Welcome to Prism: The Pioneer of Layer 1 Yield Harvesting and Trading
Prism stands at the forefront of transforming the DeFi ecosystem as a cutting-edge layer 1 blockchain, meticulously engineered for yield harvesting, trading, and utilization, offering users unparalleled opportunities to earn fixed yields, speculate on variable yields, or monetise the value of their future yield today. We believe that DeFi merits a sophisticated yield trading experience, comparable to the nearly $700 trillion traditional finance yield markets. While we are encouraged to see the recent progress in yield splitting protocols on Ethereum built using smart contracts, our experience from V1 means we steadfastly maintain that only by incorporating this functionality at the blockchain level will we truly unlock its full potential. Constructing a highly specialized and custom-tailored blockchain is undoubtedly a time-intensive endeavour. However, the outcome will be a truly unique platform that provides users with unparalleled opportunities and experiences that cannot be found anywhere else. The anticipation of this exceptional innovation makes the journey all the more exhilarating!
In this update, we will discuss our ongoing development progress, anticipated launch date, and forthcoming airdrops.
Revolutionizing Yield with V2 and Custom Modules
V2 represents a total transformation of V1, with no remnants of the previous code being utilized. By establishing our own blockchain, we free ourselves from the constraints of relying solely on smart contracts within a third-party blockchain, enabling us to construct a far more expressive system. We are leveraging the full potential of the Cosmos SDK and developing numerous custom modules to maximize its capabilities. Some of these bespoke modules include:
- Assets Module: The assets module empowers PRISM to incorporate new supported assets, such as ATOM, OSMO & LUNA, into the chain through governance proposals. PRISM holders can actively engage in the processes of approving and removing assets, as well as modifying the configurations of these assets, such as which maturities yield can be traded for.
- Refracting Module: Manages the refraction of cASSETs into pASSETs and yASSETs, as well as the computation and distribution of yield from the cASSET vault.
- Oracle Module: Integrates external data for yield calculations through a voting mechanism involving validators.
- pGOV Module: Allows users to partake in native chain governance with their pASSETs through mirrored proposals on PRISM, enabling them to vote on supported asset chains.
- Treasury Module: Accumulates protocol fees for governance decisions, such as buybacks, burns, or distributions to stakers.
- AMM Module: Introduces innovative multi-asset liquidity pools for optimal capital efficiency and real yield, in addition to liquidity incentives, minimized impermanent loss, and a leverage factor for concentrated liquidity around current yields. We are also working on an academic research paper to provide an in-depth understanding of our ground-breaking AMM.
Ensuring the Safety of the Prism Protocol
Security is paramount, and we have scheduled an audit with a leading blockchain auditor in the next 4–6 weeks to ensure the integrity of our protocol.
Community & Airdrops
Fostering a Robust and Engaged Community
A successful chain requires not only a strong product but also an active community. We’re proud to have nearly 23,000 potential users from our OG community and the ongoing airdrop delegation program. Here are the latest updates on our community growth:
- Delegator Update: We currently have 5,400 OSMO, 6,159 ATOM, and 2,231 LUNA delegators, totalling nearly 14,000 active supporters of PRISM.
- V1 OG Snapshot: We are delighted to announce that 9,000 addresses have qualified for a 1:1 airdrop based on their PRISM, xPRISM, nexPRISM, or various PRISM LP token holdings. We look forward to partnering with our V1 community to expand awareness and provide education about Prism. In the near future, we will share additional information on the tasks OG holders can complete to secure their airdrop and contribute to the growth of the new blockchain. Keep an eye out for further updates as we collectively advance the DeFi landscape with Prism.
- Validator applications — selecting genesis validators for Prism Hub.
- Security Audits
- Testnet — allowing users to interact with the platform and test its features in a controlled environment.
- Partnerships & Integrations — working with protocols and core infrastructure partners who are keen to build on Prism Hub
- Mainnet Launch — Yield Trading of ATOM, OSMO, LUNA & other apex Cosmos assets.
- Airdrop to OGs, Delegators, Early Supporters & Early Users — please make sure you are following on twitter, discord, & telegram & sharing, retweeting and liking relevant posts.
- Continuous Development — Dedicate resources to the ongoing development and improvement of the protocol, including regular updates, bug fixes, new tokens and feature enhancements.
(these timings are subject to change and for indicative purposes only)
In summary, we are pleased to update you on Prism’s progress as we work to revolutionise the DeFi sector with our innovative Layer 1 yield harvesting and trading platform. By dedicating our resources to developing a bespoke and cutting-edge blockchain, we maintain our conviction that patience will lead to success. The final product will present users with exceptional opportunities and experiences not available elsewhere. Our priorities include protocol development, security, and cultivating a robust ecosystem through strategic partnerships and integrations.
We eagerly anticipate the mainnet launch, collaboration with our community, and providing unparalleled opportunities for users. Stay tuned for update.
Should you wish to back Prism and receive an airdrop, we encourage you to delegate your ATOM, OSMO, or LUNA to our validator. Your valuable contribution will be instrumental in the success of this innovative blockchain.
Legal Disclaimer: The information contained in this article is for informational purposes only and does not constitute financial, investment, or legal advice. The content is subject to change without notice, and the author and publisher disclaim any responsibility for updating the information. Reliance on the information provided is at the reader’s own risk.
The author and publisher shall not be held liable for any damages, losses, or expenses arising from the use of the information, the development of the blockchain, or the release of tokens on that blockchain. By reading this article, the reader agrees to indemnify and hold harmless the author and publisher from any claims or liabilities arising from the use of the information or any violation of applicable laws or regulations.
This legal disclaimer is governed by the laws of the author’s jurisdiction, and any disputes shall be subject to the exclusive jurisdiction of the courts of that jurisdiction, to the fullest extent permitted by law.