Prime Protocol is Entering the Avalanche Ecosystem

Prime Protocol is pleased to introduce support for Fuji, which is Avalanche’s testnet chain, in their upcoming testnet beta.

Avalanche has reportedly “averaged over a million processed transactions per day in the last month.”

Users will be able “to deposit funds from Fuji as well as funds from several other testnets into Prime Protocol and borrow against the entire value of their collateral.” Prime Testnet will reportedly “support MetaMask, Coinbase Wallet and Wallet Connect to give users a variety of options to deposit their funds into the application.” Some of the users who interact with their testnet will be “rewarded with a special Prime NFT and other incentives.”

As covered, Avalanche is “an open, programmable smart contract platform for decentralized applications.” Smart contracts on Avalanche are able “to confirm transactions instantly and can process thousands of transactions per second.”

Deploying those contracts “costs about a tenth of what it costs on Ethereum.” Avalanche is built “on interoperability, and with the Avalanche Bridge, transferring existing assets from Ethereum to Avalanche is quick and easy.”

As noted in the update, Prime Protocol is “building the first natively cross chain prime brokerage.” Similar to margin loans in traditional finance, Prime reportedly “offers over-collateralized stablecoin loans 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.”

As noted by its developers, they are “building Prime for the entire DeFi community, and [they] want you to help build this experience with [them].”

In another recent update, it was noted that Prime Protocol is adding support for Mumbai, Polygon’s testnet chain, into their upcoming incentivized testnet application.

The addition of Mumbai to Prime’s testnet is “a major step towards the ultimate goal of becoming a one stop shop for DeFi borrowing.”

Users will be able “to deposit funds from Mumbai as well as funds from several other testnets into Prime Protocol and borrow against the entire value of their collateral.”

Prime testnet will “support MetaMask, Coinbase Wallet and Wallet Connect to give users a variety of options to deposit their funds into the application.” Some lucky users who interact with their incentivized testnet will “be eligible for NFT airdrops and other rewards.”

Sponsored
Sponsored Links by DQ Promote

 

 

Send this to a friend