Primex Finance Expands to Arbitrum, Amplifies Leverage Trading on DEXs

Published: November 27, 2023 at 9:00 am Updated: November 27, 2023 at 9:53 am

Edited and fact-checked:
November 27, 2023 at 9:00 am

In Brief

Primex Finance has expanded its non-custodial spot margin trading services to Arbitrum One, to enhance user flexibility and broaden its reach in the decentralized finance market.

Primex Finance Expands to Arbitrum, Enhancing Leverage Trading on DEXs

Primex Finance, known for its non-custodial spot margin trading protocol on decentralized exchanges (DEXs), announced its latest deployment on Arbitrum One.

This move, following its launch on Polygon PoS, marks a significant step in Primex’s multichain strategy. The deployment to Arbitrum is set to increase user flexibility, improve the trading and lending experience, and broaden Primex’s reach in the DeFi market.

Primex Finance aims to unify liquidity in the DeFi market by connecting lenders with traders for spot margin trading on DEXs. Traders will benefit from centralized exchange (CEX)-like tools and interfaces, while lenders can access higher APYs by supplying liquidity to Credit Buckets – specialized liquidity pools powered by smart contracts.

These pools not only offer interest on deposited assets but also allow lenders to diversify their portfolios according to their risk preference.

Trade Execution and Future Plans

Arbitrum One is a layer 2 solution using Optimistic rollups, offers enhanced throughput and lower gas fees while maintaining Ethereum’s security.

With over $7 billion in total value locked (TVL) and 14.1 million unique addresses, its market is substantial for decentralized finance.

Primex’s deployment on Arbitrum is poised to tap into this market, offering users reduced costs and faster transactions while expanding its reach to a larger audience.

A notable feature of Primex Finance is its facilitation of decentralized trade execution, eschewing traditional central limit order books (CLOBs) in favor of a network of Keepers. These Keepers execute automated trades and manage the liquidation of unprofitable positions. Looking ahead, Primex plans to enhance its protocol with additional DeFi-based leveraged operations.

In conjunction with its Arbitrum deployment, Primex is inviting its community to participate in a Liquidity Mining Program. This program aims to build liquidity in Credit Buckets on the layer 2 network.

Participants can earn rewards based on their contributions and roles. Additionally, Primex offers a Referral Program where users can earn rewards from referred protocol revenue or Early Primex NFTs.

Primex Finance’s expansion to Arbitrum One represents a strategic enhancement to its non-custodial spot margin trading services on DEXs.

This move not only broadens its operational scope but also aligns with the growing demand for more efficient and cost-effective DeFi solutions. Primex’s integration with Arbitrum and its community-focused programs are key steps in advancing its position in the competitive landscape of decentralized finance.

For more info, reach out to Anton Demenko, CMO of Primex Finance at [email protected].

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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