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DeFi Broker, Prime Protocol Launches Bridgeless Cross-Chain Token Transfers

by BlockNews Team
May 16, 2023
in BUSINESS, CRYPTO, DEFI, FINANCE
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  • The protocol aims to do away with the need for token bridges, wraps, and swaps to make moving crypto tokens between blockchains safer.
  • Token bridges, which transfer cryptocurrency tokens between blockchain networks, are vulnerable to exploits, which could result in users losing their cryptocurrency to hackers.
  • This move enhances security in the DeFi industry by removing manual bridging as a vulnerable point, addressing the risk of exploits and hacks.

According to a press release issued on Tuesday, Prime Protocol, a decentralized finance-based (DeFi) prime brokerage, has launched asset-based lending services that aim to eliminate the need for inter-blockchain token transfers.

Users can borrow against the value of their entire asset portfolio across multiple supported blockchains, including Moonbeam, Ethereum, Arbitrum, and Avalanche, without using token bridges, swaps, or wrapping. 

Token bridges, which transfer cryptocurrency tokens from one blockchain network to another, can be vulnerable to attacks, potentially resulting in users losing their crypto to hackers. Last year, the blockchain security firm Chainalysis estimated that cross-chain bridge hacks cost more than $2 billion.

By providing borrows backed by a user’s entire cross-chain portfolio, Prime’s interoperability model overcomes a significant hurdle in DeFi, where existing infrastructure only supports a single blockchain, frequently backed by a single collateral type. 

Prime provides a single point of access to many blockchains and assets, leveraging Moonbeam as a hub for its connected contracts and Axelar’s General Message Passing for secure interchain communication.

According to Colton Conley, Founder of Prime Protocol, “Simplifying the user experience and abstracting the complexity away from DeFi is our top priority. Prime’s goal is to make DeFi easy, safe, and accessible to everyone who wants to engage with it. The next billion users who adopt Web3 are looking for a simple entry point, and we’ve delivered just that with Prime.”

With this launch, Prime introduces a never-before-seen feature built directly into the protocol: “Universal Access,” which allows users to initiate a transaction on any supported chain while using assets they already own as gas fees.

“Prime Protocol marks a major milestone for DeFi’s inevitable transition to a cross-chain ecosystem,” said Derek Yoo, CEO of PureStake, a Moonbeam development team. “Until now, it was not feasible for users to leverage assets between chains without bridges or swaps. Besides opening up more liquidity and improving UX, this is a significant security enhancement for the entire DeFi industry because it eliminates manual bridging as a point of vulnerability that is often exploited.”

Since September 2022, Prime community members have successfully tested and updated the application to support new blockchains, new features, and bug fixes on the testnet. Prime currently has over 51,000 unique users and has passed rigorous audits from reputable blockchain security firms Ackee Blockchain and Veridise Inc.

“Prime Protocol is an inspiring use of Axelar’s General Message Passing to advance ease of use in DeFi applications, but what’s even more impressive is that by doing so, they’ve also made DeFi safer,” stated Sergey Gorbunov, Axelar’s co-founder.

“With bridges being a major security weak point in the world of DeFi, the ability to circumvent them is a game changer for many. These focused leaps in innovation will drive mass adoption to Web3 in 2023 and beyond.”

About Prime

Prime Protocol is developing the first cross-chain prime brokerage. Prime provides borrowing backed by the entire digital portfolios of investors, regardless of the asset type or blockchain. 

Loans can be made available on any supported chain, and collateral can be deposited on any reinforced chain. This interoperability model is revolutionary in the DeFi space, where existing infrastructure only supports loans within single blockchain ecosystems, often backed by a single collateral type.

Tags: BusinesscryptoDeFiPrime Protocol
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