Stablecoin protocol Prisma Finance announced its successful deployment on the Ethereum mainnet. The protocol will be accessible to users today at 9 am UTC.
Prisma Finance allows users to use $ETH liquid staking tokens (LST) as collateral to mint the protocol's stablecoin, $mkUSD, and supports $wstETH, $rETH, $sfrxETH, and $cbETH as collateral. The protocol is undergoing a Guarded Launch and initially, there's a debt cap for each collateral. The total amount of $mkUSD mintable for each collateral is $6 million for $wstETH, $rETH, and $sfrxETH, and $2 million for $cbETH.
After the Guarded Launch, Prisma Finance will launch its token $PRISMA, which can be locked by users to receive $vePRISMA, allowing them to participate in governance and boost their $PRISMA emissions.
Related: Stablecoin Protocol Prisma Finance Raises Funds from Curve Founder, OKX Ventures and Others
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DeFi
Ethereum
Liquid Staking Token
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