Proposal
This proposal outlines the plan to sunset Prisma Finance to prepare for the launch of Resupply by executing the following actions:
- Terminate Prisma Emissions: Replace the current Prisma emissions schedule contract with one that returns
0. - Disable Prisma Debt Caps: Set all Prisma Finance debt caps to
0. - Sunset all collaterals: Set trove managers to sunset all collaterals, raising interest rates and encouraging redemptions.
- Reallocate Treasury Assets: Transfer all Prisma treasury assets and tokens held in the fee receiver to the Resupply treasury.
- Distribute RSUP Tokens: Prisma tokens will be redeemable for RSUP tokens. All PRISMA, cvxPRISMA, and yPRISMA holders will be redeemable for RSUP tokens. 15% of the RSUP supply is allocated for Prisma redemptions. An additional 2% of RSUP supply is allocated for Prisma hack victims not yet made whole.
These actions will officially end Prisma Finance’s operations and pave the way for the launch of Resupply, a new Convex Finance and Yearn subDAO. Resupply will introduce a decentralized stablecoin backed by Collateralized Debt Positions (CDPs), leveraging the liquidity and stability of lending markets. See docs.resupply.fi for more info on Resupply.
Background & Motivation
Prisma Finance was originally integrated into the Convex Finance and Yearn ecosystems. However, following the hack of the Prisma Finance migration contract, the protocol never truly recovered. As such, we are proposing the shutdown of Prisma Finance and inviting the Prisma community to join us at Resupply.
To show appreciation to the Prisma Finance community, Prisma Finance token holders will be eligible to claim RSUP tokens. The claim process will be outlined in detail later, but you don’t have to worry about a snapshot date for an airdrop. You will be able to turn in your Prisma, cvxPrisma, and yPrisma tokens for a vesting allocation of RSUP. For those with locked vePrisma, there is a penalty enforced when locks are broken. To encourage users to break their locks, an airdrop will be created to award users with the amount of RSUP corresponding to the lock break penalty they incurred. To qualify, the lock break must be performed during the snapshot period starting 18 December 2024 at 00:00 UTC until 1 week after the official launch of the protocol.
By implementing the outlined steps, we are effectively ceasing Prisma Finance’s operations and its association with Convex Finance and Yearn, ensuring a smooth transition to Resupply.
Results
- All emissions from Prisma Finance will be permanently halted.
- Debt caps for Prisma Finance will be reduced to
0. - Set trove managers to sunset all collaterals
- Prisma Finance treasury assets will be transferred to the Resupply treasury.
- Prisma Finance token holders will be able to redeem tokens for RSUP tokens.
- Give control of Prisma Finance core contract to Resupply
Vote
YES: Sunset Prisma Finance to set the stage for the launch of Resupply.
NO: Keep Prisma Finance active.
