Primex Finance, a non-custodial protocol for margin trading on decentralized exchanges, announces the launch of a new points-based community rewards initiative in partnership with CoinList.
The goal of the Contribute and Earn Rewards Campaign is to incentivize user engagement, as well as to boost lending and trading activity within the Primex ecosystem. Simultaneously, the program provides an excellent opportunity for active users to accumulate points and claim the top positions on the bi-weekly snapshot. By allocating 2% of the total Primex Token (PMX) supply to the initiative, Primex will distribute Early Primex Token (ePMX) rewards to the best-performing participants.
As part of the Contribute and Earn Rewards Campaign, Primex leverages CoinList’s established platform and its community to foster ecosystem activity and onboard new lenders and traders to the protocol. Starting from April 8, 2024, the program will last for 12 weeks and will unfold in six different stages. Each stage will be live for two weeks, during which participants will be able to collect points proportional to their on-chain lending and trading activities on Primex.
At the end of each stage, a snapshot of contestants’ points and on-chain activities will be taken to distribute ePMX rewards to the top 200 participants of the round. As the early, non-transferable version of the native PMX token, ePMX will eventually be replaced by the fully functional PMX following the protocol’s Token Generation Event later this year.
Consequently, holders will be able to exchange their accumulated ePMX for PMX.
Points are automatically reset after each round to ensure the fairness of the competition, providing both existing participants and newcomers with equal opportunities in subsequent rounds.
To enter the competition, participants must complete the Primex Onboarding Quest so they can become familiar with the non-custodial spot margin trading protocol. Once joining, contestants can start collecting points by fulfilling the program’s criteria related to Traders and Lenders, as well as achieving various milestones. These details can be found in the Contribute and Earn Rewards Campaign article on the Primex blog. Participants can track their performance for Lender and Trader activities on the Achievements Page.
“The Contribute and Earn Rewards Campaign offers Primex users a unique opportunity to learn how to use the protocol while earning points to climb the Leaderboard rankings. Additionally, the 200 most active participants will be eligible for ePMX rewards, which can be exchanged for fully functional PMX tokens later on,” said Dmitry Tolok, Co-Founder of Primex.
About Primex Finance
Founded in 2021, Primex Finance is a decentralized protocol for spot margin trading on DEXs. It connects lenders with traders, enabling traders to utilize lender liquidity for leveraged trading on popular DEXs. Primex offers traders familiar CEX-like trading interfaces and tools to enhance flexibility for their trading strategies. Primex is aiming to expand the number of use cases for leverage in its v2, which is set for release in mid-2024. With Primex v2, users will have access to new opportunities, including leveraged liquidity provisioning on DEXs, leveraged liquid staking, and an expansion of supported asset types beyond fungible tokens.
Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.