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About Primitive
Primitive works on on-chain derivatives pricing through the Replicating Market Maker model. It needs no oracle quote: pricing follows a trading curve that replicates an option payoff, liquidity providers deposit ETH and USDC and set strike, volatility and expiry, traders move along the curve, and arbitrageurs pull quotes back when they drift, so settlement prices come from arbitrage rather than an external feed.
The design turns an option position into a spot pool that can be entered and exited at any time, so providers are not locked until expiry and redemption costs are covered by trading fees. Its users are market makers seeking oracle-free exposure and option buyers, which separates it from option protocols relying on off-chain quotes. Tradable pairs have long been limited to ETH and USDC, and the website currently returns a deployment-paused notice, leaving the product surface contracted.
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 — Co-founder & CEO.
Matt Czernik — Co-founder & CTO.
Zachary Thielemann — COO. Primitive was founded in 2020 and builds the oracle-free on-chain derivatives RMM protocol; it raised $12M from Bain Capital Crypto and others.