Seeking Feedback on a New DEX that you don't get Rekt

[junhyun82]

Hi there!

I'm excited to share an idea for a new decentralized exchange (DEX) we're developing and would love to get your input!

Pain Point: The cryptocurrency market is highly volatile, and traders often face liquidation due to short-term spikes or market manipulation, even when their investment direction is correct. This volatility risk can wipe out positions in an instant, discouraging traders.

Solution: We're creating a DEX that addresses this issue with a unique exchange credit mechanism. This feature allows traders who get liquidated to recover their funds, provided they continue trading on our platform. This way, we help traders stay in the game despite short-term market volatility.

Unique Selling Proposition (USP):

Exchange Credit Mechanism: Recover funds after liquidation by continuing to trade on our DEX. Mitigate Market Volatility Risk: Protect against violent market beta risk and manipulation. Stay in the Game: Encourage traders to persist despite short-term volatility spikes. We believe this DEX can set a new standard by providing a safety net for traders and encouraging continued participation in the market. We would love to hear your thoughts, suggestions, and any concerns you might have.

Looking forward to your feedback!

Thanks,

Joseph

[junhyun82]

Primedex Project Update and Future Collaboration

Hello Community Members,

I wanted to share an update regarding the Primedex project. After careful consideration, I’ve decided to pause the project to realign my focus and resources.

For those unfamiliar, Primedex was designed to enhance the blockchain space through its innovative exchange credit mechanism. This system aimed to protect users from significant losses, ensuring that no one gets ‘rekt’ during transactions.

While the project is on hold for now, I am still open to exploring future collaborations and discussing new opportunities. If any of you are interested in potential co-founder roles or early team positions for future projects, please feel free to reach out via DM. I’d be delighted to explore any synergies or ideas that align with this vision.

Thank you once again for your support and feedback on Primedex. I look forward to connecting with you and exploring new ventures in the future.

Best regards, Joseph

[mrkeen]

> This feature allows traders who get liquidated to recover their funds

Sweet. Who picks up the bill?

[junhyun82]

The exchange does but you have to earn it.

Example

So lets say you have a 10,000 USD perp call position on BTC. You are levered (lets say 10x). You suddenly get rekt because of some news. Your PnL is -10,000 USD with the DEX and we will give you USD 10,000 exchange credit at the end of the month. The following month when you trade, you can earn back the credit to withdraw by having at least USD 10,000 positive PnL. There is not limit to how much you use to trade so if you are a whale, you can have a 100K position and earn 10% which would allow you to get you to realize your USD 10,000.

[sna1l]

What if they keep losing more money every month?

[junhyun82]

So using the example above. You lost USD 10,000 and you get USD 10,000 Credit that you have to earn out. You happen to face bad luck and a series of bad trading decisions. Instead of earning USD 10,000, you actually lose USD 2000 more. The next month, the USD 2000 is credited given the period to earn back the USD 10,000 has lapsed and now you have a chance to earn back USD 2,000.