01ThesisAPR 2026
The $100T market that doesn't trade.
Credit is a $100T+ market that finances businesses, powers economies, and moves the real world. PRISM makes credit risk programmable, transparent, and tradable.
Signal
What breaks.
What reprices next.
Research notes, architecture essays, and protocol updates from the team building programmable credit risk on Solana.
Prime
protected capital
Core
balanced yield
Alpha
first-loss risk
02Market designAPR 2026
Solana fixed speed. It didn't fix credit.
Solana made execution fast and cheap. PRISM adds the missing credit primitive: explicit risk, structured markets, and liquid exposure.
03InfrastructureMAY 2026
Cross-chain collateral was the missing piece.
IKA Network's threshold MPC dWallets let borrowers lock BTC and ETH without trusting a single intermediary. This is the foundation PRISM couldn't exist without.
04PrivacyMAY 2026
The default you can prove without seeing.
Encrypt's FHE oracle proves a loan is in default without revealing a single byte of borrower financial data. The loss cascade fires from a cryptographic proof, not a data disclosure.
05PaymentsMAY 2026
Dodo payments. Why PRISM had to exist.
The world's payment and credit rails were built before programmable money existed. They are slow, opaque, and structurally incapable of pricing risk. PRISM exists because they cannot be patched — only replaced.
06PrivacyMAY 2026
Yield payouts can't be public.
Every coupon payment on a public ledger is permanently indexed. PRISM uses Cloak's shielded batch disbursement so LP payouts stay confidential while remaining fully auditable via viewing keys.
07AnalyticsMAY 2026
On-chain data needs a reader.
Programmable credit only delivers on its transparency promise if the data is actually readable. Dune SIM powers PRISM's entire analytics layer — NAV, TVL, yield, defaults — with one API call.
Field notes
The protocol log.
Shorter updates on accounting, authority design, integrations, and the market mechanics behind PRISM.
Design note
APR 2026
A pull-pattern waterfall for Prime, Core, and Alpha.
How yield accrues into a vault and gets claimed by tranche holders without hidden off-chain accounting.
ReadSecurity
APR 2026
Defaults should be observable, gated, and replayable.
Credit events are protocol state changes, so PRISM treats them like auditable operations with explicit authority boundaries.
ReadMarket design
APR 2026
What a tranche AMM actually prices.
Tranche swaps expose the market's appetite for Prime protection, Core yield, Alpha upside, and post-event repricing.
ReadInfrastructure
MAY 2026
IKA + encryption: why PRISM needed threshold MPC.
Borrowers can now lock BTC and ETH as collateral without any custodian. Here is the cryptographic path from dWallet to on-chain credit.
ReadPrivacy
MAY 2026
FHE defaults: proving a condition without seeing the data.
Encrypt's homomorphic circuit runs total_repaid < principal on sealed borrower data and signs the result. No raw financial figures ever touch the chain.
ReadPayments
MAY 2026
Dodo payments: why 50-year-old rails made PRISM necessary.
SWIFT, ACH, and syndicated loan desks were built for a world without programmable money. Here is why they cannot be patched — and what PRISM replaces them with.
ReadPrivacy
MAY 2026
Cloak: shielded LP payouts with viewing key audits.
Cloak's batch disbursement primitive maps directly onto PRISM's tranche waterfall. Individual payout amounts stay hidden — only the LP with the viewing key can decrypt their yield.
ReadAnalytics
MAY 2026
Dune SIM: six events, one API key, zero custom indexer.
PRISM emits six event types covering every moment in the credit lifecycle. Dune SIM indexes them all in real time — powering the NAV chart, credit event log, TVL tracker, and AMM price feed.
ReadDispatch cadence
Build notes as the credit stack comes online.
Follow the docs for the canonical protocol spec, then come back here for the messy, useful edge cases: loss simulations, tranche pricing, oracle gates, and integration decisions.
View docs