Prisma Finance is an Ethereum borrowing protocol designed to let users lock supported liquid-staking collateral and mint mkUSD, a dollar-referenced stablecoin; PRISMA is the project’s governance and incentive token. A March 2024 exploit of a migration helper led to an emergency pause, so the historic design description should not be read as proof that the protocol is currently operating safely or normally.
Market Data
| Stat | Value |
|---|---|
| Ticker | PRISMA |
| Price | $0.006693 |
| Market Cap | $624,036 |
| 24h Change | +3.8% |
| Circulating Supply | 93.229 million PRISMA |
| Max Supply | 300 million PRISMA |
CoinGecko snapshot captured 2026-10-24; price, market capitalization, and 24-hour change update dynamically and can change. Supply figures are the provider’s reported snapshot.
How the Protocol Worked
Prisma’s published design let users deposit approved liquid-staking tokens, including assets such as wstETH, rETH, cbETH, and sfrxETH, into borrowing positions and mint mkUSD against that collateral. The positions were collateralized rather than backed by a bank’s dollar reserves. The project also described stability-pool and redemption mechanisms intended to support liquidations and the dollar reference. Those mechanisms carried collateral, liquidation, smart-contract, and market-liquidity risks; a “stablecoin” label did not guarantee a fixed market price.
PRISMA and Token Supply
PRISMA was used for protocol governance and incentives, including voting over emissions and supported actions in the project’s early design. CoinGecko reports a maximum supply of 300 million PRISMA and a circulating estimate; these are provider-reported token statistics, not a measure of protocol solvency or mkUSD backing. PRISMA and mkUSD are different assets: PRISMA is the governance token, while mkUSD is the collateral-backed stable asset.
The 2024 Exploit and Risk Context
A March 28, 2024 incident involved the MigrateTroveZap helper. LlamaRisk’s post-mortem describes a missing validation in the flash-loan callback that allowed attackers to manipulate position migration for users who had granted the relevant approval. Its report estimated losses at about 3,479 ETH, roughly US$12 million, and said emergency multisig controls paused protocol operations. This records the incident and response at that time; it is not a current status report. The episode illustrates why users must examine contract permissions, upgrade paths, and incident disclosures rather than rely on an audit or collateral model alone.
Related Terms
See Also
- Why Algorithmic Stablecoins Keep Failing
- Why Smart Contract Audits Fail
- What Is Tokenomics, and Why Does It Matter?
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Sources
- Prisma Finance: Initial project description — The project’s own introduction explains the original LST-collateral and mkUSD design.
- Prisma Finance Incident Post-Mortem — LlamaRisk documents the migration-helper vulnerability, reported losses, and emergency pause.
- Prisma Governance Token on CoinGecko — CoinGecko identifies the PRISMA listing and reports current price and supply statistics.