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Prism.
Full public reference.

Prime broker for tokenized US equities on BNB Smart Chain. Zero stablecoins, every primitive denominated in the same bStock the user transacted in. Below is the complete architecture: every contract, every flow, every fee.

The protocol in one paragraph

Prism lets you trade Binance's BEP-8056 bStocks (CRCLB, NVDAB, TSLAB, MUB, SNDKB, SPCXB) without ever touching a dollar. Deposit a basket of bStocks into a CrossMarginVault NFT, borrow other bStocks from per-asset BStockLendingMarket pools, write or buy options via OptionsAMM with strikes that auto-adjust on every split, split a bStock into PT + YT to separate price exposure from dividend yield, and earn passive yield from the EarningsVolVault by being on the LP side of every option sold around earnings. All fees route through FeeRouter and flow three ways into sPRSM: 33% buyback, 33% pINDEX, 34% raw bStock Merkle drop.

Core primitives

CrossMarginVaultrPORTERC-721 portfolio NFT. Multi-bStock collateral + multi-bStock debt with cross-margin health. Liquidation is permissionless Dutch auction with +5% premium.

BStockLendingMarketrl<SYM>One isolated pool per bStock. ERC-20 LP shares. Aave-style kink IRM. Borrowers route through CrossMarginVault.

OptionsAMMERC-1155Lyra-v2-style per-bStock options pool. LPs supply underlying as cash collateral; users buy calls + puts at any strike. Strikes denominated in $/raw-token → split-invariant via BEP8056PriceAdapter. Pricing: on-chain Black-Scholes.

BStockPTYTPT-* / YT-*Pendle-style splitter adapted to BEP-8056. Mint paired PT + YT against raw underlying; PT preserves UI quantity, YT captures multiplier appreciation. Both tradeable on PancakeSwap.

EarningsVolVaultrEVV-<SYM>ERC-20 vault shares. Auto-LPs into OptionsAMM. Around earnings, crank bumps IV pre-event and resets post, the vault captures the IV crush via LP share-price growth when realized move ≤ implied move. When the stock gaps beyond it, LP shares absorb the loss: classic short-vol payoff (frequent small gains, occasional large drawdowns).

FeeRouter-Single sink that collects fees in any bStock and splits - 33 /33/34: buyback PRSM → sPRSM, mint pINDEX → sPRSM, Merkle-drop raw bStock → sPRSM holders.

PortfolioRouter-Atomic multicall around CrossMarginVault. One signature → open + multi-deposit + multi-borrow.

BuybackKeeper-Receives bStocks from FeeRouter's 33% buyback leg. Swaps each bStock → WBNB → PRSM on PancakeSwap V3; deposits PRSM into sPRSM. Immutable: bStocks that enter can only exit as sPRSM yield.

Equity-native layer (code complete, pre-deployment)

EventRegistry-On-chain corporate calendar with an economic dispute bond. Events must be posted ≥3 days ahead; a disputed event contributes zero severity; events can only tighten parameters, never loosen them. Feeds RiskController, HtbAuctionModule and GapShield.

RiskController-Event-adjusted risk views. Borrow LTV follows calendar severity in real time; the liquidation threshold lags 12h behind and always sits ≥5% above it, a parameter change alone can never liquidate anyone. Deposit caps: lower instantly, raise after a 1-day delay.

HtbAuctionModule-Hard-to-borrow auctions on the live lending markets. Above the utilization trigger (earlier during event windows), inventory clears in hourly uniform-price auctions; open borrows re-mark each window. 90% of the scarcity premium goes to suppliers in-kind, 10% to FeeRouter.

GapShieldgs<SYM>Earnings-gap insurance per bStock. Buyers pick a threshold and pay a premium; if the pre→post event prints gap beyond it, the pool pays the excess in tokens. Fully funded: every policy reserves its maximum payout at sale, the pool can never owe more than it holds.

SblocAutoRepay-The on-chain SBLOC crank. Opt-in via portfolio-NFT approval; anyone may harvest: it withdraws exactly the dividend increment (BEP-8056 multiplier delta), swaps to the stable and amortizes your debt. Caller earns a 10 bps bounty; CMV's health check bounds every step.

LeverageVault<SYM>2XLeveraged-long bStock tokens (2x target) built on CrossMarginVault + the stable pool. Rebalances in bounded steps via permissionless cranks. Also the protocol's internal borrow-demand generator: real utilization yield for suppliers from day one.

Why bStocks-as-unit-of-account

Most DeFi CDPs mint a $-pegged stable against collateral and require an oracle to keep the peg. Every link in that chain introduces failure modes: peg risk, oracle drift, stable-asset insolvency, USD-leg de-peg. Prism sidesteps all of it by making the unit of account the underlying asset itself. Borrow NVDAB, repay in NVDAB. Earn premium on a TSLAB option in TSLAB. The dollar exists only as a comparison unit inside the price oracle when ranking values it never moves on-chain.

BEP-8056 split-invariance

BEP-8056 (EIP-8056) tokens expose a uiMultiplier() that updates on splits and dividend payouts. Wallets compute the user-facing balance as raw × multiplier / 1e18. Prism's price oracle wraps every bStock's Chainlink feed in BEP8056PriceAdapter, which folds the multiplier into every read so strikes denominated in $/raw-token stay economically valid through arbitrary corporate actions. Every other on-chain options protocol breaks on the first split; we don't.

Value accrual to sPRSM

Every fee lending interest, option premium, basket mint/burn, liquidation penalty, dividend distributor fee is collected by FeeRouter in the same bStock the user transacted in. distribute() splits each batch three ways:

33% buyback. bStock → WBNB → PRSM on PancakeSwap V3. PRSM is deposited into sPRSM, lifting the share price.
33% pINDEX donation. Vault mints pINDEX shares against the bStock; shares are sent to sPRSM as basket exposure.
34% Merkle drop. Per-asset escrow accumulates the bStock; weekly snapshot, claimable pro-rata by sPRSM holders in the original form. Zero swap, zero slippage.

Tokens

Three tokens live in the protocol: PRSM (1B supply, governance + buyback target), sPRSM (ERC-4626 stake of PRSM, share price grows from the three fee streams), and pINDEX (ERC-20 basket of all six whitelisted bStocks).

No protocol-issued stablecoin exists. Prism prices, holds and lends bStocks themselves; any conversion to a stable is something the user does on PancakeSwap, entirely external to Prism.

Prism.Full public reference.