Primex Finance deploys its Beta on zkSync testnet to enable margin trading on DEXs

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Kyiv, Ukraine, 25th October, 2022, Chainwire

Pioneer cross-chain prime brokerage protocol Primex Finance announces the deployment of its recently-launched Beta version on the zkSync 2.0 testnet. Taking place at the end of October 2022, the integration will enable the project to offer users better transaction speed for margin trading on DEXs. At the same time, traders will be able to take advantage of lower gas fees and a high level of security on Primex Beta.

As a promising solution to enhance Ethereum’s scalability, zkSync’s Layer 2 (L2) protocol leverages zero-knowledge (ZK) rollup technology to achieve low-cost and fast transactions. Simultaneously, it inherits the first layer’s (L1) level of security with Ethereum Virtual Machine (EVM) compatibility. 

Cited as the potential long-term winner of the “scaling wars” by Vitalik Buterin, ZK-rollups are in high demand among Web3 developers. As a top solution in this field, zkSync already has over 100 projects committed to launching on the upcoming zkSync 2.0 network, including established DeFi market players and infrastructure providers, such as Uniswap, Curve, Yearn, Chainlink, The Graph, Argent and Gnosis.

On the mission of defragmenting the DeFi market, Primex Finance is among the projects seeking to integrate its ecosystems with zkSync. Later in October, Primex will deploy the Beta version of its platform on the zkSync 2.0 testnet, which has been operational since February 2022.

With its upcoming zkSync integration, Primex Finance aims to enrich the capabilities of DEXs by enabling decentralized spot margin trading. Instead of a siloed ecosystem, Primex can operate on top of zkSync’s numerous decentralized exchanges enabling access for their users to a wider variety of trader tooling and assets.

Currently, users can take the roles of lenders and traders on Primex Beta. For instance, lenders supply digital assets to liquidity pools called Credit Buckets that traders use to borrow capital for their margin trading positions. In exchange for their liquidity, lenders are rewarded with high yield backed by margin fees. Furthermore, as each Credit Bucket has different sets of risk parameters like the supported assets and the maximum available leverage, it allows the latter participants to manage their risks efficiently. 

Unlike most DEXs with margin trading capabilities, Primex replaces centralized order books and other backends with a permissionless network of keepers to achieve fully decentralized trade execution. Keepers are responsible for on-chain execution of such actions as a position liquidation, stop-loss, take-profit, or limit order.

“ZK-rollups have tremendous potential to solve Ethereum’s scalability in the long run, and zkSync is among the leading solutions in this field. Considering that the largest and most liquid DEXs are looking to deploy on this L2, it made perfect sense for our team to deploy Primex on zkSync’s testnet. This way, we can introduce a truly decentralized spot margin trading experience for more users who can benefit from lower gas fees and faster transaction speed offered by ZK-rollup technology,” said Dmitry Tolok, Primex Finance’s co-founder.

About Primex Finance

Founded in the Summer of 2021, Primex Finance is the first-ever cross-chain prime brokerage protocol that seeks to solve the DeFi market’s liquidity fragmentation issue by enabling spot margin trading across numerous DEXs and blockchains with a totally decentralized trade execution mechanism. The project’s team has recently advanced to the next stage of its roadmap by launching the platform’s Beta release and introducing a variety of new features and mechanisms to enhance user experience. 

For more information, visit Primex’s website and blog.

Contact

CMO
Anton Demenko
PrimexLabs OÜ
anton@primex.finance