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Kyiv, Ukraine, October 25, 2022, Chainwire
Pioneer Crosschain Prime Brokerage Protocol Primex Finance announces the recently launched beta deployment on the zkSync 2.0 testnet. This integration, which will take place at the end of October 2022, will allow the project to improve transaction speeds for margin trading on his DEX. At the same time, traders can take advantage of lower gas prices and Primex Beta’s high level of security.
As a promising solution to enhance Ethereum’s scalability, zkSync’s Layer 2 (L2) protocol leverages Zero-Knowledge (ZK) rollup technology to enable low-cost, high-speed transactions. At the same time, it inherits Layer 1 (L1) level security with compatibility with Ethereum Virtual Machine (EVM).
Cited by Vitalik Buterin as a potential long-term winner of the “scaling wars,” the ZK rollup is in high demand among Web3 developers. As the top solution in the space, zkSync is 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, Gnosis I already have over 100 projects that I’ve done.
With a mission to optimize the DeFi market, Primex Finance is one of the projects looking to integrate its ecosystem with zkSync. Primex will deploy a beta version of the platform later in October on the zkSync 2.0 testnet, which has been operational since February 2022.
Primex Finance aims to enhance DEX capabilities by enabling decentralized spot margin trading with the upcoming zkSync integration. Instead of a siled ecosystem, Primex will run on top of zkSync’s multitude of decentralized exchanges, giving users access to a wider range of trader tools and assets.
Currently, users can take on the role of lender and trader in Primex Beta. For example, lenders supply digital assets into liquidity pools called credit buckets that traders use to borrow capital for margin trading positions. In exchange for liquidity, lenders are rewarded with high margin-backed yields. Additionally, each credit bucket has a different set of risk parameters, such as assets supported and maximum leverage available, allowing the latter participants to manage their risk efficiently.
Unlike most DEXs with margin trading capabilities, Primex replaces centralized order books and other backends with a permissionless network of keepers for fully decentralized trade execution. Keepers are responsible for the on-chain execution of actions such as closing a position, stop loss, take his profit, or limit orders.
ZK Rollup has great potential to solve Ethereum scalability in the long term, and zkSync is one of the leading solutions in this space. The largest and most liquid DEXs are about to deploy on this L2. Given that, it makes perfect sense for our team to deploy Primex on zkSync’s testnet, thus providing a truly decentralized spot margin trading experience to a wider audience. and benefit from lower gas prices and faster transaction speeds offered by ZK Rollup technology.
Launched in the summer of 2021, Primex Finance will increase the liquidity of the DeFi market by enabling spot margin trading across numerous DEXs and blockchains using a fully decentralized trade execution mechanism. The first-ever cross-chain prime brokerage protocol that attempts to solve the fragmentation problem. The team of the project recently started the Beta He release of the platform, moving to the next stage of the roadmap by introducing various new features and mechanisms that improve the user experience.
For more information, visit Primex. website When blog.
contact
CMO, Anton Demenko, Primex Labs O, [emailprotected]
