Earlier this month, Prime launched across Arbitrum, Avalanche and Ethereum Mainnet. This means that users are able to deposit tokens into their portfolio and borrow tokens based on their portfolio value, across any of these four chains.

In this dashborad I will analyze Prime Protocol transactions across these three chains and we will deep dive into Flipside's data to find:

• Number of Transactions (Deposit and Borrows)
• Number of Users (Depositors and borrowers)
• Total Volume (Deposited and Borrowed)

First let's know more about 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.

Read more about Prime Protocol

Prime Protocol supports multiple blockchain networks, allowing users to interact with assets across different chains. This means users can borrow assets from one blockchain while using their assets on another blockchain as collateral. Users can borrow assets from Prime Protocol's liquidity pool by locking their existing assets as collateral. The borrowing process is decentralized and automated.

In this dashboard, I have analyzed Prime Protocol transactions across Arbitrum, Avalanche, and Ethereum. To do this, I used the ez_token_transfers table on these chains as a reference table because every interaction between an address and Prime Protocol can be considered a transfer transaction. This includes depositing a token, withdrawing a token, borrowing, or repaying a token. Please note that for ETH transfers, there is a separate table called ez_eth_transfers that I utilized to find ETH transactions.

On Arbitrum, when a user wants to interact with Prime Protocol, a transaction is sent to this contract address and a MethodID specifies the type of transaction. So, the following parameters have been used to query Arbitrum data:

• 0x6051f99cc1d45227106b895f16cb85827f2821e5 as origin_to_address.
• 0x3bc1f1ed MethodID for Deposit as origin_function_signature.
• 0xfbf37739 MethodID for Borrow as origin_function_signature.
• 0x4b2084e3 MethodID for Withdraw as origin_function_signature.

On Avalanche, the interaction between a user and Prime Protocol is done via this contract address. MethodID that specifies the type of transaction and parameters have been used to query Avelanche data explained as follow:

• 0x1f9bD6986D0cDCde9fbBe87D142f3Dc4DdcA1Fd9 as origin_to_address.
• 0x3bc1f1ed MethodID for Deposit as origin_function_signature.
• 0x0020311b MethodID for Borrow as origin_function_signature.

And finally, for Ethereum, I have used this address as the interaction contract address. I did not find any borrow or withdraw transactions on Prime Protocol via Ethereum. Therefore, the following parameters have been applied to the query: _ 0xB10709569348C91d906F8C69855b141B554DC221 as origin_to_address.

• 0x3bc1f1ed MethodID for Deposit as origin_function_signature.

Notes:

• The refresh rate for all queries has been set to daily (24 hours).
• Volume metrics in all charts are in USD.

The following charts are related to depositing assets to Prime Protocol via Arbitrum. So far, only ETH and USDC have been deposited to Prime Protocol via Arbitrum.

We can observe that although the number of ETH deposits is higher than USDC deposits, the volume of USDC deposited is significantly greater than the volume of ETH deposited.

The following charts are related to borrowing assets from the Prime Protocol via Arbitrum. So far, only ETH has been borrowed from Prime Protocol via Arbitrum. Therefore, in the overtime charts, only ETH transactions have been visualized.

Furthermore, in this section, I have compared the number of transactions, users, and transaction volume broken down by transaction type (deposit, borrow, and withdraw). As you can see, the deposit type has been more welcomed among Arbitrum users.

The following charts are related to depositing assets to Prime Protocol via Avelanche.

We can see that USDC has more deposits, depositors, and deposited volume compared to USDT and ETH, with a significant difference.

The following charts are related to borrowing assets from the Prime Protocol via Avelanche.

The following charts are related to dpositing assets to the Prime Protocol via Ethereum.

I did not find any transactions related to borrowing assets from Prime Protocol via Ethereum. Therefore, in this section, I have only visualized deposits.

As you Know TVL stands for Total Value Locked in crypto protocols. It is a metric that represents the total value of assets, typically in cryptocurrency, that have been deposited or locked within a specific protocol.

To calculate Prime Protocol TVL, I have summed up the deposit volume for each chain and then subtracted the borrow and withdraw volume from it.

We can see that the TVL by Avalanche is slightly higher than the TVL by Arbitrum and Ethereum so far.

In this final section, I have summarized my findings about the Prime Protocol launch:

• Prime Protocol was recently launched across Arbitrum, Avalanche, and Ethereum Mainnet, enabling users to deposit and borrow tokens across these chains.
• Prime Protocol is a cross-chain prime brokerage that allows borrowing across different chains, backed by a user's entire portfolio of cross-chain assets.
• This innovative approach by Prime Protocol aims to break down silos between blockchains and create a cross-chain xApp.

Analysis summery:

• Although the number of ETH deposits is higher than USDC deposits, the volume of USDC deposited is significantly greater than the volume of ETH deposited on Arbitrum.
• in terms of transaction types, deposits have been the most popular among Avelanche users.
• USDC deposits have significantly surpassed ETH and USDT deposits in terms of volume, number of depositors and deposits on Avelanche.
• No transactions related to borrowing assets from Prime Protocol via Ethereum were found.
• TVL by Avalanche is slightly higher than the TVL by Arbitrum and Ethereum so far.

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