After that, Axelar facilitates the message and distributes the tokens to the user’s preferred network. When a user wishes to withdraw or borrow funds, they may do so using any chain allowed by the Prime protocol. It will allow users to borrow against the value of their whole asset portfolio across a number of supported blockchains, including Moonbeam, Ethereum, Arbitrum, and Avalanche, without the usage of token bridges.Īccording to Colney, Prime resolves infrastructure for that user to have a smooth experience by enabling users to receive quick liquidity on the chain, regardless of where collateral has been locked up.Īfter a deposit is made, Axelar will send a message and record the transaction on Moonbeam. Prime Protocol MAINNET Now Live May 9, 2023 Today, DeFi changes forever.Introducing Prime Protocol, the first-ever cross-chain liquidity protocol that allows users to easily manage assets and positions across multiple chains – all in one place.Welcome to Prime Protocol on Mainnet. It provides cross-chain prime brokerage, aiming to remove the need for token bridges, swaps, or wrapped assets.įor interchain communication, the protocol employs Axelar’s Generic Message Passing.Īccording to a news release issued on Tuesday, Prime Protocol, a decentralized finance-based (DeFi) prime brokerage, has launched an asset-based loan service that intends to remove the requirement for inter-blockchain token transfers.įor interchain communication, the protocol employs Axelar’s Generic Message Passing, allowing users to cross-margin their entire portfolio and borrow against all of their on-chain assets through a single protocol. ![]() ![]() ![]() The Prime Protocol was released on Moonbeam, Ethereum, Arbitrum, and Avalanche.
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