New cross-chain lending protocol, optimizing DeFi user experience and improving cross-chain interoperability and security
As the first native cross-chain head broker, Prime Protocol is now listed on Moonbeam, Ethereum and Arbitrum, allowing DeFi users to borrow assets on any chain without any bridging, exchange or packaging. Prime Protocol’s interoperability model overcomes major hurdles in the DeFi space by offering borrowing backed by users’ entire cross-chain portfolios, providing a user-friendly operating experience and instant liquidity on any supported chain. In the DeFi ecosystem, existing infrastructure generally only supports products backed by a single collateral type on a single blockchain. Prime Protocol provides a simple connection point that allows users to seamlessly access multiple blockchains and assets, utilizing Moonbeam as a hub for its interconnected contracts, and Axelar's universal messaging for secure interchain communication.
Colton Conley, founder of Prime Protocol, said: "Simplifying the user experience and optimizing the complex experience of DeFi is our top priority. The goal of Prime Protocol is to make DeFi simple, safe and easy to use. The next billion potential users of Web3 are looking for a Simple on-ramp, and we're providing that through Prime."
With this launch, Prime is adding a never-before-seen feature — “Universal Access” — and integrating it directly into the protocol. This will allow users to initiate transactions on any of the supported chains using the assets they currently own as gas for the transaction.
Derek Yoo, CEO of PureStake, said: "The emergence of Prime Protocol represents an important milestone in the inevitable transition of DeFi to a cross-chain ecosystem. Until now, users have been using assets between chains without cross-chain bridges and Swap at the same time. is not feasible. In addition to opening up more liquidity and improving user experience, Prime Protocol is a fairly important security enhancement for the entire DeFi industry because it eliminates the often-exploited loopholes of manual bridging.”
Running and tested on testnet since September 2022, Prime Protocol community members have successfully tested and continuously updated the app to support new blockchains, new features and bug fixes. So far, Prime has more than 51,000 unique users and has passed the strict audits of well-known blockchain security audit companies Ackee Blockchain and Veridise Inc.
Sergey Gorbunov, co-founder of Axelar, said: "Prime Protocol uses Axelar's universal messaging to improve the ease of use of DeFi applications, which will make DeFi safer. Cross-chain bridges are the main security weakness in the DeFi ecosystem, so bypassing them Capability is an innovation point for many. These focused innovation leaps will be the stepping stones that drive the growth of DeFi in 2023 and the mass adoption of Web3 beyond.”
Peter Haymond, Senior Partnerships Manager at Offchain Labs, said: “At Offchain Labs, we very much welcome high-quality protocols like Prime Protocol, who are focused on finding innovative ways to provide liquidity and borrow assets in DeFi on Arbitrum One.”