Prism - ($PRISM)
Prism ($PRISM) is the core ecosystem utility token backed by the Uniswap DEF/ETH liquidity pool tokens (LP) used in its minting process.
All products on the Prism platform are accessed using Prism in some form, making it one of the most valuable assets you can acquire in the Prism ecosystem.
Use Case & Benefits
Medium of Exchange on the Prism Bridges
The Prism token's flagship feature is its usage as the sole medium of exchange on the Prism Bridges, a series of connections that make it easy for users to transact value across different blockchains. These bridges also give our partner Launchpad projects added value by opening their ecosystem and liquidity up to users from other networks, and vice-versa.
The more the Prism Bridges are utilised, the more volume is generated, and the more income Prism minters will receive.
Passive Income Mechanism & Liquidity Provisioning Incentive for Deflect Token
The Prism token comes equipped with a 0.25% fee that’s taken every time a transaction is made involving it. This fee is then split between all minters who have locked up and burned DEF/ETH LP tokens to mint PRISM, proportional to how much of the total Prism supply they have personally minted. Minters get a share of all PRISM volume, regardless of whether it's on the Ethereum mainnet or using its wrapped versions on partner chains. These fees are reflected as a balance that accrues over time that minters can collect as often as they like with the click of a button.
This mechanism creates an ongoing incentive to provide liquidity to the DEF/ETH pool and become a Prism minter, as those who do will receive a percentage of all Prism transaction volume forever, regardless of whether or not they still hold the Prism token itself.
Access to up to 10% of All Launchpad Project Launches
As the replacement to DEF/ETH LP for utility in the Prism ecosystem, Prism takes on the benefit of enabling holders to stake its PRISM/ETH LP counterpart to farm and acquire a share up to 10% of the supply of all Prism Launchpad project tokens.
The more high-quality projects on the Launchpad, the more valuable PRISM is and the more PRISM/ETH LP stakers will benefit.
Arbitrage Opportunities
Because PRISM is a freely traded asset on the open market, there may be times when Prism itself on the open market is valued at more than it costs to actually make it.
This creates an arbitrage opportunity for traders, where a profit can be realised by providing DEF and ETH to the liquidity pool, obtaining the resulting DEF/ETH LP token, minting Prism, and then selling the Prism on the open market for the difference.
The result of this is an arbitrage that is encouraged, since each addition of liquidity to the DEF/ETH pool forever adds to the ETH balance and raises the price floor of the Deflect token. Prism is one of the rare cases where an increasing supply of the token is actually desired.
Ease of Access to the Prism ecosystem
With the Prism token comes a simple way to interface with the entire ecosystem, which was initially done using DEF/ETH LP tokens.
While PRISM's first utility is as a transactional medium on the Prism Bridges, all current and future Prism products utilise PRISM at its core, continually adding utility and providing value-add to the token.
Increased Volume Generation for Deflect Token Holders
The Deflect token’s flagship feature is its fee redistribution mechanism, which splits a portion of all Deflect transactions among Deflect holders.
Prism further amplifies this effect and benefits Deflect holders by virtue of requiring Deflect to be bought and then supplied into the liquidity pool in order to mint it, a two-step process that is incentivised to be done more over time as Prism market value continues to maintain a value that's more than its underlying DEF/ETH LP value.
Pairing Prism with Deflect (DEF/PRISM), any entries to and exits from the Prism ecosystem will first be transacted in Deflect, further generating Deflect volume and subsequently, revenue for Deflect token holders.
Boosts for Yield Farming Pools on Prism
Minters of PRISM receive lucrative multiplier bonuses in staking pools in the Prism ecosystem simply by holding the token in their staking wallet, increasing their emissions rate of rewards farmed.
As the first of many burn mechanisms that will be added for the token, Prism will also be enabled as a burned boost on yield farming pools on the Prism platform.
Users will have the option to spend Prism in order to boost their yield share in any pools they participate in in the Prism ecosystem, thereby burning the Prism and removing it from circulation forever. This adds a deflationary measure to the Prism token, reducing supply, increasing scarcity and price, and further incentivising liquidity provisioning and the minting of Prism all over again.
Future Possibilities and Potential for Development using Prism
With the Prism token comes virtually limitless possibilities for strategies and developments, further building on these core principles, such as using Prism as collateral in lending and borrowing products in the Prism ecosystem.
As Prism continues on exploring new realms in the world of DeFi, there will likely come a time when Prism finds its way onto other smart contract platforms and ecosystems. When that day does come, PRISM will serve as the primary currency and utility token.
How to get PRISM
Prism is minted by permanently locking DEF/ETH LP in the Deflect DEF/ETH LP vault, effectively burning it forever. This is a one-way conversion, meaning Prism that's minted cannot be reverted back into DEF/ETH LP later on. DEF/ETH LP is obtained by providing liquidity to the DEF/ETH liquidity pool on Uniswap.
The conversion rate when minting PRISM is locked in at 0.000005 DEF/ETH LP:1 PRISM.
Tokenomics
Token name: Prism
Ticker: PRISM
Contract Address: 0xd46df541148932690b81092f600f35208afd4325
Starting Supply: 0
Max Supply: None
Minted: When locking DEF/ETH LP in vault
Conversion rate: 0.000005 DEF/ETH LP :1 PRISM
Starting Liquidity Pools: DEF/PRISM, PRISM/ETH
TX fee: 0.25% (Exclusively goes to minters in the DEF/ETH LP vault)
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