Try Quests to earn AVAXAxelar - Prime Protocol Launch
Prime Protocol is web3’s first cross-chain native prime brokerage, allowing users to borrow assets on any chain backed by their complete portfolio of assets, powered by Axelar. Earlier this month, Prime launched across Arbitrum, Avalanche and Ethereum Mainnet, with Moonbeam as its home chain. This means that users are able to deposit tokens into their portfolio and borrow tokens based on their portfolio value, across any of these four chains.
Introduction:
Within the fast-paced and ever-evolving blockchain landscape, a pioneering initiative is rewriting the rulebook. Prime Protocol, web3's first native cross-chain prime brokerage, is bringing a seismic shift in the way users manage and borrow assets. Powered by the innovative Axelar technology, Prime Protocol enables users to borrow assets across any chain, anchored by their entire asset portfolio.
Recently, Prime Protocol made its grand entrance by launching on three prolific blockchains - Arbitrum, Avalanche, and Ethereum Mainnet. Additionally, it established Moonbeam as its home chain. This deployment empowers users to deposit tokens into their portfolio on any of these chains and subsequently borrow tokens in relation to their portfolio's value. our aim is to deeply scrutinize and analyze Prime Protocol's transactions across the three other supported chains.
Our focus will be on the following crucial metrics:
- Breakdown by chain: This will reveal how the protocol's operations are distributed across different chains.
- Number of transactions: This metric will give us insight into the level of activity on the platform.
- Number of depositors and borrowers: These figures will shed light on the user engagement and adoption of the protocol.
- Total Value Locked (TVL): This is a critical metric in DeFi that shows the total amount of assets currently being held in the protocol.
- Total Volume by Asset Deposited and Borrowed: These metrics will help us understand the diversity and volume of assets being transacted on the platform.
Stay tuned as we delve into the workings of Prime Protocol and uncover the insights these metrics can reveal.
Definitions:
What is Prime Protocol?
Prime Protocol is a cross-chain prime brokerage which allows users to borrow across chains backed by their entire portfolio of cross chain assets. At Prime, we are pushing the boundaries of decentralized finance by breaking down the silos between blockchains and creating one of the first cross chain xApps.
What is Arbitrum?
Arbitrum is a Layer 2 solution for the Ethereum blockchain, designed to improve the speed of transactions, increase scalability, and boost the network's privacy. It allows users to perform transactions off the main network and has them verified and batched before being committed back to the main chain.
What is Avalanche?
Avalanche (AVAX) is a cryptocurrency and blockchain platform that rivals Ethereum. AVAX is the native token of the Avalanche blockchain, which—like Ethereum—uses smart contracts to support a variety of blockchain projects. The Avalanche blockchain can provide near-instant transaction finality. AVAX is used to pay transaction processing fees, secure the Avalanche network, and act as a basic unit of account among blockchains in the Avalanche network.
What is Ethereum?
At its core, Ethereum is a decentralized global software platform powered by blockchain technology. It is most commonly known for its native cryptocurrency, ether (ETH). Ethereum can be used by anyone to create any secured digital technology. It has a token designed to pay for work done supporting the blockchain, but participants can also use it to pay for tangible goods and services if accepted.
