After Kujira and White Whale, a new protocol is ready to rise from the ashes of the Luna crash. It’s Pryzm (formerly Prism), a project that allows for the decomposition of interest-bearing assets (ETH, MATIC, ATOM, INJ…) into two new assets with a fixed maturity: a principal token (PT) and a yield token (YT). Through refraction, platform users will have multiple opportunities to increase potential gains.
PRYZM
If you want to keep liquid the assets in your portfolio, while not giving up the staking proceeds and any potential earnings opportunities, Pryzm is the perfect project for you. It’s the first network entirely dedicated to the collection, exchange, and use of income generated from yielding assets.
Implemented using the Comsos SDK framework and the Tendermint consensus, thanks to the adoption of the IBC protocol, Pryzm will allow for the decomposition of all main assets in the ecosystem and beyond.
By separating an asset from its yield component, users will benefit from the proceeds of staking without tying up their assets, maintaining full control of their investment. The yield derivative token (YT) will allow investors to earn the returns produced by the original token, while the principal token (PT) will allow investors to redeem the original token at the maturity set during refraction.
These two derivative assets will be tradable on the DEX AMM on the platform and their price will be determined by the free market. At any time, therefore, the user will be able to exchange their YT or PT for any other token on the exchange.
Stakedrop
Distribution of the $PRYZM governance token will be directed to two categories of parties: the Prism OGs and the ATOM, OSMO, and LUNA stakers who have delegated to the PRYZM validator.
- Prism OG: the holders of the $PRISM token on Terra Classic between May 7 and May 28, 2022. There is a 1/1 airdrop for this category based on tokens held on Terra at the time of the crash. Find out how to get the role on the Discord server;
- Stakers: an airdrop is also provided for those who delegate their ATOM, OSMO, or LUNA at the Pryzm validator. In this case, for every dollar of commission paid to the validator, the user will receive 10 PRYZM. Then the amount of airdrop for stakers will be determined by the number of tokens delegated and the duration of staking. Snapshots are taken weekly, so it is not too late to participate in the stakedrop, which, in total, will be worth 20% of the total token supply (200M PRYZM).
An additional bonus airdrop may be promoted for those who transfer their assets to Pryzm at the mainnet launch and use them to provide liquidity, for refraction, or to contribute to network security through staking.
Those who participate in the testnet and complete quests on Zealy may also receive benefits when the mainnet launches (although an airdrop for these categories has not been confirmed at this time).
Testnet
To better test the platform before launch, the team is allowing users to explore the tools and potential of PRYZM through the testnet.
To participate you will need to:
- Claim $PRYZM test;
- Consult the documentation and testnet guide;
- Experiment with what you have learned.
You will have the opportunity to perform various operations such as delegating, providing liquidity, testing token refraction, setting up a FlowTrade, and participating in governance.
The purpose of stakedrop is to allow users to contribute to the project development, democratizing access to the $PRYZM token and decentralizing its distribution as much as possible. While waiting for the launch of the mainnet, fully explore the testnet and consider your participation in this new type of airdrop.
| This is not financial advice. Do your own research before investing. |
This post was previously published here.
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