Prism protocol

What it does

PRISM (Programmable Risk & Income Structured Markets) is a protocol that changes credit into structured, tradable risk layers. Users choose exposure (Prime, Core, Alpha) within pooled credit vaults instead of putting money into individual loans. Cash flows follow deterministic waterfall logic, and tokens that stand for each risk layer can be traded. This makes it possible to see, trade, and price credit markets on-chain in real time

Tranche credit risk into Prime, Core, and Alpha. Trade tranche tokens on a live AMM. Watch losses cascade in real time.

Three risk tranches per vault. A pull-pattern yield waterfall. A reverse-priority loss cascade. All composable, all on-chain. Deposit USDC into Prime, Core, or Alpha tranches. Each tranche has its own risk profile, target yield, and place in the loss waterfall. Pick your risk class — Prime for stability, Core for balanced yield, Alpha for upside. Receive pTRANCHE tokens that represent your share of the vault. The borrower pays a coupon. The waterfall distributes it through Prime, Core, and Alpha target yields. Your tranche's NAV updates on every event. Trigger a credit event and watch the loss move through the stack. Alpha absorbs first, Core takes the next hit, and AMM prices react in real…from prismprotocol.dev

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