A Guide to Prime Protocol: Using StellaSwap with Prime
Welcome to Guides to Prime Protocol, a new series in which we provide you with tips and tricks on how to use Prime Protocol to your advantage! Prime allows users to deposit assets from any chain supported on the platform, and borrow assets from any other chain on the platform based on their overall account value.
In these guides, we will be teaming up with other protocols around the DeFi ecosystem and showcasing how users can use these protocols alongside Prime. Follow these guides to learn about some opportunities that are now possible on Prime, and earn points for the Prime Early Adopter Program along the way!
Please note: The information provided in this and all future guides is for general informational purposes only and does not constitute financial advice.
In this particular guide, we are focusing on using Prime Protocol in conjunction with StellaSwap, a prominent platform within the Moonbeam ecosystem. By harnessing the power of these two protocols, you can unlock advanced DeFi strategies and participate in unique farming opportunities.
Our journey will begin with a tutorial on how to deposit collateral on Prime Protocol. Following that, we will explore two scenarios that leverage the functionality of both Prime and StellaSwap. In the first scenario (step 2a and 2b), we will demonstrate how to borrow USDC.wh on Prime, and then stake these assets on StellaSwap’s V2 Farm. In the second scenario (step 3a and 3b), we will guide you through the process of borrowing both USDC.wh and GLMR on Prime, and subsequently providing liquidity on StellaSwap’s V3 Pulsar Farm.
Step 1: Deposit collateral on Prime Protocol
Visit https://app.primeprotocol.xyz/ and connect your wallet. Prime allows users to deposit any assets that are supported on the platform, and borrow against the total value of those assets regardless of what chain they are on. Because StellaSwap is on Moonbeam, you’ll want to deposit assets from Arbitrum, Avalanche or Ethereum for this guide. For this guide, we will be showcasing two different scenarios with StellaSwap to help you unlock more opportunities in your trades!
Step 2a: Borrow USDC.wh on Prime (First Scenario)
Once you’ve deposited assets into Prime, you are now eligible to borrow assets against the total value of your account.
For the first scenario, borrow USDC.wh on Moonbeam on Prime. This will enable you to enter into StellaSwap’s V2 Farm. If you’re new to the Moonbeam ecosystem, you’ll need to borrow some GLMR on Prime first for gas fees. You can borrow using any gas network of your choice, and repay your loan later using the rewards you’ll receive on StellaSwap!
Step 2b: Deposit your USDC.wh into StellaSwap (First Scenario)
Now that you’ve borrowed assets on Prime, navigate to https://app.stellaswap.com/farm. You will stake your USDC.wh assets here on StellaSwap.
Step 3a: Borrow USDC.wh and GLMR on Prime (Second Scenario)
For the second scenario, borrow USDC.wh and GLMR on Moonbeam on Prime. This will enable you to enter StellaSwap’s V3 Pulsar Farm.
Step 3b: Deposit your USDC.wh and GLMR into StellaSwap (Second Scenario)
Now that you’ve borrowed assets on Prime, navigate to https://app.stellaswap.com/pulsar. Here, you will provide liquidity using the USDC.wh and GLMR tokens you borrowed on Prime to enter the Pulsar Farm on StellaSwap.
Using Prime and StellaSwap together for these two scenarios can help you unlock more value out of your portfolio! Thanks to the cross-chain technology of Prime Protocol, accessing new trades on new blockchains has never been easier. These scenarios are just two examples of the trades that are now possible using Prime Protocol, but it doesn’t stop there! Follow us on Twitter and join our Discord and show us what DeFi strategies you’ve found using Prime!
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About Prime Protocol
Prime Protocol is 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 StellaSwap
StellaSwap is a hybrid DEX that features a standard, stable and concentrated liquidity AMM to facilitate the most optimal price discovery for assets on Moonbeam. As the largest DEX and an integrated DeFi gateway, users can access the ecosystem with ease through our native bridge, swap-for-gas feature, as well as various DeFi opportunities in a click of a button.
