Cross-Chain Dex, Primex Launches Its Alpha Testnet Version Welcoming a New Dawn for Defi Users

Cross-Chain Dex, Primex Launches Its Alpha Testnet Version Welcoming a New Dawn for Defi Users

Cross-chain decentralized exchange (DEX), Primex Finance announced the launch of its first Alpha version on the upcoming testnet. The Alpha version is the last stage of testing before the full release, introducing multiple upgrades and features that will be available upon the mainnet launch, a statement from the Primex Finance team reads. 

Announced Tuesday, Primex Finance will release its last stage of testing of its platform via an Alpha release that aims to offer enhanced utility for its users. The protocol mainly has two classes of users, lenders and traders, whereby lenders provide liquidity to pools (buckets) and traders use it for leveraged trading within a cross-DEX environment. Lenders will have the flexibility to manage their risks and return by providing liquidity to a variety of risk buckets, each with different assets and trading rules, which limit how traders can use the funds, such as setting which pairs to trade and their max leverage. 

“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.”

A New Dawn for Primex Finance Users

The launch of the Alpha version is set to enhance the advanced trading of crypto on decentralized exchanges. Once in live mode, traders will be able to access leverage trading and other trading tools on-chain. The key to this is that Primex Finance allows traders to access leverage on a decentralized platform without using derivatives or other centralized contracts. 

According to the statement, trades on Primex will be conducted through its smart contracts and not the traders’ personal wallets. This means the traders do not need to collateralize their margin debt, but 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.

Lenders on Primex Finance receive additional rewards and high returns on their staked funds, relative to normal staking protocols, given the platform is backed by trading fees and profits. The lender will have an opportunity to make a higher yield on their funds as traders take on more leverage, with little added risk. 

Notwithstanding, the buckets and traders on Primex Finance are carefully evaluated by a group of community-selected notaries and special community members who have the expertise to assess the activity on the platform. High on-chain reputation and history of success make it more likely that traders will be allowed into riskier buckets.

At launch, the Primex Finance Alpha release will include three initial buckets and all the core functionalities available in the mainnet. The initial buckets will allow users to test them using test ERC-20 tokens that can be minted from the Primex faucet. Once the Alpha test is over, lenders will be able to deposit real cryptocurrencies in the buckets. They’ll also clearly see their balances and history of transactions on an easy-to-navigate and customer-friendly platform. 

On the other hand, traders are able to borrow the pooled tokens and conduct complex trading such as leveraged trading, with stop loss, take profit, 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. 

Finally, the Alpha release also introduces Primex Finance’s long-awaited referral program whereby all referred liquidity and trading volume are rewarded accordingly. The platform will take snapshots of the ERC-20 addresses of lenders and save them on a smart contract for later rewards. 

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Aisshwarya Tiwari

Aisshwarya is currently working as the Chief Editor at and holds more than 4 years of experience in the digital assets industry. He holds an undergraduate degree in Commerce with Honours and a post-graduate diploma in Liberal Studies. Before entering the crypto industry, Aisshwarya worked as an SAP Consultant for a global IT firm. He also cleared the CFA Level 1 exam before pivoting to the crypto industry due to its novel and exciting propositions.