Blockchain
Primex Launches Alpha Version of Decentralized Prime Brokerage Protocol on Testnet
Tallinn, Estonia–(Newsfile Corp. – May 10, 2022) – Primex Finance, a DeFi platform connecting passive allocators with traders, is launching its first Alpha version on the upcoming testnet. The Alpha offers the vast majority of the features intended for mainnet, marking the last testing stage before full release.
Primex Alpha Testnet is Released
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Primex offers utility to two classes of users: the Lenders and the Traders. Lenders take their assets and supply them into buckets with different assets and trading rules. The rules limit how Traders can use the funds they borrow from these buckets, indicating which pairs they can use and what is their max leverage.
The primary benefit for traders using Primex is that they can access leverage trading and other trading tools on-chain, without using derivatives and in a completely decentralized way. Lenders in their turn have an opportunity to generate significantly higher interest compared to regular lending platforms, as it’s backed by trading profits and fees. Because trades are conducted through Primex smart contracts and not their trader personal wallets, the traders do not need to collateralize their margin debt, only lock their initial trading deposit on a Primex smart-contract. This is similar to margin trading on centralized exchanges, where the platforms know that the trading positions will remain liable to liquidation.
Buckets and Traders in Primex are evaluated by community-nominated notaries, special community members who have the expertise to assess the activity on the platform. High on-chain reputation and history of success makes it more likely that traders will be allowed into riskier buckets. For lenders, higher leverage equals higher yield than on regular DeFi lending platforms, with little added risk.
The Primex Alpha release includes all the core functionality of the platform, with three initial buckets available for Lenders. These use test ERC-20 tokens that can be minted from the Primex faucet. Lenders can provide funds, see their balances and history of actions. Traders will be able to borrow these tokens and conduct complex trading operations with stop loss and limit orders. While this first stage doesn’t involve real money, attracting testers to use the system and find out potential bugs is critical for the platform’s success.
“It’s been a few months after we started the development process and finally, we’re launching the Primex Alpha, the first major step toward mainnet launch,” said Vlad Kostanda, co-founder of Primex Finance. “The Alpha includes all the key features for mainnet, offering both Lenders and Traders a fun playground to check out the platform and test its functionality.”
Primex will also be running its anticipated referral program where all the referred liquidity/trading volume will later be rewarded. The connections between ERC-20 addresses will be stored on-chain in a smart contract and eventually be airdropped to support early governance.
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About Primex
Primex is the cross-chain prime brokerage liquidity protocol for cross-DEX margin trading with trader scoring mechanisms.
In Primex, lenders provide liquidity to pools where traders can use it for leveraged trading in cross-DEX environments.
Lenders will have the flexibility to manage their risks and return by providing liquidity to a variety of risk buckets, subsets of liquidity pools that regulate trader risk strategies.
Contact:
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/123177
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This Week in Finance News: 11 Stories You Need to See
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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