Prime Protocol is an xApp/Connected Contract which allows users to borrow across chains backed by their entire portfolio of cross chain assets. The protocol uses Moonbeam as a hub to allow users to deposit assets from any chain supported on the platform, and borrow assets from any other chain on the platform based on their overall account value. This technology is revolutionary in the crypto space, and it will comprehensively change the way users can get more value from their portfolios.
Lead applicant: Neeraj Kohirkar - neeraj@primeprotocol.xyz
Metrics planning to improve (users/TX/TVL):
We would like to improve the number of users and TVL on Prime.
Presently Prime Protocol is the second largest protocol in the Moonbeam ecosystem by total value locked.
Strategy to improve:
Prime Protocol will use the grant for providing additional incentives for existing prime markets on moonbeam and through that expedite user onboarding to Moonbeam by facilitating access to liquidity in the Moonbeam ecosystem or for community competitions that will aim to increase the market share.
This grant will not only serve to supercharge liquidity on the Moonbeam deployment of Prime Protocol, but encourage the use of connected contracts on other chains to interact with the Moonbeam Ecosystem. Universal Access is enabling non native Moonbeam users to directly access and interact on Moonbeam, creating transactional volume as well as drive new daily active users for Moonbeam.
Timeline: Start/end date of deployment, with the start within 2 weeks of receiving the tokens:
Feb 12, 2024 - March 12, 2024
Token allocation/distribution plan
Implementing this proposal will require funds to be sent to a rewards contract responsible for distributing $PINK tokens to Prime Protocol users. These contracts will allow users to claim rewards for relevant participation in the Prime Protocol Mainnet. 100% of the grant will be distributed to Prime Protocol users on Moonbeam Network and community competitions.
hey @Prime_Tyler, first of all, thank you for your proposal!
I have a few questions, simply to ensure more transparency:
could you provide more details on the community competitions mentioned?
how will the process of calculating and distributing rewards be transparent and verifiable? what mechanisms are in place to ensure the integrity of this process?
what steps will you take to help new users who are unfamiliar with Prime Protocol, particularly in learning how to lend and borrow? do you have any specific guides prepared for them?
I am repeating this question to all teams. Prime Protocol:
Although not mandated by the initial post for submissions, would you be willing to put up a follow-up after distribution such as unique wallets, brief review of impact including any metrics, recommendations for improvement?
I think this could be useful data for the community in the event something like this happens again.
Could you provide more details on the community competitions mentioned?
We will launch a Galxe campaign designed to attract more users to Moonbeam markets in Prime Protocol. The primary requirement to receive $PINK through this campaign will be to provide liquidity into one of the Moonbeam markets on Prime Protocol such as USDC.wh, GLMR, xcUSDT, xcDOT, WBTC.wh and FRAX.
How will the process of calculating and distributing rewards be transparent and verifiable? what mechanisms are in place to ensure the integrity of this process?
The process will be transparent and verifiable in a manner similar to our current deployment of the Moonbeam GLMR grant. All transactions and activities can be verified through smart contracts, the blockchain explorer, and the Galxe dashboard. Our reward distribution strategy is fully transparent, ensuring that all of the $PINK funds received are directly allocated to the community.
What steps will you take to help new users who are unfamiliar with Prime Protocol, particularly in learning how to lend and borrow? do you have any specific guides prepared for them?
In the Galxe campaign, we will include a mandatory task that involves reading Prime’s documentation and watching an easy-to-follow video tutorial on how to use Prime. This ensures that all participants are well-acquainted with the platform’s functionalities.
Although not mandated by the initial post for submissions, would you be willing to put up a follow-up after distribution such as unique wallets, brief review of impact including any metrics, recommendations for improvement?
Certainly, a comprehensive follow-up report will be provided post-grant distribution, detailing unique wallets, a concise impact analysis including relevant metrics, and suggestions for enhancements. This approach guarantees complete transparency and will inform the refinement of future similar endeavors.
After careful consideration, the review team found that your proposal meets the requirements of a deployed Moonbeam project with active users/transactions and is in good standing and is ready to shake things up in your community. Approved.
