Stablecoin protocol Prisma Finance announced it has raised funding from a group of supporters, including Curve founder Michael Egorov, Convex founder C2tP, Frax Finance, OKX Ventures, and others. The amount is not disclosed.
Prisma Finance will launch $acUSD, a decentralized stablecoin fully collateralized by Ethereum liquid staking tokens (LSTs). Users will be able to mint $acUSD using $wstETH, $cbETH, $rETH, $sfrxETH or $WBETH as collateral. Prisma Finance will incentivize the stablecoin on Curve and Convex.
Prisma Finance's codebase is based on Liquity Protocol and is immutable. The parameters will be governed through the Prisma DAO using a veToken model. The protocol's tokenomics and mechanisms will be revealed soon.
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Liquid Staking Token