October 13, 2022 – Kyiv, Ukraine
Primex Finance, the first major cross-chain brokerage protocol, launches Primex Beta on the Ethereum Goerli testnet.
The beta version allows users to experiment with cross-DEX spot margin trading of the protocol. With the launch of the beta version, Primex also introduces the new referral program for early adopters, which offers benefits to early registrants and rewards based on referrals.
DeFi has the potential to financially empower investors and traders in ways previously unimaginable in the traditional financial world. Despite that, most existing DEXs with margin trading features still use centralized trade execution mechanisms and have a limited number of assets available for margin trading as derivatives.
Primex decentralizes the trade execution mechanism to allow a wider variety of actions on DEX. Instead of centralized order books, all automated trade executions on Primex are done by a network of ‘gatekeepers’. Consequently, decentralization can be maintained throughout the entire business process.from the creation of an order to the closing of the position.
The beta version of the Primex protocol introduces key features.
- Spot trading without leverage Primex traders will now be able to use different types of orders stop loss, take profit and limit orders for non-leveraged spot trading in a decentralized manner, facilitating the trading of cryptocurrency pairs without leverage.
- Primex divider A new mechanism that works as an aggregation solution that splits trades between multiple DEXs and helps users to trade more efficiently by reducing slippage and finding the best trade rates, without additional charges.
- Open position and modification of orders We introduce the possibility for users to modify the deposit, take profit/stop loss (TP/SL), limit the price and take advantage of open orders.
- Partial Position Closing Traders now have the ability to partially close an open position. When a position is partially closed, the returned funds are distributed between the credit deposit and the trader, depending on the size of the debt.
- Spot orders and position data Expanded data display to include information on each trader’s spot positions and orders.
- Wallet Connect Integration In addition to MetaMask, users can now use WalletConnect, expanding the variety of crypto wallets connected to Primex.
- New DEX Integrations Primex Beta supports two new DEXs (Curve and Balancer) as well as version three of Uniswap with different fees.
- cube reserves A new mechanism that automatically transfers part of the merchants’ fees to the reserve pool of each credit segment to insure them against possible losses.
- multilingual support The Primex platform is now available in seven more languages to provide access to a more localized and user-friendly experience.
In addition to the new mechanisms introduced with Primex Beta, the referral program offers rewards in exchange for inviting new users to the platform. Connections and referral contributions are automatically tracked using smart contracts to transparently store data on-chain.
Additionally, the ‘Early Member Program’ grants participation in private challenges for a chance to win exclusive prizes and access to Primex’s private Discord channels. Ultimately, early adopters can also participate in the ambassador program to earn exclusive ambassador-only rewards.
Vlad Kostanda, co-founder and CEO of Primex, said:
“We are well on our way to fulfilling our mission to defrag DeFi markets through the new major brokerage protocol that offers users open access to a truly decentralized spot margin trading experience across numerous DEXs and blockchains. This new update will improve the performance of the protocol and bring our team one step closer to the launch of the Primex mainnet.”
About Primex Finance
Primex Finance, led by Ukraine, is the leading cross-chain brokerage liquidity protocol for cross-DEX margin trading with merchant scoring mechanisms. Lenders will have the flexibility to manage their risk and return by providing liquidity across a variety of risk categoriessubsets of liquidity pools that regulate traders’ risk strategies.
For more information, visit the Primex website or blog.
Anton Demenko, CMO of PrimexLabs OÜ
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