Pryzm Brings Yield Tokenization to INJ and Adds it to StakeDrop

PRYZM
5 min readJan 31, 2024

--

TLDR: Pryzm will unlock yield trading for INJ. INJ will be used as a gas token on Pryzm and as a restaking asset that lets you earn both INJ and PRYZM staking rewards. Pryzm is now running a validator on Injective. By delegating your INJ to the Pryzm validator, you will qualify for an airdrop as part of our StakeDrop campaign, where up to 200mm tokens will be distributed.

Imagine if you could unlock the future value of your crypto assets today and trade it on a decentralized exchange. That’s where Pryzm comes in. Pryzm is the first blockchain dedicated to yield, giving you tools to manage volatile prices and unstable yields. Pryzm lets you tokenize and trade your future yields from any asset. In other words, you can split your crypto assets into a yield component and a principal component, and trade them separately. Pryzm is built using the Cosmos SDK, a toolkit for making your own blockchain. Pryzm is part of the Cosmos Network, a network of interoperable blockchains. Pryzm is permissionless, scalable, secure, and future-proof. We envisage a world where you can trade yield on any yield-bearing asset, thanks to Pryzm’s oracle that can report yields from anywhere. That’s the power of Pryzm, the layer 1 yield hub that revolutionizes DeFi.

Pryzm is excited to enable yield trading on INJ.

Why will INJ be an exciting asset to trade yield on?

Injective is a leading blockchain for DeFi, with a very high APR of 15.6%, the second highest market cap among IBC connected tokens, and nearly 270,000 active users. However, Injective’s yield has been volatile, exposing stakers to large fluctuations changes in income and they lacked the ability to hedge, monetize, or capitalize on them. Pryzm is a new platform that enables yield trading, allowing users to split, swap, and leverage their yield components. This makes INJ an ideal asset for yield trading, as Pryzm will unlock many benefits for INJ holders.

Injective Key Stats: source mintscan
Historic APR of INJ: source Smartstake

How Pryzm Solves Your Problems and Creates New Opportunities for INJ Holders

Pryzm is a tool that enhances the value and utility of the tokens it refracts and adds to the ecosystem. We are thrilled to share the benefits we offer to INJ holders, such as:

  • Yield tokenization: You can turn your future yield from staking INJ tokens into tradable tokens on Pryzm or other DeFi platforms, opening up new possibilities for income and risk management.
  • Liquid voting: You can keep your voting rights on important Injective proposals with your INJ tokens, even if you split them on Pryzm. You will also gain more voting power, as your INJ tokens on Pryzm will have a higher voting power than INJ tokens on Injective.
  • Restaking of INJ on Pryzm zone: You can restake your INJ tokens on Pryzm’s chain and get extra rewards, while still getting the original staking rewards from Injective. This way, you can multiply your yield and boost your returns.
  • Use INJ to pay for transactions on Pryzm: You will be able to use INJ as a gas token on Pryzm

You can now try out yield trading for INJ on Pryzm’s testnet: testnet.pryzm.zone

How to Participate in the StakeDrop Campaign

Up to 200 million Pryzm tokens have been earmarked for StakeDrop, which is ~20% of the total supply, for our StakeDrop campaign. StakeDrop is a way to distribute tokens to people who stake their crypto to a Pryzm Validator. Currently, the StakeDrop is live on ATOM, OSMO, and LUNA, and we are very excited to bring it to INJ. We want to reward people who actively support Pryzm by delegating to the Pryzm Validator here.

To participate in the StakeDrop campaign, you need to follow these steps:

  1. Make sure you have a compatible wallet installed and have INJ in your wallet
  2. Click here and either click “Stake” or “Redelegate”. Do not click “Undelegate”
  3. Make sure to follow Pryzm on Twitter and join Discord for instructions on how to claim your airdrop when mainnet is live!
  4. Snapshots will be taken regularly, meaning the more you delegate and the longer you delegate, the larger the airdrop you will receive.

We are a community-funded chain and we have not received any funding from venture capital (VC). We believe that VC funding would concentrate the tokens in the hands of a few investors, which is not in the best interest of the chain. We want to give the community the opportunity to earn tokens before launch and decentralize ownership to as many holders as possible. We have nearly 100,000 wallets delegating across our validators who will receive an airdrop and we are excited to bring this to Injective and further decentralize ownership of the Pryzm token. We think letting users choose to join StakeDrop and get an airdrop will reward more loyal and deserving holders and make for a vibrant and engaged community.

Step-by-step guide

If you are new to delegating, click here. If you want to re-delegate from another validator, follow these steps:

Step 1:

  • If you have Keplr Wallet go click here and delegate/redelegate
  • If you use another wallet then go the Injective Staking Hub and connect your wallet and follow step 2.

Step 2: Select Validator you wish to Re-delegate from (see Fig 1 below)

Step 3: Select “PRYZM | StakeDrop”, enter the amount to re-delegate, and confirm (see Fig 2 below)

Fig 1: Choose Re-delegate
Fig 2: Select Pryzm from the dropdown menu

If you have any questions, feedback, or suggestions, please feel free to contact us via our socials which you will find links to here

Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or legal advice. Please do your own research before participating in the StakeDrop campaign or using the Pryzm blockchain. Pryzm is a new and experimental project that is still under development and may have technical or security issues. Pryzm tokens have no intrinsic value and are not intended to be used as a currency. Pryzm tokens are not securities and are not registered with any government entity. By delegating your tokens to the Pryzm validator, you acknowledge and accept the risks involved, including the possibility of losing your tokens due to slashing, hacking, or other unforeseen events.

--

--

PRYZM

The only layer-1 blockchain for trading, harvesting and deploying yield. Join the yield revolution today!