[Airdrop] Prime Protocol, one of my favorite, most under-farmed project
Prime Protocol is one of my favorite projects in DeFi and potentially a very good airdrop opportunity, given how unknown and under-farmed the project is. They have teased a possible launch of their token in Q2 2024, so we have a few months to climb to the top of the rankings, and you’ll see it’s very easy : with $1000, I was able to rank at 580 (top 4%) in just a few weeks !
If you wish to support my work, you can access to Prime Protocol with my referral link by clicking here, thank you !
What is it ?
According to defillama, Prime Protocol is the first natively cross-chain decentralized liquidity protocol, serving as a prime brokerage for the entire crypto ecosystem. Borrowers can deposit collateral on any supported blockchain, and receive liquidity on any other chain regardless of original collateral location. All borrows and deposits are cross-margined, so users have the experience of operating from one account across many blockchains.
Why is it interesting?
- Protocol under the radar, completely under-farmed with only ~15,000 users and 12.5M of TVL.
- They raised $2.75 million in 2022.
- They offer 39 assets on 9 blockchains: Arbitrum, Avalanche, Base, BNB chain, Celo, Ethereum, Moonbeam, Optimism and Polygon.
- Possibility to use LayerZero for your transactions.
- The protocol is very easy to use !
How to earn points ?
- You earn 1 point per year for each dollar deposited.
- You earn 3 points per year for each dollar borrowed.
- But if you keep your deposits or borrow more than 1 week, points will start to accumulate at 2x the normal rate and 3x rate if you keep them more than 2 weeks.
How to optimize your rank?
The strategy is very simple; it involves depositing assets and borrowing others, ideally across multiple blockchains. The idea is to perform loops to increase the deposited and borrowed values. The advantage is that since you’re depositing and borrowing the same asset, you can optimize the amounts without the risk of liquidation
For example, you deposit $500 of ETH on Arbitrum, which allows you to borrow $250 of ETH on Base, that you can then deposit on Base to borrow $125 of ETH on BNB Chain, etc. With a simple contribution of $500, you can deposit, for example, >$800 and borrow >$400, which would earn you: 800*3 + 400*9 = 6000 points/year!
Roadmap
