Primex Finance launches its beta version, allowing users to experience its Cross-DEX trading features

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Kyiv, Ukraine, October 13, 2022, Chainwire — Primex Finance, the first-ever cross-chain prime brokerage protocol, launches the Primex Beta on the Ethereum Goerli testnet. The beta allows users to experience cross-DEX spot margin trading of the protocol. With the launch of the beta, Primex is also introducing the new referral program for early adopters, offering early adopter benefits and rewards based on referrals.

DeFi has the potential to financially empower investors and traders in ways that were previously unimaginable in the traditional financial world. Despite this, most existing DEXs with margin trading functionality still use centralized trade execution mechanisms and have a limited number of assets available for margin trading as derivatives.

Primex is decentralizing the trade execution mechanism to allow for a greater variety of actions on DEXs. Instead of centralized order books, all automated trade executions on Primex are performed by a network of Keepers. Therefore, decentralization can be maintained throughout the trading process, from order creation to position closing.

Primex’s protocol beta introduces key features, such as:

  • Spot trading without leverage: Primex Traders will now be able to use different order types – stop loss, take profit and limit – for unleveraged spot trades in a decentralized way, making it easier to trade cryptocurrency pairs without leverage.
  • Primex separator: A new mechanism that works as an aggregation solution that splits swaps across multiple DEXs and helps users transact more efficiently by reducing slippage and finding the best swap rates, at no additional cost.
  • Open position and order change: Introducing the ability for users to modify the deposit, Take Profit/Stop Loss (TP/SL), limit price and leverage of open orders.
  • Partial position closure: Traders now have the option to partially close an open position. When a position is partially closed, the returned funds are split between the credit compartment and the trader, depending on the size of the debt.
  • Spot order and position data: Expanded data display to include information about each trader’s spot orders and positions.
  • WalletConnect 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 Uniswap v3 pools with different fees.
  • Compartment reserves: A new mechanism that automatically transfers a portion of traders’ fees to each credit compartment’s reserve pool to insure them against potential losses.
  • Multilingual support: The Primex platform is now available in seven additional languages ​​to provide access to a more localized and user-friendly experience.

In addition to the new mechanics introduced with Primex Beta, the Sponsorship Program offers rewards in exchange for inviting new users to the platform. Connections and referral contributions are automatically tracked using smart contracts to store data transparently on-chain. Moreover, the Early adopter 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 rewards reserved for ambassadors.

“We are well on our way to fulfilling our mission of defragmenting DeFi markets through the new Prime Brokerage Protocol that provides users with open access to a truly decentralized spot margin trading experience across multiple DEXs and blockchains,” says Vlad Kostanda, co-founder and CEO of Primex.This new upgrade will improve the way the protocol works while bringing our team closer to the launch of the Primex mainnet.

About Primex Finance

Ukraine-led Primex Finance is the leading cross-chain brokerage liquidity protocol for cross-DEX margin trading with trader rating mechanisms. Lenders will have the flexibility to manage their risk and return by providing liquidity to a variety of risk categories, subsets of liquidity pools that regulate merchant risk strategies. For more information, visit https://primex.finance/, or visit the Primex blog.

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