New cross-chain borrowing protocol enhances DeFi's user experience, interoperability and security.
SINGAPORE, May 9, 2023 /PRNewswire-PRWeb/ -- Prime Protocol, the first natively cross-chain prime brokerage, launched today on Moonbeam, Ethereum, Arbitrum, and Avalanche enabling DeFi users to borrow against assets on any chain without token bridges, swaps, or wrapping. Offering simple UX and instant liquidity on any supported chain by providing borrows backed by a user's entire cross-chain portfolio, Prime's model of interoperability overcomes a major hurdle in DeFi, where existing infrastructure only supports a single blockchain often backed by a single collateral type. Prime offers one simple connection point that allows users to access a multitude of blockchains and assets seamlessly, leveraging Moonbeam as a hub for its connected contracts and Axelar's General Message Passing for secure interchain communication.
"Simplifying the user experience and abstracting the complexity away from DeFi is our top priority. Prime's goal is to make DeFi easy, safe, and accessible to everyone who wants to engage with it" said Colton Conley, Founder of Prime Protocol. "The next billion users who adopt Web3 are looking for a simple entry point, and we've delivered just that with Prime."
With this launch, Prime introduces a never-before-seen feature integrated directly into the protocol: "Universal Access" allows users to originate a transaction on any supported chain using assets they currently own as gas fees for the transaction.
"Prime Protocol marks a major milestone for DeFi's inevitable transition to a cross-chain ecosystem," said Derek Yoo, CEO of PureStake, a development team for Moonbeam. "Until now, it was not feasible for users to leverage assets between chains without bridges or swaps. Besides opening up more liquidity and improving UX, this is a significant security enhancement for the entire DeFi industry, because it eliminates manual bridging as a point of vulnerability that is often exploited."
Operating on testnet since September 2022, Prime community members have successfully tested and continually updated the application to support new blockchains, new features, and bug fixes. To date, Prime has more than 51,000 unique users, and has passed rigorous audits from trusted blockchain security firms Ackee Blockchain, and Veridise Inc.
"Prime Protocol is an inspiring use of Axelar's General Message Passing to advance ease of use in DeFi applications, but what's even more impressive is that by doing so they've also made DeFi safer," said Sergey Gorbunov, Axelar co-founder. "With bridges being a major security weak point in the world of DeFi, the ability to circumvent them is a game changer for many. These focused leaps in innovation are what will drive mass adoption to Web3 in 2023 and beyond."
"At Offchain Labs, we are delighted to welcome high-quality protocols such as Prime, who focus on finding innovative ways to supply liquidity & borrow assets in DeFi on Arbitrum One." - Peter Haymond, Senior Partnership Manager at Offchain Labs"
Prime's mainnet launch features support for Ethereum, Moonbeam, and Arbitrum using Axelar's General Message Passing infrastructure to enable seamless cross-chain transactions. More blockchains will be added to the protocol in the coming weeks. To stay up to date with everything Prime Protocol, visit the website, Twitter and Discord.
About Prime
Prime Protocol is building the first natively cross-chain prime brokerage. Prime offers borrowing backed by investors' entire digital portfolios, regardless of asset type or blockchain. Collateral can be deposited on any supported chain, and loans will be made available on any supported chain. This model of interoperability is revolutionary in the DeFi space, where existing infrastructure only supports loans within single blockchain ecosystems, often only backed by a single collateral type.
About Moonbeam
Moonbeam is a smart contract platform for building cross-chain connected applications that can access users, assets, and services on any chain. By uniting functionality from Ethereum, Cosmos, Polkadot and more into a single platform, Moonbeam solves today's fragmented user experience — unlocking true interoperability and paving the way for the next generation of applications. The Moonbeam platform uses integrated cross-chain messaging to allow developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeam's developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal development environment for building connected applications.
About Axelar
Axelar delivers secure interchain communication. That means dApp users can interact with any asset, any application, on any chain, with one click. You can think of it as Stripe for Web3. Developers interact with a simple API atop a permissionless network that routes messages and ensures network security via proof-of-stake consensus.
Axelar has raised capital from top-tier investors, including Binance, Coinbase, Dragonfly Capital and Polychain Capital. Partners include major proof-of-stake blockchains, such as Avalanche, Cosmos, Ethereum, Polkadot and others. Axelar's team includes experts in distributed systems/cryptography and MIT/Google/Consensys alumni; the co-founders, Sergey Gorbunov and Georgios Vlachos, were founding team members at Algorand.
About Arbitrum
Arbitrum is a Layer 2 blockchain on Ethereum, which grants the chain access to Ethereum's security guarantees, but with much lower gas fees and transaction times. Arbitrum is powered by two different chains: Arbitrum One and Arbitrum Nova. Prime will be using Arbitrum One to integrate into the application. Arbitrum One is a leading Ethereum Layer2 scaling solution developed by Offchain Labs. An Optimistic Rollup, Arbitrum One provides ultra-fast, low-cost transactions with security derived from Ethereum. Arbitrum currently has over 400 DeFi and NFT projects live in the ecosystem to date.
Media Contact
Jonathan Duran, Melrose PR, 3102607901, [email protected]
SOURCE Prime Protocol
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