Axelar - Prime Protocol Launch

    Prime Protocol is web3’s first cross-chain native prime brokerage, allowing users to borrow assets on any chain backed by their complete portfolio of assets, powered by Axelar. Earlier this month, Prime launched across Arbitrum, Avalanche and Ethereum Mainnet, with Moonbeam as its home chain. Breakdown by chain, found below, please provide metrics on the following: # of transactions, # depositors, # of borrowers, TVL,Total Volume by Asset Deposited, and Total Volume by Asset Borrowed.

    • Prime Protocol launched on Arbitrum, Avalanche, and Ethereum, expanding web3 ecosystem.
    • Arbitrum and Avalanche have higher activity and engagement due to lower fees and faster processing.
    • Approximately 3,000 unique users conducted transactions worth more than $2.2 million through 7,500 transactions in Prime Protocol.
    • Borrowing is the most frequently used activity among all four (Arbitrum, Avalanche, Ethereum, Prime Protocol) in terms of the number of transactions.
    • Deposit is the activity with the highest volume, totaling over $1.1 million, followed by borrow and withdraw with approximately $450,000 and $390,000, respectively.
    • There was a significant growth in Prime Protocol users on May 17, primarily driven by Avalanche.
    • USDC has emerged as a pivotal asset in the Prime Protocol ecosystem, facilitating deposits, borrowing, and repayments.
    • Over 80% of protocol activity volume originates from three wallets, each on a different chain.
    • Concerns arise regarding decentralization as a few wallet addresses concentrate a significant portion of activity, highlighting potential risks.

    These facts provide a snapshot of the Prime Protocol's impact, user engagement, and the role of specific assets within the ecosystem.

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    Main Takeaways
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