Primex Finance Released its Beta Version
Primex Finance, the world’s first cross-chain prime brokerage system, has released its Primex Beta Version on the Ethereum Goerli testnet.
Primex Finance proudly released its Beta Version, users can now experiment with the protocol’s cross-DEX spot margin trading.
Beta Version Launches
Primex also debuts the new Referral Program for early customers with the Beta launch, which offers perks to early registrants as well as referral-based rewards.
DeFi has the ability to financially empower investors and traders in unprecedented ways in the traditional financial industry. Despite this, the majority of existing DEXs with margin trading capabilities continue to employ centralized transaction execution processes and provide just a limited range of assets for margin trading as derivatives.
Primex decentralizes the transaction execution process, allowing for a broader range of operations on DEXs. All automatic trade executions on Primex are carry out through a network of Keepers rather than centralized order books. As a result, decentralization may preserve throughout the trading process, from placing an order to closing the position.
The Primex protocol’s Beta version provides essential features such as:
- Spot trading without leverage: Primex Traders will now be able to employ multiple sorts of orders—stop loss, take profit, and limit orders—for non-leveraged spot trades in a decentralized fashion, allowing cryptocurrency pairings to be traded without leverage.
- Primex Splitter: A novel mechanism that acts as an aggregation solution, splitting up swaps across various DEXs and assisting users in making more efficient transactions by lowering slippage and locating the best swap rates without any additional costs.
- Open Position and Order Modification: Users may now change the deposit, Take Profit/Stop Loss (TP/SL), limit price, and leverage on open orders.
- Spot Orders and Positions Data: Added information about each Trader’s spot orders and positions to the data display.
- WalletConnect Integration: Users may now utilize WalletConnect in addition to MetaMask, expanding the number of crypto wallets linked to Primex.
- New DEX Integrations: Primex Beta supports two new DEXs (Curve and Balancer), as well as Uniswap v3 pools with different fees.
- Bucket Reserves: A novel system that automatically transfers a portion of the traders’ fees to the Reserve Pool of each Credit Bucket to protect them from future losses.
- Multi-Language Support: The Primex platform is now available in seven more languages, allowing for a more personalized and user-friendly experience.
The Referral Program
The Referral Program, in addition to the additional mechanisms introduced with Primex Beta, gives benefits in return for referring new users to the site. Connections and referral donations were automatically recorded and stored on-chain using smart contracts. In addition, the Early User Program allows users to participate in secret challenges for a chance to win special rewards and get access to Primex’s private Discord channels. Finally, early adopters may join the Ambassador Program to win unique ambassador-only prizes.
“We are right on track to fulfilling our mission of defragmenting the DeFi markets via the new prime brokerage protocol that offers users open access to a truly decentralized spot margin trading experience across numerous DEXs and blockchains,” says Vlad Kostanda, Co-Founder and CEO of Primex. ”This new upgrade will enhance how the protocol works while bringing our team one step closer to Primex’s mainnet launch.”
About Primex Finance
Primex Finance, led by the Ukrainian government, is a cross-chain prime brokerage liquidity protocol for cross-DEX margin trading with trader scoring procedures. Lenders will be able to control their risks and returns by supplying liquidity to a number of risk buckets, which are subsets of liquidity pools that govern trader risk strategies.
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