Prism Network: Bridging the Gap Between the Biggest Chains in DeFi
Many cryptocurrency enthusiasts run into problems when trying to swap assets manually across chains, or simply from one token/coin to another (especially newcomers). While there are platforms that address the problems that can arise when dealing with multiple chains and scalability issues, it can be challenging to solve these issues while providing an efficient yield farming ecosystem. A new platform called Prism Network is bringing more projects and users together in this very way.
Prism Network (PRISM, Contract Address: 0xd46df541148932690b81092f600f35208afd4325) is an ERC20 token that acts as “a universal DeFi Servicing hub that services all of DeFi’s main chains via the Prism Bridge, such as Ethereum, Polygon, BSC, TomoChain & xDai.”
“It provides white-labeling solutions, providing a multi-network launchpad service to any EVM-compatible network while also allowing startups to create custom tailored smart-contracts with tokenomics functionality centered around liquidity provisioning, yield farming, and compounding interest-based lock-ups”.
PRISM uses the following tokenomics:
- Initial supply: 0 PRISM
- Circulating Supply: 28,000 PRISM
(Tokens are minted after locking DEF/ETH LP in its 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)
What makes PRISM so unique and useful is its ability to utilize its Prism Bridges, which allow users to transact and exchange value across multiple blockchains in one easy-to-use hub. Users will also have opportunities to explore and utilize other ecosystems that join the Prism Network, which will in turn help these ecosystems by exposing them to more users and liquidity.
Another added incentive thrown in by the Prism Network is the ability for hodlers who have burned DEF/ETH LP Tokens for PRISM to receive a cut of the 0.25% transaction fee triggered whenever someone transacts PRISM. Whether you are using PRISM on Binance Smart Chain, Ethereum, or other supported ecosystems, PRISM minters will be able to earn the following:
0.25% share of all PRISM volume on Ethereum Network
- 0.25% share of all bPRISM volume on BSC
- 0.25% share of all mPRISM volume on Polygon Network
- 0.25% share of all tPRISM volume on TomoChain Network
- 0.25% share of all xPRISM volume on xDAI Network
- 0.25% share of all (x)PRISM volume on future additional networks
Minters will be able to collect these fees as they grow over time quite simply. All users have to do is claim their fee distribution with a click of a button. It’s important to note that minters of PRISM will receive these rewards forever, even if they no longer own the PRISM that was minted. Now that is called passive yield!
But the way PRISM brings about passive yield doesn’t end there. They also offer users the option to stake their PRISM/ETH LP Tokens for a chance to farm and share up to 10% of the supply of all PRISM Launchpad Tokens. It is important to note that this applies only to the network a project launches on, such as Ethereum, Binance Smart Chain, Etc.
PRISM also offers a unique way to increase volume. In order for users to participate in the platform, they must start and end with the previously launched Deflect Token. Because users have to mint and sell PRISM by utilizing Deflect, this creates more volume. In addition, Deflect volume increases revenue Deflect owners earn, so in turn this provides revenue for Deflect holders by those exiting the ecosystem.
Another added feature is the Global Boost feature that can be taken advantage of after minting PRISM. The following boost is applied for the when attaining the following minting achievements:
- 15 historically minted prism = 5% global boost
- 30 historically minted prism = 10% global boost
- 75 historically minted prism = 25% global boost
- 150 historically minted prism = 50% global boost
Global boosts boost every single pool you stake in, regardless of the network they’re on!
Lastly, PRISMs infrastructure is audited and secure. Users can rely on PRISM to launch their own smart contracts or staking system free of charge on any EVM network. Auditing and building these types of services can cost quite a bit of capital and time. Providing this type of service makes it easier for projects to integrate into a staking ecosystem while also given projects access to an ever expanding network of cryptocurrency projects and users.
As Prism Network continues to build its ecosystem and projects that utilize it, many users will have opportunities in front of them they normally wouldn’t have exposure to. Bringing projects and people together in an anonymous space is difficult, and PRISM accomplishes this by providing direct incentives to holders, farmers, stakers, liquidity providers, and more. It will be great to see how many projects launch on PRISM!
- Website: http://Prismnetwork.io
- Dextools: https://www.dextools.io/app/uniswap/pair-explorer/0xbd7326e81993e6783682a85bb6b7d2df82e17509
- Gitbook: https://app.gitbook.com/@prism-network/s/prism-network/prism/prism
- Discord: https://discord.gg/2zQPe92psr
- Twitter: https://twitter.com/prismnetwork_io
(I write articles, reviews, and Litepapers for legitimate, interesting, up and coming cryptocurrency projects. Feel free to PM me to review your project. Thank you!)
Disclaimer: This is not financial advice. The sole purpose of this post/article is to provide and create and informative and educated discussion regarding the project in question. Invest at your own risk.