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Primitive built the Replicating Market Maker ("RMM") protocol, an oracle-free solution to scalable and efficient on-chain derivatives.

RMM liquidity is an innovative financial vehicle that replicates derivative payoffs. Assets that back these derivatives are productively used as spot liquidity, allowing swaps between the assets just like any other DEX.

There is no reliance on oracles, reducing risks economic attack vectors and censorship resistance, while enabling RMM to scale to any token pair.