Prisma Finance, the Liquid Staking Derivatives (LSD) stablecoin protocol, has introduced its inaugural funding initiative, the Prisma Grant Program Pilot.

This initiative seeks to foster the growth of the Prisma ecosystem by supporting individuals and teams in the creation of diverse products and projects.

The funding structure includes rapid grants (below 20,000 mkUSD), community grants (20,000-100,000 mkUSD), and large grants (exceeding 100,000 mkUSD).

Targeting various verticals such as application development, tools, audits, hackathons, and bug bounties, the program aims to cultivate innovation within the industry.

The grant program committee, spearheaded by core contributor Frank Olson, comprises of figures like Wavey (Yearn), Winthorpe (Convex), Nader Ghazvini (Frax), Tetranode, and DeFi Dad (4RC).

Interested parties are invited to join Prisma Finance's official discord channel.

Explosive Growth

In November last year, Prisma Finance experienced a surge in its total value locked (TVL), reaching $320 million—an increase of $240 million in a single day.

This surge coincided with the introduction of its governance token, PRISMA.

Prisma Finance is a decentralised borrowing protocol, enabling users to generate the mkUSD stablecoin collateralized by liquid staking tokens.

The protocol is built with multiple security layers, including a Stability Pool composed of mkUSD and a network of borrowers serving as collective guarantors.