the need for intermediaries. However, the functionality of current DEXs is often limited to token swaps and providing liquidity for exchange pools.

Primex Finance — protocol that significantly expands the trading capabilities for DEX operations and offers alternative liquidity provision mechanisms for generating income.

Primex Finance:

  • A solution that enables lenders to bypass the banking system and provides borrowers with access to liquidity without having to meet intermediary requirements. This addresses the global issue of liquidity shortages in DeFi trading.
  • A brokerage trading protocol that allows traders to leverage trade across multiple DEXs (such as Uniswap, Balancer, Curve, and others) through its user-friendly platform.

The platform's strength lies in its intuitive tools and interfaces, similar to those of centralized exchanges.

Primex Finance — innovative "hybrid" that combines a liquidity aggregator, a lending platform, and the trading functionality of a traditional centralized exchange with its order books and margin trading. Despite this, the platform remains decentralized, does not require KYC, and does not hold users' funds. Traders and lenders interact with each other through a pool smart contract.

Primex Finance addresses the following challenges for traders in DeFi:

  1. Fragmentation of digital asset markets.
    Primex — EVM-compatible cross-chain protocol integrated with multiple DEXs, consolidating several liquidity pools.
  2. Over-collateralization in DeFi.
    Typically, exchanges require locking up assets worth significantly more than the loan amount, leading to inefficient financial utilization. Primex allows traders to seamlessly borrow liquidity and increase their spot trading positions without over-collateralizing their loans, saving funds.
  3. Centralized trade execution still prevalent in the DeFi industry.
    Primex employs a unique decentralized model using Keepers. Keepers, similar to validators, are used to execute trades under specific criteria instead of relying on centralized mechanisms. Therefore, Primex Finance is a truly 100% decentralized protocol.
  4. Limited access to assets for margin trading on existing DEX platforms.
    Primex integrates with multiple DEXs, offering traders a wide selection of assets for leveraged trading.
  5. Accessibility.
    Primex is designed as a fully open DeFi protocol for spot margin trading, making margin trading accessible in regions with restrictions on derivatives trading.

How it works?

  1. Lenders provide liquidity to lending pools and earn income secured by margin trading fees. Essentially, lenders lend funds directly to traders and, in return, receive fees that traders pay for using leverage.
  2. Traders lock their deposits and borrow liquidity from Primex lending pools to access the leverage they need.
  3. Keepers continuously monitor and execute trades when specific criteria are met.

Lenders benefit from using Primex — platform offers more opportunities than other DeFi applications:

  1. Higher yields compared to traditional liquidity pools due to more efficient use of liquidity.
  2. Diversification through various lending pools and assets.
  3. Opportunities for earning fixed interest rates.
  4. Convenient cross-chain lending capabilities.
  5. Stability. Soon, automatic portfolio management and self-yield forecasting will also be added.

Primex Trading Widget

Primex Trading Widget — user interface, an integrable component for wallets, DEXs, or other decentralized applications, that enables decentralized limit orders and margin trading.

Key features of Primex Trading Widget:

  • Margin trading support for user convenience on the trading platform.
  • A wide range of assets and their combinations for trading.
  • Limit orders (with stop-loss and take-profit) for convenient trading.
  • Real-time position management.
  • Support for multiple blockchains (Polygon, Arbitrum, ETH mainnet, and others).
  • Additional revenue source for third-party dApps that can integrate the widget into their applications (50-50% fee distribution model).
  • Increased existing trading volumes for DEX.
  • Available as a widget and as direct integration into Primex smart contracts.

Security

Primex Finance places a strong emphasis on security and has undergone audits by leading auditing firms.

Audit reports.

The project is in an advanced stage of development, and a beta version of the application is available. A marketing campaign has begun to promote Primex Finance on well-known platforms such as Coinlist and Galxe.

Team

A large team of developers, about 20 people, are based in Western Europe (Spain and Portugal). The team is experienced and has participated in the development of major ecosystems such as Cosmos and Polkadot.

Key employees:

Investors

The project has garnered support from a large number of reputable funds, led by Wintermute and GSR.

  • Wintermute — leading global algorithmic trading firm in the digital asset space, creating liquid and efficient markets on centralized and decentralized trading platforms, as well as over-the-counter. The company provides liquidity on over 50 exchanges and trading platforms and prefers to invest in DeFi projects such as 1inch, Hashflow, and dYdX.
  • GSR — crypto division of a renowned Chinese investment fund with $3 billion under management. With a decade of experience in the cryptocurrency sector as a market maker and active investor across various stages, the company provides digital asset liquidity for token issuers, institutional investors, miners, and leading cryptocurrency exchanges. GSR is closely connected with all major sectors of the cryptocurrency ecosystem and collaborates with leading crypto entrepreneurs, startups, and financial institutions. Some of the most notable projects invested in by this venture fund include the Polkadot parachain, the dYdX decentralized exchange, the Coinlist launchpad, and the Ethereum and Flow blockchains.

At an early stage, Primex Finance received grants from major ecosystem projects within the Ethereum network, including Arbitrum and Uniswap. They are in the process of establishing partnerships with future blockchain leaders Monad and Berachain.

«Primex is a game-changer for those who want to manage their portfolio using borrowed funds without relying on a centralized exchange or collateralized lending protocol» said Rennick Palley, CIO of Stratos Technologies. «Primex replicates many of the capabilities of prime brokers in traditional finance, but in a way that is compatible with other protocols, especially DEXs, and adheres to the philosophy of DeFi.»

Token Utility

$PMX — native token of Primex Finance, used as the primary currency on the platform.

Current uses:

  • Protocol fees. Discounts for paying protocol fees in $PMX.
  • Keeper rewards. Keepers are rewarded in $PMX.
  • Liquidity mining. Incentives for early users.
  • $PMX buyback into treasury. Part of the revenue is used to buy back $PMX from the market.
  • Enhanced platform access. $PMX holders benefit from fee discounts and increased maximum leverage.
  • Listing new pools and trading pairs. A fee in $PMX is charged for adding a new trading pair.

Additional future uses:

  • Access to special pools. Using $PMX to access exclusive assets and leverage opportunities.
  • Lender's choice of trader by metrics. Staking $PMX to evaluate traders using machine learning.
  • Decentralized governance. $PMX will become a governance token required for participating in protocol governance.

Tokenomics

  • Token: $PMX
  • Total supply: 1 billion
  • Network: Ethereum
  • Our round: Seed extended (round valuation $40 million)
  • Token price: $0.04
  • Conditions: TGE 0%, 1-month cliff,then linear unlock for 18 months
  • TGE: end of Q3 2024

The public sale will take place with a valuation of $80 million on the launchpads Coinlist and ChainGPT.
Negotiations for listing are ongoing with top exchanges Gate.io and KuCoin.

We have the same terms as the Seed round that took place two years ago: the same price as Wintermute and GSR.

Social networks & links

Primex Finance has an active community: 48k followers on Twitter/X, 69k on Discord, and 10k on Telegram. Since April 2024, Primex Finance has been running an activity program on Coinlist. The team is forming partnerships with well-known projects, and the marketing department is actively promoting the trading platform within the crypto community.

Primex Finance — ideal combination of familiar functionality from traditional centralized exchanges and DEX liquidity pools, offering leverage without using a centralized platform or capital, creating the most convenient platform for crypto traders. Users who focus on passive income can also provide liquidity for margin trading on Primex Finance and earn interest from fees, avoiding impermanent losses.
A promising DeFi sector project that will fundamentally change the operation of decentralized markets. Known for its experienced team with numerous partnerships and strong investors, the project is soon to launch its IDO. The terms are favorable, the same as the Seed round.
We definitely recommend adding this innovative and in-demand project to your crypto portfolio.

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June 13, 18:25
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