TechFlow reports that LSD stablecoin protocol Prisma Finance has completed a new round of funding, with the amount undisclosed. Participants include Michael Egorov, founder of Curve Finance; C2tP, founder of Convex Finance; FRAX Finance; Conic Finance; Tetranode; Llama Airforce; the founder of CoinGecko; OKX Ventures; DeFiDad; MrBlock; Impossible Finance; 0xMaki; GBV; Agnostic Fund; the founder of Swell Network; Adam Cochran, Eden Research Director at The Block; Ankr founders; MCEG; and Eric Chen.
Prisma allows users to mint stablecoins by collateralizing various Ethereum liquid staking derivatives (such as Frax, Lido, Rocket Pool, Binance, and Coinbase). Its over-collateralized model supports automatic debt repayment, enabling users to leverage Ethereum staking yields for automatic debt repayment.
