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About Primitive
Primitive is a decentralized options protocol built on Ethereum and Layer 2 networks. Its core business allows users to create, trade, and automatically settle options in a fully on-chain manner. The protocol uses an AMM model for liquidity provision, where liquidity providers deposit assets into pools and earn fees.
The key differentiator is its oracle-free design. Instead of relying on external price feeds, Primitive uses physical settlement—the underlying asset remains locked in the smart contract until exercise or expiry. This eliminates oracle manipulation risks and reduces reliance on expensive, potentially fragile price data infrastructure.
Market pain points addressed: Traditional DeFi options often depend on oracles, which create attack vectors and increase costs. Primitive removes this dependency, offering a more secure and cost-efficient alternative. Its AMM-based liquidity model also lowers entry barriers compared to order-book systems.
Regarding developments in the past six months (2026-03-02 to 2026-09-02): No reliable public information is available for this period. The project appears to have maintained a low profile, with no major announcements or significant updates reported in accessible sources.
Primitive launched V1 on Ethereum mainnet in 2020, offering oracle-free tokenized options and using flash loans to mint option tokens. In December 2021, it launched RMM-01 (Replicating Market Maker) on Ethereum, Arbitrum, and Optimism, enabling concentrated liquidity and covered-call-like LP tokens. In September 2022, a math approximation error in RMM-01 was exploited, extracting approximately 34,000 USDC; the team disabled relevant functions and planned fixes. These events shaped its technical path and security awareness in on-chain derivatives and AMMs.
Over the past six months, Primitive (now branded as Primit) has made significant strides. In July 2026, it officially deployed on the Avalanche network and launched "Season 1: On-Chain Perp Frenzy," a 14-day trading incentive program running from July 15 to 28, with a total reward pool of $100,000 in AVAX. The initiative includes daily random rewards, a referral rebate pool, and a volume leaderboard. Concurrently, Primit introduced a permanent tiered Maker/Taker fee structure based on cumulative trading volume, leveraging Avalanche's sub-second finality and low gas costs to deliver a CEX-grade on-chain perpetual trading experience. According to the team, the core goal is to prove that on-chain perpetual trading can handle professional-grade demand. Future development focuses on maintaining low-latency, low-fee, and fully transparent architecture while expanding to more ecosystems.
Alexander Angel (Founder & CEO)