Prime Development Foundation launches PrimeDAO for DEFI

 The Prime Development Foundation has carried out its preliminary launch of PrimeDAO, a decentralized prime broker for the open finance community, making it easier for anyone to navigate the complexities of transacting in this new wave of decentralized finance. The foundation released its litepaper detailing how their proposed safety nets will make DeFi more approachable and less chaotic to current and future adopters, followed by a call to action for recruiting an open-source ecosystem of partners, builders, and users to help execute its vision for a more sustainable open financial system.

The blockchain native decentralized autonomous organization (DAO) is coordinating and cultivating projects that promote safety, reliability, liquidity, and access to DeFi while using decentralized governance systems to avoid centralized appropriation of critical financial infrastructure.

PrimeDAO will contribute to their community’s vision of a sustainable financial economy by building and acting as a, Decentralized Prime Broker – PrimeDAO will provide open financial support structures that a centralized prime broker would otherwise offer, such as efficient order matching, guaranteed settlement, liquidity for spot trades, lending, derivatives, leverage, and related services,  Smart Aggregator – PrimeDAO’s open-source smart routers will aggregate liquidity from multiple DEXes and lending pools, to reduce slippage and make larger orders and liquidation easy to execute and Decentralized Ecosystem Coordinator – Through decentralized governance, PrimeDAO will create value by earning and allocating resources towards a wide contributor ecosystem for promoting, stimulating, building, auditing, and maintaining the mechanisms and products of open finance. 

PrimeDAO’s first governed product is a DEX aggregator that provides the best-price discovery, slippage reduction, and reliable settlement. It is a newly open-source version of the Totle aggregator, who has provided it to PrimeDAO as its first product. From day one, the Prime Aggregator will be integrated with hybrid DEXs, AMMs, and other DEX types. Soon after the DAO’s launch, the router’s parameters will be governed by the DAO, including its fee structure and whitelisted liquidity sources.