Reduce Risk and Increase Yields using Thena and Prime Protocol
TL;DR
- Prime Protocol allows users to hedge against price risk and eliminates slippage fees by enabling seamless cross-chain borrowing
- Earn yields on Thena instantly by borrowing necessary assets on Prime
- Borrow assets on BNB Chain on Prime without bridging or paying any slippage fees and use those assets to provide liquidity to Thena
Crypto traders have long suffered from slow bridges, costly slippage fees, and unreliable services that are essential for entering their desired trades. Currently, yield farmers are earning over 12% APY in the ETH/BNB pool on Thena — do you want to learn how to earn this yield with minimized price risk and zero slippage to get the right tokens on the right chain? Keep reading. Normally, you might end up paying more in fees than the profits you could potentially make, or miss out on the opportunity altogether due to excessive waiting times. This is where Prime Protocol comes in. We have created a cross-chain prime brokerage that provides you with faster and easier access to this trade and many others. With Prime Protocol, you can hedge the price risk associated with holding underlying assets and completely eliminate those bothersome slippage fees.
Prime revolutionizes yield farming by enabling access to cross chain assets without needing to bridge any funds. Yes, you heard it right — now you have the ability to borrow assets from ANY chain on Prime using collateral you already own. Simply deposit collateral into Prime on any supported chains and immediately borrow the necessary assets for your trades, all backed by the total value of your account. Thena is a great example of a protocol for you to leverage this groundbreaking innovation from Prime. Let’s explore a great example of a trade that’s possible right now on Thena using assets from Prime!
Please note: The information provided in this and all future guides is for general informational purposes only and does not constitute financial advice.
Take advantage of Prime’s Early Adopter Program to accrue points with every deposit or loan transaction on @prime_protocol! For each dollar you deposit or borrow, you receive one point. Maintain your positions for extended periods to gather points at an accelerated pace! 🚀
Now let’s take a look at how you can supercharge your DeFi 👇
The forthcoming tutorial will provide step-by-step instructions on depositing collateral via Prime Protocol. This tutorial shows just one of many potential opportunities that Prime now offers!
- Head over to app.primeprotocol.xyz where you can deposit your assets from @arbitrum, @avax, @BNBCHAIN or @ethereum. ETH, USDC, DAI, and BTC are currently supported as collateral on these networks.
- Borrow ETH and BNB with BNB Chain as the Target Network.
If you don’t have any assets on BNB Chain for gas fees, don’t worry! Using Universal Access on Prime allows you to set the Gas Network to Moonbeam and pay gas in $GLMR and receive your assets on BNB Chain 🥂
3. Now, head over to https://www.thena.fi/liquidity and search for the ETH/BNB pair. Connect your wallet and enter the amount you want to stake. That’s it! You are now earning yield on your position thanks to Prime and Thena.
Using Prime and Thena together can help you unlock more value out of your portfolio! PRIME’s Mainnet dApp now features an “Ecosystem” tab which offers a direct link to the THENA dApp, making it easier for you to start taking advantage of this and many more trading opportunities.
Thanks to the cross-chain technology of Prime Protocol, accessing new trades on new blockchains has never been easier. This guide is just one example 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!
About Prime
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 Thena
THENA is a decentralized exchange protocol built on BNB Chain that combines the best of Curve and Uni V2 (and soon more) to offer an optimal trading experience with low fees and low slippage. Designed to be a protocol for protocols, THENA’s tokenomics allow any project to tap into an open and permissionless incentive marketplace to incentivize liquidity. With an emphasis on security, transparency, and community governance, THENA is the future-proof solution for DeFi liquidity.
