Prime Protocol is merging into the Ethereum ecosystem!
Prime Protocol is excited to announce support for Goerli, one of Ethereum’s testnet networks, in our upcoming testnet beta! Ethereum is a frontrunner in the crypto space with thousands of projects built on the chain and over one million transactions processed per day.
Users will be able to deposit funds from Goerli 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 our testnet will be rewarded with a special Prime NFT and other incentives!
What is Ethereum?
Ethereum has positioned itself as a powerhouse in the cryptocurrency space. Ethereum is a decentralized technology that is programmable to build and deploy applications on its network. Because there is no limit to what Ethereum can do, it allows for great innovation throughout the blockchain. There are over 71 million wallets that hold an ETH balance, opening a plethora of crypto users that can utilize Prime. Ethereum just merged to proof-of-stake, which greatly reduces the energy consumption needed for transactions and improves security and scalability of the network. Additionally, ETH staking will provide a boost to the entire decentralized finance space by creating the ability to directly and securely earn yield on ETH holdings, acting as a baseline against which various DeFi yield-generating ventures may be measured.
What is 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.
We’re building Prime for the entire DeFi community, and we want you to help build this experience with us. Follow the instructions here to join our OG Program to be among the first to try our testnet!
