Prime Protocol announces collaboration with Moonbeam Network
Prime Protocol is thrilled to announce our collaboration with Moonbeam! We will be using Moonbeam as a home base for our cross-chain connected smart contracts — not only will Moonbeam be included in our initial deployment, but important calculations and data will be stored on the Moonbeam blockchain. Moonbeam has expanded their ecosystem rapidly thanks to their incredibly strong team, and we’re excited to be joining such a vibrant community.
Prime Protocol is building a revolutionary application that will allow users to deposit assets on any of our supported blockchains and unlock borrowing power to use on any of our other supported chains. Using Moonbeam’s platform, Prime will unlock the ability to easily deploy their protocol between blockchains, securely.
“Building on Moonbeam allows Prime to leverage connections with the most popular existing L1s, as well as native connectivity with the rapidly-growing Polkadot ecosystem. We are extremely excited to collaborate and join the incredibly strong community Moonbeam has built,” says Colton Conley, founder of Prime Protocol.
Prime will allow users to seamlessly borrow against their portfolio of base assets, staked assets, LP Tokens, and more — all at an extremely competitive interest rate. Users will be able to continue to earn farming and staking rewards when these assets are deposited into Prime, opening up a plethora of opportunities for yield hunting.
By leveraging Moonbeam’s connection with Polkadot, Prime can utilize Polkadot’s secure interoperability between parachains and operate as a natively multi-chain decentralized application. This means that Prime will not only allow users to borrow against assets held on major EVM L1s, but also assets native to Polkadot parachains. Prime is architected to seamlessly integrate these blockchains into the network, and support all these assets as if they were in one place.
About Prime Protocol
Prime Protocol is building the first natively cross chain prime brokerage. Similar to margin loans in traditional finance, Prime 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.
About Moonbeam
Moonbeam is a smart contract platform for building cross-chain connected applications that can access users, assets, and services on any chain. By uniting functionality from Ethereum, Cosmos, Polkadot and more into a single platform, Moonbeam solves today’s fragmented user experience — unlocking true interoperability and paving the way for the next generation of applications. The Moonbeam platform uses integrated cross-chain messaging to allow developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeam’s developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal development environment for building connected applications.
At Prime, we are extremely excited to get integrated into the Moonbeam and Polkadot community, and build with them as we aim to offer the best borrowing experience in crypto. Keep an eye out for our testnet on Moonbeam Alpha, follow us on Twitter and join our Discord for more information as it’s released!
