Prisma
Open app→

New angles on capital.

The stock market was built for a trading floor. We are building the one that comes after it.

Six and a half hours a day, five days a week, is when the world is allowed to own a share of Apple. That is a rule left over from paper tickets, and it is the first thing to go. Every stock here trades every hour, pinned to its real price so a Sunday night is as honest as a Tuesday noon. And every fee it earns goes back to the people who provide the liquidity and stake behind it — not to a company, not to a desk, to the people who make the market.

Open app→See what’s open

Every listing, live, right now.

Read from the chain as you look at it. The gauge is how far each pool sits from its oracle, inside the band it is held to.

Reading the chain

Prices are the Chainlink feed. Depth is what the pool holds, at that price.

Trade any of them→

Tokenizing a share does not make a market.

It makes a receipt. Put that receipt in an ordinary pool and the pool believes whatever price it was last pushed to: one buyer can shove it thirty percent past Nasdaq, a memecoin with the same ticker can do it by accident, and over a weekend it quotes Friday into Monday’s news.

So the price is not left to the pool. Every market is held to its Chainlink feed and the contract refuses the trade that would drag it away. That one rule is what makes everything else here safe to offer.

  1. See

    The real price, always

    A trade is judged on where it leaves the pool, not where it started, so arbitrage can repair drift and nothing can create it.

  2. Shift

    Any hour, any day

    Out of session the band tightens to a third of its width, because a pool nobody is watching needs less room, not more.

  3. Grow

    The fee comes back

    Three quarters to whoever provided the liquidity, by a constant in audited code, and the rest split on chain.

—
Stocks listed
24/7
Hours open
0.05%
Fee per trade
75%
Of it to providers
—
Trades, all time
—
Wallets that traded

Follow one trade to the last cent.

There is no other source of yield here. No emissions, no reward token, nothing topping anything up. Whatever a trade pays is what gets shared, and the shares below are read from the splitter rather than typed in.

A trade pays

0.05%

taken in the tokens traded, on every swap

Providers keep

75%

at least. A constant in the audited pool code, checked on every write

The protocol’s quarter, split on chain

Stakers
—
Protocol-owned liquidity
—
Treasury
—

On the tape

From the pools’ own logs

Reading the tape

Paid out so far
—
Last 24 hours
—
Waiting in the pools
—

Sweeping is a public function. The keeper we run has no privileges, and if it stops, anyone can do its job.

Pick your angle.

Trade

I

Buy or sell any listed stock at the oracle price, any hour.

  • Quotes come from the router's own quoter, so the number shown is the number filled
  • A rejected trade costs nothing but gas
  • Leave an order at a price and walk away; it earns fees while it waits
It costs
0.05% per swap
Open the exchange→

Provide

II

Put one asset into a vault and hold one token for your share of the market.

  • USDG, the stock or plain ETH in; the vault sells half for the other side
  • It makes the market inside the band and minds the range for you
  • Fees land in the position, so the share price rises. Redeem in any block
It costs
Nothing. The vault takes no cut
See the vaults→

Stake

III

Stake PRISMA and take the protocol's share of every market's fees.

  • Paid in the fee tokens themselves, USDG and the stocks
  • No emissions, no lockups, no vesting cliffs
  • If nobody trades, nobody gets paid. That is the honest version
It costs
Gas to stake and to claim
Staking→

Read it. Don’t trust it.

The first six are properties of the deployed code and would survive a change of owner. The last five are decisions somebody could still make. A page with only the first six would be an advertisement.

Every address→

  • The fee share is capped at a quarter

    A constant in the audited pool code. Providers keep three quarters of every fee whoever owns the contracts.

  • An equity listing brings its oracle with it

    The market factory owns the pool factory, so a stock pool is created and anchored in one transaction.

  • Supply is fixed

    The token has no mint function, no owner, no pause and no transfer tax.

  • Protocol-owned liquidity only goes in

    The vault that turns fees into depth has no withdrawal function, and it deposits only when the pool agrees with the oracle.

  • Anyone can run the plumbing

    Sweeping fees and deploying liquidity are public functions. The keeper is unprivileged.

  • A half-wired anchor is refused

    The hook will not install unless it runs on both sides of a swap, so drift can never reach twice the band.

  • Nobody has audited this yet

    The pool core underneath is audited. The contracts written for Prisma are tested and reasoned about, which is not the same thing.

  • One key owns everything that has an owner

    It can pause a market and move the band, the staleness limit and the fee split, each inside a hard-coded range. There is no multisig today.

  • Listing is a decision

    The owner chooses what gets listed, and can open an oracle-less market for an asset with no feed.

  • The fee stream has a destination the owner sets

    The quarter is fixed. Where it goes is an address.

  • The oracle is Chainlink’s

    If a feed is wrong, the pool is wrong with it. The anchor limits drift from the feed, not the feed itself.

The questions people actually ask.

Short answers, with the mechanism behind each one on the Learn page if you want the long version.

Read how it works→

The token is Robinhood’s tokenized stock, and its price is Chainlink’s feed for the share. Neither is ours. What is ours is the rule that keeps the pool at that price.

The trade is refused. Anything that would leave the pool further from the oracle than it started reverts, and a trade that moves it closer always goes through, so arbitrage can repair drift but nothing can create it.

Swap fees, and only swap fees. There is no reward token and no emissions schedule. A vault’s share price rises as fees land in its position; stakers are paid in USDG and the stocks that traded.

No. Redeeming a vault share has no oracle check, no pause and no owner. Depositing is gated, because a deposit has to be priced; leaving is not.

Nothing from the vault, and 0.05% on a swap, of which three quarters goes straight back to the providers. The protocol’s slice is the quarter, split as shown above.

One owner key, for now, with a short list of levers and a hard-coded range on each. It is written out in full in the list above rather than in a footer.

The pool core underneath is. The contracts written for Prisma are not yet, and they are tested rather than reviewed. We say so on this page, not in a footnote.