Primex finance x IM community AMA RECAP
🐋TELEGRAM AMA: Im Community & Primex finance 🐋
⏰ AMA Timing : 15th June 2022 l 03:00 PM UTC l 22:00 GMT +7
Venue For AMA : https://t.me/imcommunityitw
🎁 Reward Pool 100 USDT
➡️ The reward pool for the best 5 questions from Telegram is $50($10 Each) 💸
➡️ The reward pool for the best 5 questions from Twitter is $50 ($10 Each) 💸
Bà Tân |: Welcome @avd_01 from Primex finance���
Bà Tân |: Welcome everyone. Today Im Community will host AMA with Primex finance.
Bà Tân |: Today our guest is: @avd_01 from Primex finance.
Bà Tân |: Welcome @avd_01 to the IM community.
Anton : Hi! Thanks for having me here!
Anton : Let me give a short intro
Anton : I’m Anton, the product manager @ Primex Finance, with a background in marketing and PR. Previously product manager @ Adoriasoft, blockchain software dev firm.
Bà Tân |: Thanks for the introduction.
Bà Tân |: Today’s AMA will have 3 session
Session 1: Project Introduction
Session 2: Question From Twitter (https://twitter.com/IM_Communityitw/status/1536317828462018560) (will choose 5 question)
Session 3: Free Asking (will choose 5 question)
Bà Tân |: Start session 1 AMA.
Bà Tân |: Q1.Can you briefly describe what is Primex finance? We would like to know more about it and how it works. @avd_01
Anton : Primex Finance is a DeFi protocol for leveraged trading on DEXs.
In Primex, the margin debt is funded by lenders so they can receive higher interest in comparison with existing lending protocols because the interest is generated from margin fees and a small percentage of profits from successful trades.
It’s a fully decentralized prime brokerage protocol that allows using actual borrowed lender liquidity for margin trading cross-chain and cross-dex without using derivatives
Bà Tân |: Q2.What are the products that Primex finance team is focusing on developing?
Anton : We have a few main components we’re working on:
So the first one is smart contracts infrastructure for the traders and lenders to exchange liquidity
Front-end that replicates the main trading tools from CEXs, such as market/limit orders, stop loss/take profit, etc. And it works using a fully decentralized approach
Keepers infrastructure to close positions, which also works in a fully decentralized way
And also an AI module for trader scoring for future protocol versions. We’re planning to release it in V2
Bà Tân |: Q3.What are the outstanding features of Primex finance project compared to other projects?
Anton : Comparing Primex Finance and the other DeFi protocols, such as lending platforms, DEXs, DEX-aggregators, etc, we want to highlight outstanding features peculiar to Primex Finance that we introduced to the market:
Primex Credit Buckets. Credit bucket is a smart contract where Lenders provide liquidity and traders access that liquidity to fund their margin debt. You can find more information here: https://blog.primex.finance/an-introduction-to-primex-credit-buckets-e2678441dd67
Cross-DEX, cross-margin trading. We’re not limited to a specific DEX. Traders can open leveraged positions across multiple DEXs, moreover, the position can be opened on one DEX and closed on another.
Decentralzied Keepers, for liquidation and executing positions (including limit orders, stop loss, take profit, etc)
AI-based trader scoring. Starting from V2 Traders will be continuously evaluated by a decentralized network of ML-based nodes. The scoring defines traders’ risk levels and available buckets. High-scoring traders can survive high volatility and save their positions even when they’re approaching the liquidation price. It’s totally new to the market.
Bà Tân |: Q4.Can Primex finance team please update some Primex finance latest news or major events to attract more users ?
Anton : We encourage everyone to see Primex Alpha and the Early User Program, these are among our recent updates. Another major event still running is the Ambassador Program, to which you can apply.
Early User Program is a unique opportunity for the community to participate early, chat with the core team, get early dev updates, and join as an early trader, lender, or keeper in the protocol starting its test versions. We’re inviting everyone to test the protocol as we’re collecting user feedback to improve as much as possible before deploying it into the mainnet.
You’re welcome to join here:
You can also become a Primex Ambassador by applying here:
Bà Tân |: Q5.What is the development roadmap of Primex finance at present and in the future?
Anton : We recently released our public Alpha (https://app.primex.finance/) that covers the following functionality:
- Isolated margin
- Market and limit orders
- Stop loss / Take profit
- Cross-dex trading
- Independent keepers
- Integration with oracles
- DEX selector
- First risk buckets
- Public testnet — Rinkeby
Now we’re looking to release our Beta with many new features including:
- New DEXs integrated
- Swap splitter
- Traders can modify open positions
- Mathematically proved risk parameters
- Deployment on several EVM-compatible chains (testnet)
- Mobile support
And, we’re planning to release V1 later this year or beginning of next year. Stay tuned for the updates and follow our socials:
Bà Tân |: End of session 1
Bà Tân |: We will move on to session 2.
Bà Tân |: Session 2: Question From Twitter (https://twitter.com/IM_Communityitw/status/1536317828462018560) (will choose 5 question)
Bà Tân |: Question1. @MickeyBaby124
Hacking has become more sophisticated, and the potential for cyber strikes is a terrifying menace So, how secure is the Primex_official ? What security methods and systems does Primex_official employ to secure user assets and data from hackers?
Anton : We’re in touch with leading industry auditors, that is one of the ways how we are going to assure security. So please be sure that before the launch, you’ll get all the updates regarding how Primex Finance passed audits, etc.
Moreover, the core dev team with a background in information security and has been on the market since 2010. And in the blockchain space since 2016.
With the knowledge that the development team has and the auditors, we are going to secure the users’ assets and protect the protocol.
Bà Tân |: Question2. @DreamGril827055
I see that your alpha version is running. With the release of Primex Alpha, can you tell us how Primex Alpha will contribute around to facilitate cross-margin trading that can interact across multiple DEX’s in the DeFi world? What kind of users benefit the most from Primex?
Anton : Interoperability is one of the main advantages Primex Finance has over the DEXs with margin trading capabilities, as Primex is not limited to a specific DEX. It can interact with a variety of DEXs.
It’s already available in Primex Alpha so that everyone can test this feature.
As for the benefits of cross-DEX trading, Traders can leverage Primex liquidity on the DEX that best fits their needs.
Bà Tân |: Question3. @SurbhiVashisth4
I caught a glimpse of your tweet about “Primex Credits Buckets” Can you talk and share to us about Primex Credit Buckets? What are the benefits that can be received from it?
Anton : As I mentioned earlier, it is a smart contract used by Lenders to provide liquidity that funds Traders’ margin debt.
I must say that Primex works similarly to decentralized lending platforms, simplifying untrusted loan transactions from the lender’s standpoint. However, the critical difference is that the provided liquidity is used for one specific purpose — to amplify trading positions on DEXs.
Also important to note that assets are not received or transferred to Traders’ wallets. Traders always interact with the DEX via Primex Smart Contracts, and borrowed funds are swapped together with trader deposits and locked in these contracts.
You can find more information here: https://blog.primex.finance/an-introduction-to-primex-credit-buckets-e2678441dd67
Bà Tân |: Question4.@JohnSno55
In Primex, investors have to lend assets to third parties. Some investors don’t like this third parties via because of its security. They are sometime not so trustworthy. So Are latter trustworthy?
Anton : Coming back to mentioning the Credit Buckets of Primex, I want to highlight that assets are not received or transferred to 3rd party (Traders’ wallets). Traders interact with the DEX via Primex Smart Contracts, and borrowed funds are swapped together with trader deposits and locked in these contracts.
There is also a layer of decentralized keepers, which are responsible for closing the trader positions, as we don’t have any centralized back-end/order book.
After all mentioned above, you may see that Lenders’ funds don’t interact directly with any 3rd parties. Moreover, we’re planning to cover all the details regarding the liquidation rules in the protocol on our Medium soon.
Bà Tân |: Question5.@phucbosv2
What is difficulties and chances that #primex_official face right now while the crypto/blockchain market is still young and need time to grow?
Anton : It’s a really good question these days.
The market is always a game of pumps and dumps, but we believe that Decentralized Finance is the future. Moreover, support from our backers and partners is kind of proof of that.
As for now, the market is facing a problem that retail is gone because of the latest updates. We saw the same at the previous bear market, and then vast attention again as the market started growing.
At that point, for us the main goal is to develop all the planned features and attract users. It’s a long-term plan, as we’re already even working on some components of v2 of the protocol, which will be released no earlier than the end of next year, for example. There are a bunch of experimental features for the next versions that we will need to test and get feedback on before we go public with them, for example, the decentralized trader scoring mechanism.
One more important thing is that on the bear market unicorns are born, and with support from the community, backers, and angels, we have all chances to be the next one.
Bà Tân |: Congratulations to the winners of session 2.
Bà Tân |: Alright, Session 2 has finished perfectly. Appreciate your detailed responses @avd_01 ���
Bà Tân |: End of session 2
Bà Tân |: We’ll move on to session 3
Bà Tân |: Session 3: Free Asking (will choose 5 question)
Bà Tân |: Don’t forget to join the group https://t.me/primexfinance
Bà Tân |: Group will unmute now so everyone can ask questions.
Bà Tân |: Thanks for the questions from the community.
Bà Tân |: Now let’s give our dear guest @avd_01 some time to go through them.
Q1. Many projects have problems with UI / UX and this one turns off new users. How do you plan to improve the interaction with new users and with users outside the crypto space?
Anton : Great questions. We’re planning to extend our marking to non-crypto users, and for this, we started from the improving user interface.
The main problem on the market right now is that mostly all the protocols and not so friendly to the regular non-crypto user in terms of UX/UI. We’re trying to do our best and create an environment where both Lenders and Traders will have enough to understand easily how it works and how to use it.
If you are ready to help, feel free to join our Early User program:
Q2. Can you list 1–3 killer features of your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Anton : Our killer features are:
1. High interest for lenders compared to many other DeFi protocols as it’s backed by trading fees and profits
2. Totally decentralized infrastructure, you only use Primex Smart contracts to trade.
3. Cross-chain / Cross-dex trading capabilities. You can either choose a specific DEX to trade on or even split your trading position across multiple DEXs depending on the size of your trading position
Q3. what is the background, of the your project, team do you think team’s qualifications, and experience, able to support the long-term development, of the project?
Anton : As for the team, at first, Let me provide more details of who we are.
We’ve been on the market since 2010, and the core team with a background in information security and cryptography.
We’ve been developing blockchain since 2016. The main focus was low-level protocol R&D, including layer one solutions, development of stablecoins, and the other DeFi protocols.
Our background helps us a lot with the development of Primex Finance and kind of proof for investors of our ability to do it.
We also have a great set of backers incl. MMs and big trading firms who help us with token design and trading interfaces.
Q4. Can you briefly describe your PARTNERSHIP so far and upcoming partnerships?
Anton : We have very strong backers and also collaborate with some biggest projects in the space.
It will be announced soon.
For example, one of the biggest hedge funds in the world — GoldenTree Asset Management, which is a huge TradFi stamp of trust for the protocol.
Such trading firms are helping us design the protocol.
So, follow our Twitter, and many announcements will be released soon:
Q5. Tokens from all projects have main utility & practical goals! So can you tell us what is the main role of your Token in the ecosystem? What are the real world utilities & use cases?
Anton : There will be multiple staking opportunities in the protocol, including the staking for all kinds of notaries and keepers that support the infrastructure.
The PMX is a governance token that will also be used to vote for new notaries, etc.
There will also be multiple incentives for traders to have trading fee rebates if they stake PMX, etc. LPs and early lenders will also be incentivized with the token for providing liquidity.
Also, we will cover the token utility in detail before our TGE, so please follow us at blog.primex.finance
Bà Tân |: Thanks for the useful information from @avd_01
Bà Tân |: End of session 3
Bà Tân |: For questions that have not been answered today, you can send them to @primexfinance for answers.
Bà Tân |: IM Community, if you would like to know more about Primex finance ! here are some useful links for you:
Official Website: https://primex.finance
Anton : Thanks everyone for the questions, was a pleasure
Bà Tân |: Allright, I declare the Im Community AMA with Primex finance has ended.
Thanks to @avd_01 | Primex finance joined us and provided us with Primex finance information, we hope that this knowledge makes us understand more about https://primex.finance (https://primex.finance/)
To the members, thank you for following this event to the end. winners will be announced soon.