Deflect Protocol is now Prism Network
When the Deflect Protocol was created, we wanted to bring new and innovative concepts to the market, made possible with both the Deflect token and the Deflect Launchpad service.
As the platform developed and evolved, we saw the opportunity to make an even bigger impact on the DeFi space, by allowing these innovations to be realised on not just one network, the Ethereum mainnet, but on every network out there. And thus, the Prism token and the Prism Network was born.
What is the Prism Network?
With the Deflect Launchpad, investors had the peace of mind that came with the LGE fundraising structure, ensuring launch confidence, and projects had access to strong community funding and liquidity provisioning features at a low cost.
With the Prism Launchpad, these great features remain, except this time projects are not just limited to launching on the Ethereum mainnet — Prism Network now makes it possible for partner projects to launch on any of our partner parachain networks, giving more choice and flexibility in how projects can build out and plan their ecosystems.
On top of the Ethereum mainnet, partner Launchpad projects are now able to choose between Binance Smart Chain, Polygon Network, and TomoChain for their launches, with more partner networks potentially coming in the future.
In tandem with the Prism Launchpad platform comes the Prism Bridges, a series of bridges that allow users to seamlessly transact value to and from any of Prism Network’s partner networks.
With this addition to the Prism ecosystem comes easy cross-chain transactions, providing users with the connections they need to facilitate the transactions required for their workflow and projects with enhanced liquidity access.
Prism Token ($PRISM)
The Prism Network is powered by the Prism token, a utility token that acts as the medium of exchange across the Prism Bridges, among other functions.
Each transaction made with PRISM costs 0.25%, which goes to minters of the token. Minters don’t have to hold any PRISM in order to receive these fees, they just need to have minted PRISM in the past. The amount of fees they receive are proportional to how much of the current PRISM total supply they have minted.
The current supply of PRISM is 50,000 and Minter 1 has minted 5,000 PRISM of that 50,000. That’s 10%, so Minter 1 will continue to receive 10% of all PRISM transaction volume until someone else mints more PRISM.
Minter 2 mints another 5,000 PRISM, making the total supply now 55,000 PRISM. Minter 2 receives 9.09% of all PRISM transactions (5,000 / 55,000) and Minter 1’s income is now reduced to 9.09% of all PRISM transactions.
Prism is created by adding liquidity to the DEFLCT/ETH liquidity pool on the Ethereum mainnet, taking their LP token, and then locking it in the Prism minting contract, effectively burning it forever.
You can read about the Prism Network and the Prism token in more detail here.
So what’s going to happen to Deflect now?
All of Deflect’s services like the Launchpad and future array of financial products will remain the same; they will just be fueled primarily by the Prism token now, using the Prism Bridges where applicable.
The Deflect token still remains the heart and core of the Prism Network. Without it, Prism would not exist. We’ve already mentioned that Deflect is required to mint Prism, so it will still have a function in the ecosystem; some might argue that it has an even greater responsibility now.
Going forward, Deflect will be relegated to being a store-of-value (much like another token we all know and love), with Prism being the main transactional and utility token of the platform.
Our vision and purpose has never been bigger and stronger: to bring the greatest ideas to life and to provide lasting utility and value to our partners and community.
With Prism Network comes new possibilities and potential in how we build our platform and how partners and users interact with the service. We really can’t wait to share with you all of the things we have planned in the next month and coming year.
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