Supercharge your Yield with Trader Joe and Prime Protocol
TL;DR
- Earn 100+% yields on Trader Joe instantly by borrowing necessary assets on Prime Protocol
- Prime allows users to hedge against price risk and eliminates slippage fees by enabling seamless cross-chain borrowing
- Borrow assets on Arbitrum, Avalanche or BNB Chain on Prime and deposit on Trader Joe
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 100+% APY on these farms on Trader Joe — 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. Prime is a cross-chain prime brokerage that provides you with faster and easier access to these trades 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 while being backed by the total value of your account. Trader Joe presents numerous exciting opportunities for you to leverage this groundbreaking innovation from Prime. Let’s explore a few examples, shall we?
Please note: The information provided in this and all future guides is for general informational purposes only and does not constitute financial advice.
How you can supercharge your yield with Prime and Trader Joe 👇
Follow this step-by-step tutorial to learn more about supercharging your portfolio using Prime and Trader Joe! We’ll share a trading scenario from each chain supported on Trader Joe, giving users a wide range of arbitrage possibilities that are available right now using Prime Protocol.
Scenario 1: Avalanche
- Head over to app.primeprotocol.xyz where you can deposit your assets from Arbitrum, Avalanche, BNB Chain, Ethereum, or Moonbeam. A total of 22 assets are currently supported as collateral on these networks.
- Borrow BTC.b and USDC on Avalanche. Your borrowing power is backed by the total value of your entire account on Prime, regardless of what chain(s) you originally deposited on!
If you don’t have any assets on Avalanche for gas fees, don’t worry! Using Universal Access on Prime allows you to set the Gas Network to Moonbeam to pay your gas in $GLMR and receive your assets on Avalanche 🥂 - Now, head over to https://traderjoexyz.com/avalanche/pool and click on the BTC.b — USDC pool. Connect your wallet and enter the amounts you want to add to the pool. Process your transaction and that’s it! You are now earning ~130% APR on Trader Joe using the collateral you borrowed without any slippage fees on Prime!
Scenario 2: Arbitrum
- Head over to app.primeprotocol.xyz where you can deposit your assets from @arbitrum, @avax, @BNBCHAIN, @ethereum, or @MoonbeamNetwork. ETH, USDC, DAI, and BTC are currently supported as collateral on these networks.
- Borrow ETH and USDC on Arbitrum from Prime. Your borrowing power is backed by the total value of your entire account on Prime, regardless of what chain(s) you originally deposited on!
Similar to the last scenario on Avalanche, if you don’t have any ETH on Arbitrum for gas fees or you simply want to spend less on fees, you can change your Gas Network to Moonbeam and pay your gas fees in $GLMR and receive your USDC/ETH on Arbitrum. - Now, head over to https://traderjoexyz.com/arbitrum/pool and click on the ETH — USDC pool. Connect your wallet and enter the amounts you want to add to the pool. Process your transaction and that’s it! You are now earning ~90% APR on Trader Joe using the collateral you borrowed on Prime!
Scenario 3: BNB Chain
- Head over to app.primeprotocol.xyz where you can deposit your assets from @arbitrum, @avax, @BNBCHAIN, @ethereum, or @MoonbeamNetwork. ETH, USDC, DAI, and BTC are currently supported as collateral on these networks.
- Borrow BTC.b and BNB on BNB Chain from Prime. Your borrowing power is backed by the total value of your entire account on Prime, regardless of what chain(s) you originally deposited on!
And like before, if you don’t have any $BNB for gas, switch your Gas Network to Moonbeam and pay $GLMR gas fees. - Now, head over to https://traderjoexyz.com/bnb-chain/pool and click on the BTC.b — BNB pool. Connect your wallet and enter the amounts you want to add to the pool. Process your transaction and that’s it! You are now earning a total of ~290% APR on Trader Joe using the collateral you borrowed on Prime!
Using Prime and Trader Joe 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 Trader Joe 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. These guides are just some 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!
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.
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About Trader Joe
Trader Joe is a leading multi-chain decentralized exchange and the inventor of Liquidity Book, the most capital efficient AMM in DeFi. Trade your favorite tokens, access one-click yield farming and shop for the latest digital collectibles at the Joepegs NFT Marketplace. DeFi has never been easier thanks to Trader Joe.
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