Primitive Secures $3 Million in Seed Funding on May 1, 2021

According to media reports, Primitive raised $3 million in seed funding on May 1, 2021. Investors participating in this round included Electric Capital, Framework Ventures, 1confirmation, Collab+Currency, Nascent, Robot Ventures, and Hart Lambur. Following this round, Primitive’s total funding has reached $12 million.Primitive is a decentralized finance project that has developed a replication market maker (RMM) protocol that operates without oracles, offering scalable and efficient solutions for on-chain derivatives. The protocol’s innovation lies in providing liquidity by replicating derivative returns, while enabling asset swaps similar to other decentralized exchanges. Notably, Primitive was initially launched as a decentralized options protocol.In terms of project milestones, Primitive officially went live on mainnet on December 29, 2020, completed its seed round in May 2021, and subsequently secured $9 million in Series A funding in August 2022. This sequence of funding rounds demonstrates investor confidence in Primitive’s innovative solutions within the DeFi derivatives sector. Amid the rapid growth of the DeFi derivatives market, Primitive’s oracle-free solution is expected to create new opportunities for the industry.