Primex Finance launches its beta version which allows users to experience its cross DEX trading features

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Kyiv, Ukraine, October 13, 2022, Chain Wire — Primex Finance, the first-ever cross-chain prime brokerage protocol, launches Primex Beta on the Ethereum Goerli testnet. The beta version allows users to experiment with the protocol’s cross-DEX spot margin trading. With the beta launch, Primex is also introducing the new early adopter referral program, offering benefits and referral-based rewards to early registrants.

DeFi has the potential to financially empower investors and traders in ways previously unthinkable in traditional finance. Despite this, most of the existing DEXs with margin trading capabilities 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 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 administrators. Consequently, decentralization can be maintained throughout the trading process, from creating an order to closing the position.

The beta version of the Primex protocol introduces key features such as:

• Spot trading without leverage: Primex traders can now use different types of orders – stop loss, take profit and limit orders – for non-leveraged spot trades in a decentralized way, making it easier to trade cryptocurrency pairs without leverage.
• Primex Splitter: A new mechanism that acts as an aggregation solution that splits swaps across multiple DEXs, helping users make their trades more efficient by reducing slippage and finding the best swap rates without additional fees.
• Modification of Open Positions and Orders: Introduced the ability for users to modify deposit, take profit/stop loss (TP/SL), limit price and leverage of open orders.
• Partial Closing of a Position: Traders now have the option to partially close an open position. When a position is partially closed, the returned funds are distributed between the credit bucket and the trader depending on the debt size.
• Spot Orders 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.
• Bucket Reserves: A new mechanism that automatically moves a portion of trader fees to each credit bucket’s reserve pool to insure them against potential losses.
• Multiple Language 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 mechanisms introduced with Primex Beta, the referral program offers rewards in return for inviting new users to the platform. Connections and referral posts are automatically tracked using smart contracts to transparently store the data on-chain. In addition, the early user program grants participation in private challenges to win exclusive prizes and access to the private Primex Discord channels. Finally, early adopters can also join the Ambassador program to receive exclusive Ambassador-only rewards.

“We are on track to fulfill our mission of defragmenting the DeFi markets via the new Prime brokerage protocol, which 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 improve the way the protocol works and bring our team one step closer to Primex’s mainnet launch.”

About Primex Finance

Ukraine-led Primex Finance is the prime brokerage cross-chain liquidity protocol for cross-DEX margin trading with trader scoring mechanisms. Lenders have the flexibility to manage their risks and returns by providing liquidity to a variety of risk buckets, subsets of liquidity pools that regulate traders’ risk strategies. You can find more information at https://primex.finance/ or in the Primex blog.

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