PRISM Protocol
RefundingB1Voluntary transparency disclosure following the Blockworks Token Transparency initiative.A stock market for credit risk.
$350%
$20kraise goal
Raise Unsuccessful
Committed$35.00
Funders2
Raise Goal$20k
This raise did not reach its goal. All committed USDC is being returned to contributors. to claim your refund.
About
PRISM
A Stock Market for Credit Risk
Most people understand stocks.
You buy a company because you think it'll perform well.
If the company performs better than expected, your shares become more valuable.
Now imagine the same thing, but for credit.
That's what we're building.
The Problem
Today's on-chain lending is surprisingly primitive.
You lend money.
Someone borrows it.
Then you wait.
And wait.
And wait.
Your capital remains locked until repayment.
There is no liquid market.
No efficient way to transfer exposure.
No efficient way to price risk.
In short:
We have lending.
We don't have credit markets.
Traditional Finance Solved This Years Ago
Banks don't keep every loan forever.
They bundle loans together.
Split risk into different layers.
Then investors choose which layer they want exposure to.
Some want safety.
Some want yield.
Some want maximum upside.
Everyone chooses their own risk profile.
This market is worth trillions.
Crypto barely has it.
What We're Building
PRISM transforms a pool of loans into tradable risk assets.
Instead of picking borrowers, users pick risk.
Prime
Lower risk.
More protection.
Lower but more predictable returns.
Core
Balanced risk and reward.
Designed for users seeking exposure to credit markets without taking maximum risk.
Alpha
Highest risk.
Highest potential returns.
First to absorb losses.
Each layer becomes a tradable asset.
Instead of researching borrowers, users simply decide:
How much risk am I willing to take?
How Yield Works
Imagine borrowers are repaying normally.
The credit pool generates income.
That income flows through the system.
Prime gets paid first.
Then Core.
Then Alpha.
Different layers receive different risk-adjusted returns.
The structure is transparent.
The rules are known in advance.
What Happens When Things Go Wrong?
Credit markets aren't interesting when everything works.
They're interesting when something breaks.
If borrowers default:
Alpha absorbs losses first.
Then Core.
Then Prime.
Higher-risk layers earn more because they take the first hit.
Lower-risk layers earn less because they're protected.
Exactly how risk should work.
Why Token Prices Move
Each layer is represented by a token.
- pPRIME
- pCORE
- pALPHA
These aren't fixed-yield positions.
They're market positions.
If the credit pool performs well:
- More yield accumulates
- Demand increases
- Token values increase
If defaults rise:
- Risk increases
- Expected returns decrease
- Token values decrease
The market continuously prices credit performance.
Just like stock markets price company performance.
Why The AMM Matters
Traditional lending locks capital.
PRISM doesn't.
Every risk token can be traded through an AMM.
This means users don't need to wait for loans to mature.
If someone wants exposure, they can buy.
If someone wants liquidity, they can sell.
At any time.
This turns a traditionally illiquid asset class into something closer to a real market.
Example
Alice deposits into Core.
Borrowers continue repaying.
Yield accumulates.
Demand for Core exposure increases.
The value of pCORE rises.
Alice now has two options:
- Continue earning yield
- Sell her position immediately through the AMM
She doesn't need to wait months for loan repayment.
That's the unlock.
Why Solana
Credit markets need:
- Fast settlement
- Cheap transactions
- Real-time accounting
- Deep liquidity
Every repayment, yield distribution, trade, and risk adjustment happens on-chain.
On slow chains this becomes expensive.
On Solana it becomes seamless.
The Bigger Bet
Stablecoins brought money on-chain.
DEXs brought liquidity on-chain.
Perps brought leverage on-chain.
We think the next major market is credit.
Not lending.
Credit.
A market where risk itself becomes liquid, tradable, and continuously priced.
That's the bet we're making.
The Raise
We're raising $20,000.
Not because we need a massive round.
Because we want enough runway to ship faster, validate demand, and get PRISM in front of users.
Use of Funds
- Smart contract development
- Frontend and product improvements
- Infrastructure and hosting
- Security reviews and testing
- Initial liquidity and user acquisition
Why Such a Small Raise?
Because we believe capital should be earned, not assumed.
Our goal isn't to raise as much money as possible.
Our goal is to build and prove that liquid credit markets belong on Solana.
IP & Legal
PRISM Protocol — Intellectual property to be owned / controlled by the DAO's Cayman SPC entity
- SOURCE CODE & GITHUB
- Primary monorepo: github.com/skyyycodes/PRISM-Protocol — contains the full stack: • app/ + components/ — Next.js frontend (dapp + marketing site) • contracts- Anchor/Rust on-chain programs (prism-core, prism-amm), tests, deploy scripts • sdk/ — TypeScript client SDK (prismprotocol-sdk) • docs/ + doc-website/ — protocol documentation source • marketing-video — Remotion marketing assets
- Currently administered by the personal GitHub account "skyyycodes". The DAO entity will become the GitHub organization owner with full admin rights, including sole authority to change the repository licence.
- OPEN-SOURCE LICENSE
- The entity holds the copyright and the exclusive right to license/relicense the codebase, exercised through repository admin control.
- A single explicit licence will be applied across the protocol code (e.g., MIT or Apache-2.0 for the SDK/clients) with a root LICENSE file. [CONFIRM final license choice]
- DOMAIN NAMES (registrations to be held in the entity's registrar account)
- prismprotocol.dev and www.prismprotocol.dev
- https://www.prismprotocol.dev/dashboard — application
- docs.prismprotocol.dev — documentation
- BRAND ASSETS & SOCIAL
- Names/marks: "PRISM" and "PRISM Protocol" (common-law / unregistered)
- Logo wordmark, favicon set, and light/dark application icons
- Brand system: the "prism spectrum" color palette, typography, and brand guidelines
- Social: X/Twitter @prismsolana
- DEPLOYED CONTRACTS & ON-CHAIN AUTHORITIES (Solana; devnet today, mainnet deployed from the same source under entity authority)
- prism-core program ID: CRzsHoHgdrK7HC2GoGsfxiEJtHP2sPSWY7SgrwqK9ao4
- prism-amm program ID: 7hbMRBwXF13fqqL8HGsgPrAakv21YoQz2KjtBpDTrRXf
- Programs are upgradeable. The entity will control, via a DAO multisig (e.g., Squads): each program's upgrade authority, the protocol admin authority, oracle/attestation signing keys (Encrypt FHE-default and Cloak payout oracles); any protocol treasury/fee accounts; and the token mint authority.
- CLOUD INFRASTRUCTURE, ACCOUNTS & API KEYS (to be held in entity-owned org/team accounts; all keys rotated at transfer)
- Hosting: Vercel (application, analytics, media/blob storage)
- Documentation hosting: Mintlify
- Database: Postgres (waitlist / loan records)
- Solana RPC: Helius
- On-chain analytics / indexing: Dune SIM
- Payments: Dodo Payments
- Cross-chain collateral: IKA Network (Sui-based threshold MPC)
- Private payouts: Cloak
- FHE default attestation: Encrypt
- Price oracle: Switchboard
- All associated API keys, webhook secrets, and admin signing keys to be re-issued under the entity's accounts.
- PATENTS & PENDING FILINGS
- None filed or pending.
Details
Implied FDV$52K
Launch Price$0.002
Raise Goal$20k
FDV Calculation
Launch Price$0.002
× Total Supply25.8M
= Implied FDV$52K
Supply Breakdown
Initial Float (38.8%)10.0M
Performance Package (50.0%)12.9M
Meteora LP (3.5%)900,000 at $0.002
Futarchy AMM (7.8%)2.0M + $4K
Total Supply25.8M
Governance & Vesting
Monthly Spending Limit$3k
The team can spend up to this amount per month from the treasury without a governance proposal. Larger expenditures must be approved by token holders.
Team Token Unlock
Team tokens are locked for an 18-month cliff. After the cliff, the team can trigger a 3-month TWAP evaluation. Tokens unlock in 20% tranches at each price milestone relative to the ICO price of $0.002.
| Tranche | Price Target | Unlocked |
|---|---|---|
| 2× ICO price | $0.004 | 20% |
| 4× ICO price | $0.008 | 40% |
| 8× ICO price | $0.016 | 60% |
| 16× ICO price | $0.032 | 80% |
| 32× ICO price | $0.064 | 100% |
Each tranche unlocks 20% of team tokens. The price target is measured via a 3-month time-weighted average price (TWAP) to prevent short-term manipulation.
Token
Base Mint
Contributors(2)
94.3%$33
5.7%$2
B1 Token Transparency Filing
Voluntary transparency disclosure following the Blockworks Token Transparency initiative.
PRISM Protocol is programmable credit infrastructure on Solana. It splits a pool of credit exposure into three tradable risk tranches and lets the market price each one in real time.
Mission: make credit — a $100T+ market that finances the real economy — programmable, transparent, and tradable.
The problem: credit today is illiquid (every loan sits in its own silo), opaque (risk is bundled and hidden inside funds and originators), static (pricing doesn't update until something breaks), and inaccessible (structured credit is gated to institutions). Solana made execution fast and cheap but added no native credit primitive.
How PRISM works: deposits are split into three tranches — Prime (protected, paid first, last to absorb losses), Core (balanced risk and yield), and Alpha (first-loss, highest upside). Yield flows down a transparent on-chain waterfall; losses cascade up from Alpha to Prime, so every layer's risk is explicit. Each tranche is a token that trades on a built-in constant-product AMM, giving credit exposure continuous, liquid, market-driven pricing that reacts to defaults and sentiment as they happen.
The protocol also supports cross-chain BTC/ETH collateral via IKA Network threshold-MPC dWallets, privacy-preserving default attestation, and a fully on-chain, auditable credit lifecycle.
Team (core contributors): • Akash Chakraborty (GitHub: skyyycodes) — Founder — 6x hackathon winner & 1x grant, SDE at a US based Startup (X: SkyyCodes), 2x research paper published.
• Manobendra Mandal (GitHub: manovHacksaw) — Co-Founder— Backend Developer at a Stealth Startup · 10× Hackathon Winner · Full Stack Blockchain Developer. Co-architected prism_core, prism_amm, and the Ed25519-via-sysvar attestation pattern that wires IKA, Encrypt, and Cloak in a single instruction.
• Anik (GitHub: ansu555) — Co-Founder — 7× hackathon winner — the deepest competitive record on the team. GSoC 2024 contributor on an open-source DeFi protocol. Currently ships intelligent trading agents and investor-flow routing at DueDash, where his code paths real deal capital between funds. NAV math, the waterfall, and the loss cascade in PRISM are entirely his — lamport-perfect against the locked spec.
• Eshan Das (GitHub: Eshan276) — CTO/Co-Founder — Ackee Solana fellow — one of ~30 selected globally per cohort, the same program that trained the Marinade and Mango core teams. 4× web3 hackathon winner, zero failed demos. Ran on-call infra at two prior startups through real production load. PRISM’s oracle relays, Dune SIM indexer, and Dodo fiat rail all live in his services.
Investors / backers: None. PRISM is bootstrapped and self-funded. This MetaDAO Accelerated ICO is its first and only token sale — there are no prior SAFTs, SAFEs, convertible notes, or private rounds (consistent with §9).
(a) IP ownership & control — The project's intellectual property, including codebases/repos and any associated trademarks/brands, is held by a Cayman Islands SPC (Segregated Portfolio Company) formed via MetaLeX. The SPC is governed by the DAO.
(b) Contract/admin powers — Governance is fully onchain and permissionless via the MetaDAO futarchy protocol on Solana. Token holders make decisions by trading conditional outcome tokens on proposal markets. Proposals pass or fail based on market-determined price impact on the project's token. There is no multisig, council, pause/upgrade roles, or centralized admin authority — all decisions are made through futarchy (market-based governance).
(c) Locked-token rights — The price-based performance premine tokens are locked with a minimum 18-month cliff and unlock based on sustained price performance milestones. Locked token holders do not have additional governance or decision-making rights beyond what unlocked token holders have. Locked tokens cannot vote or participate in governance until unlocked.
(d) Value accrual & holder rights — Token holders govern the DAO treasury through futarchy-governed proposals. The DAO treasury funds development directly — there is no separate development company. Revenue distribution and treasury allocation decisions are made via onchain governance proposals.
(e) Dissolution authority — Dissolution of the DAO would require an onchain futarchy governance proposal passed by the market. The Cayman SPC legal wrapper can be wound up per its constitutional documents as directed by DAO governance.
Each project launched through MetaDAO Accelerated has a Cayman Islands SPC (Segregated Portfolio Company) entity formed via MetaLeX. The entity holds the project's intellectual property and is governed by the DAO. There is no separate development company — the DAO treasury funds development directly through futarchy-governed proposals.
(a) Launch supply totals — 25,800,000 total tokens at launch. 10,000,000 tokens issued to ICO participants (unlocked). 2,900,000 tokens issued as protocol-owned liquidity (locked in pools). 12,900,000 tokens allocated as a price-based performance premine (locked with minimum 18-month cliff).
(b) Recipient categories & use of funds — • ICO Participants (10,000,000 tokens): Distributed pro-rata to all participants of the permissionless ICO based on contribution. Tokens are immediately unlocked. • Protocol-Owned Liquidity (2,900,000 tokens): 2,000,000 tokens paired with 20% of funds raised through the ICO in a liquidity pool. 900,000 tokens placed in a single-sided liquidity pool on Meteora. These tokens provide onchain trading liquidity. • Team / Performance Premine (12,900,000 tokens): Allocated to the founding team, subject to price-based vesting. Tokens unlock only if sustained price performance milestones are met.
(c) Initial price per token — Determined at ICO close based on total funds raised divided by 10,000,000 ICO tokens.
(d) Ticker / market symbol — PRISM
(e) Total supply & supply regime — 25,800,000 total supply. The supply is fixed — there is no inflation or deflation mechanism.
(f) Initial vesting / release schedules — ICO participant tokens and protocol liquidity tokens are not subject to vesting. The team performance premine has a minimum 18-month cliff. The allocation is divided into 5 tranches of 20% each, unlockable after a 3-month TWAP evaluation period at price multiples of 2×, 4×, 8×, 16×, and 32× relative to launch price. The TWAP oracle can be called at any time but triggers a 3-month evaluation window before tokens are released.
There are no airdrops as part of the MetaDAO Accelerated ICO process. All token distribution occurs through the permissionless ICO mechanism. Any future token distributions would need to be passed via DAO governance proposal following the ICO and are not part of this launch.
There are no market maker agreements. Liquidity is provided through the Accelerated launch mechanism's built-in liquidity pool, which receives 20% of funds raised. There are no token loans, OTC deals, or designated market maker arrangements.
There are no CEX listing agreements. The token trades onchain on Solana DEXs from the moment of launch. No listing fees have been paid, and no exchange has been granted tokens or preferential access.
Series Name: MetaDAO Presale Vehicle: MetaLex powered Cayman Segregated Portfolio Company / Segregated Portfolio Start Date of Sale: [To be determined at launch] Number of Tokens Sold: 10,000,000 PRISM tokens distributed to ICO participants pro-rata based on contribution. Vesting Schedules: There are no vesting schedules for ICO participant tokens. All tokens distributed through the presale are immediately unlocked and freely transferable at the conclusion of the ICO.
There are no prior SAFTs, SAFEs, convertible notes, private placements, or other fundraising rounds preceding this launch. No tokens were sold or distributed before this presale.
None. PRISM Protocol has not experienced any security incidents, exploits, or hacks. The protocol's programs (prism-core and prism-amm) have to date been deployed and tested only on Solana devnet — there has been no mainnet deployment and no real user funds at risk at any point, so no exploit has occurred and no remediation has been required. Before any mainnet launch that handles real value, the protocol intends to complete a formal third-party security audit (see Material Risk Factors).
Legal Terms & Disclosures
By contributing to the fundraise for tokens ("Tokens"), you acknowledge and agree to the Futardio Terms of Service. Without limiting the foregoing, you also acknowledge and agree to all of the following information, terms and conditions:
The above descriptions, terms, and other content were created, determined, and supplied exclusively by prospective project contributors related to the ICO and are being republished on futard.io for convenience of reference only, as third-party content. Furtard.io is a technology platform being used by the prospective project contributors, and the owners and operators of Fudardio.fi and their respective affiliates are not the persons creating, endorsing, sponsoring, or discretionarily operating the ICO. Fudard.io and its owners and operators and their respective affiliates assume no (and by participating in the ICO or otherwise using futard.io, you agree that they shall not have any) responsibility or liability for the accuracy or completeness of the above descriptions, terms and other content, or any other representations, statements, opinions, projections, terms, or information made by or on behalf of the prospective project contributors in connection with the ICO.
The following terms and conditions apply between you, on the one hand, and, on the other hand, both the owners and operators (and their affiliates) of Futard.io or MetaDAO and the prospective ICO project contributors and related legal entity(ies) and their respective affiliates:
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No Guarantees. The Tokens are provided on an "as-is" and "as-available" basis. Participation in the fundraise does not come with any guarantees, promises, or assurances of any kind, including—but not limited to—financial return, performance, future utility, or access to any platform, product, or service.
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Not an Offer of Securities. The Tokens do not represent a security, equity, loan, or ownership interest in any entity or project. Participation in this fundraise is not intended to be, and shall not be construed as, an offering of securities, nor does it constitute an offer or solicitation in any jurisdiction where such activity is unlawful. You are responsible to refrain from participation in the ICO if your jurisdiction does not permit such participation.
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Final Sale. All contributions made as part of the fundraise are final and non-refundable. By participating, you understand and accept that you will not be entitled to a refund or compensation under any circumstances, including but not limited to loss of value or inability to use the Tokens.
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No Liability for Losses. To the fullest extent permitted by applicable laws, neither the organizers of this fundraise nor any of their affiliates, agents, advisors, officers, or representatives shall be liable for any direct or indirect loss or damage you may suffer, including without limitation: trading losses, loss of data, revenue, profit, or opportunity; or any errors, delays, or technical failures related to the fundraise or the Tokens.
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Nature of Token MetaDAO Platform ICOs. You acknowledge and agree that the ICO is a transaction entirely by and among ICO participants, in which such participants contribute certain blockchain tokens into the sole control or custody of Solana-based "smart contracts" or "programs" as a method of establishing a decentralized autonomous decision market oriented toward the research, development, promotion and/or utilization of the above-described project. The ensuing market oracle–sometimes also referred to as a type of "DAO"-- is intended to govern both the deposited tokens and aspects of the related project, using "Futarchy". These smart contracts or programs exist independently of Futard.io or MetaDAO, on the Solana blockchain, and do not have a legal "owner" or "custodian", but instead will be controlled by the market-based governance process embedded in the decision market protocol, as expressed in the code of the smart contracts/programs. The deposited tokens do not represent a capital investment in any legal entity (including the legal entity referred to in the following paragraph) or group of managers or entrepreneurs, and the decision market may revoke funds out of the pool at any time, or may cease using the funds for the currently contemplated project or using them to pay the currently contemplated prospective project contributors, and may instead use them for other purposes, as determined by the decision market oracle aka "DAO." The current prospective project contributors will not immediately own or have any discretionary or managerial control of the deposit pool, and any related services such prospective project contributors provide will be on an independent contractor basis to the community, as determined on an ongoing basis by the decision market oracle aka "DAO." The tokens issued by the program/smart contract in exchange for deposited funds are not initially owned by, and are not being sold or offered by, Futard.io or MetaDAO or the prospective project contributors or any related entity(ies), but rather are issued by the smart-contract/system itself to enable ongoing functionality of the related decision market oracle aka "DAO". Any funds received from the deposit pool by the current prospective project contributors or future project contributors represent retroactive or prospective compensation for work done or to be done by such project contributors that is approved by the related decision market oracle aka "DAO", on the initiative of, and based on the managerial or entrepreneurial efforts of, participants in that market aka "DAO participants".
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DAO-Adjacent Entity aka BORG. One or more members of the prospective project contributors may have established a particular type of legal entity related to the project. These entities, known as cybernetic organizations, aka 'BORGs", hold intellectual property related to the project and may receive the funds, if any, determined by the decision market oracle to be paid to the prospective project contributors as compensation for work done or to be done related to the project. BORGs contain special rules designed to provide accountability of project contributors to the community, including prohibiting the issuance of equity securities and requirements to consult the decision market oracle (sometimes on a signaling basis, sometimes on a binding basis) for decisions related to their work on the project and the related intellectual property and assets. Many of these entities are "segregated portfolios" of a Cayman Islands entity called Futarchy Governance SPC. Segregated portfolios provide separate layers of assets and liabilities within this entity, and each particular segregated portfolio is managed in the sole discretion of its "Manager(s)", subject to the terms and conditions of Futarchy Governance SPC and the Operating Agreement of that specific segregated portfolio. The ICO does not represent an investment in the SPC or segregated portfolio, and participants in the ICO and holders of the tokens being issued in the ICO do not have any legal rights in or ownership of the SPC or segregated portfolio, and are not owed any fiduciary or other duties by the participants in the SPC or segregated portfolio, but the SPC, in respect of the segregated portfolio, is legally required to abide by certain determinations of the decision market created by the ICO. Please review the project description above to determine the specific legal entity(ies) or other arrangements identified by the prospective project contributors. You hereby acknowledge and agree that you have reviewed, or had the opportunity to review, the information and documents presented or linked to from that description and acknowledge, consent to and accept the risks of all related legal entities and arrangements.
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Understanding the Mechanism. This is an onchain fundraising mechanism with a fixed token supply and an uncapped USDC raise. A minimum funding threshold applies. There is no in-protocol cap on the amount that may be claimed beyond the stated minimum. If the minimum funding threshold is not reached, all contributed funds will be returned to participants. By participating, you confirm that you understand the program and have reviewed the relevant documentation available at https://docs.metadao.fi.
By contributing or attempting to contribute to the fundraise for Tokens, you confirm that you have read, understood, and accepted the terms above.