[Axelar] - Prime Protocol Launch

    Decentralized finance has evolved rapidly in the last few years, with expansive innovation and wealth fueling multiple blockchain ecosystems. But liquidity, and use cases via protocols built on top of these chains, remain highly siloed. We decided to build a solution that enables users to access liquidity across their entire, cross-chain portfolios.

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    What is Prime Protocol?


    Prime Protocol is a cross-chain prime brokerage which allows users to borrow across chains backed by their entire portfolio of cross chain assets. At Prime, we are pushing the boundaries of decentralized finance by breaking down the silos between blockchains and creating one of the first cross chain xApps.

    They allow users to seamlessly borrow against their entire portfolio of base assets, staked assets, iB Tokens, and more -- all at an extremely competitive interest rate. Users get access to liquidity faster than ever before on Prime Protocol.

    What is Prime's mission?


    Prime Protocol is a one stop shop where investors can deposit all their digital assets across chains into a single protocol and receive credit anywhere. By enabling loans on any chain backed by collateral everywhere, Prime will unlock liquidity for the entire crypto market.

    Message Passing


    Prime protocol utilizes generic message passing protocols to connect with chains outside the Moonbeam Ecosystem. To ensure robustness of the protocol regardless of what the future may hold, Prime Protocol features a router and standard messaging interface that can plug into any interoperability protocol. All user flows that may require a message to be passed – deposit, withdraw, borrow, repay, and liquidate – are packaged into a payload and sent to and from Moonbeam via a generic messaging protocol. Before a message is sent, a unique hash of that message’s payload with some metadata is stored on the sending contract. This ensures there is a record of the messages queued for delivery, so if anything were to go wrong with the message delivery, the tokens locked on the sending chain are not lost. For example, if the chosen message passer is paused or exploited, the messages could be routed over a different message passer to ensure delivery. On the receiving side, a queue of message hashes are stored to prevent replay attacks, and ensure every message received is processed exactly once. This means that a message that failed to deliver or was delayed could be re-sent over a different route. It also offers protection against one of the most common forms of bridge hacks. Currently, Prime leverages Axelar to securely deliver these messages and Wormhole as an alternative route. Both Axelar and Wormhole are excellent solutions, and the integrations with each have been fully audited. There has never been an issue with the consensus mechanism for either protocol, and the relayers they use are completely trustless. Prime Protocol does not rely on any token bridges, only the core message passing layers.

    [Source: Prime Protocol Docs]