Primex Finance has successfully launched the Primex Beta on the Ethereum Goerli testnet. Users can now test the platform’s cross-DEX spot margin trading solution and other key features. Primex is also introducing a referral program for its early adopters, according to a press release on October 13, 2022.
Primex Beta Live on Ethereum Goerli Testnet
Primex Finance, Ukrainian-led decentralized finance (DeFi) protocol that dubs itself as the first-ever cross-chain prime brokerage liquidity protocol for cross-DEX margin trading, has rolled out the Primex Beta on Ethereum’s Goerli testnet.
Per a press release by the team, the Primex Beta version is loaded with several new features, including decentralized zero-leverage spot trading. This feature enables users to place different types of orders like stop loss, take profit, and limit order.
The Primex Splitter, another newly introduced feature, tackles the issue of slippage for traders by splitting up token swaps across multiple DEXs, making trades more frictionless and cost-efficient.
What’s more, the Primex team has made it clear that the new Primex Beta also supports several other features available on centralized exchanges, including Open Position and Order Modification, which enables traders to adjust their stop loss, take profit, limit price and leverage of open orders, Partial Position Close, Spot Orders and Positions Data.
Decentralized Order Execution
Additionally, Primex Beta has also added support for WalletConnect, to give users more crypto wallet options, multi-language (seven languages now available), The team has also integrated two new decentralized exchange (DEX) protocols: Curve and Balancer, as well as Uniswap v3 pools with different fees, into Primex Beta.
While the DeFi space has experienced a decent level of growth over the years, most protocols in the space offer users a limited number of assets for derivatives margin trading, and a good number of the so-called DEXs still employ centralized trade execution mechanisms.
Primex claims its trade execution mechanism is entirely decentralized, making it possible for traders to carry out a variety of actions on DEXs just like on a regular centralized exchange.
Commenting on the latest milestone, Vlad Kostanda, Co-Founder and CEO of Primex said:
“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. This new upgrade will enhance how the protocol works while bringing our team one step closer to Primex’s mainnet launch.”
Instead of utilizing centralized order books, Primex says it uses a network of “Keepers” to carry out automated trade executions, maintaining decentralization throughout the entire trading life cycle.
In addition to the upgrade, the team has introduced a Referral and Early User Program to reward users who refer their friends and family to Primex, as well as the early adopters of the platform.
At press time, the combined total value locked (TVL) in the global DeFi space stands at $26.78 billion, with MarkerDAO leading the pack with a TVL of $7.7 billion, according to DeFi Pulse.