Primex Finance
Summary
Primex Finance contracted the services of Resonance to conduct a comprehensive security audit of their smart contracts between February 20, 2023 and March 5, 2023. The primary objective of the assessment was to identify any potential security vulnerabilities and ensure the correct functioning of smart contract operations.Primex Finance is a decentralized exchange platform powered by smart contract where users can lend and swap tokens, perform trading operations, and earn rewards by utilizing the protocol.The system is composed of several components: the bucket infrastructure where all the lending and borrowing happens; the trading managers that implement logic to swap, open and close positions, with or without conditions; and the protocol management where Primex admin control emergency pauses, propositions and executions.As a general workflow, a lender is able to stake collateral on a bucket and receive yield-bearing tokens. The collateral can be used by traders to borrow and open margin positions. The keepers handle the conditions that occur over time, such as, opening limit orders when price as reached the limit price, liquidating users with underwater positions, closing trades with set stop-losses, etc.By using the different components of the protocol, all actors receive rewards that incentivise further usage. One of such rewards is the PMX token that offers utility and governance capabilities on the protocol.Additional features were implemented such as new oracle and decentralized exchanges integrations, and modifications to the calculation of protocol fees and keeper rewards were made.
