Prism Yield

Prism's first week as the chain recorded it: a drop on every day, each one paid for in the same transaction, the reserve never under a dollar per NOTE, and what got built while it ran.

Every record on /records now downloads as a CSV, every row: reserve.csv, the reserve after each of 904 transactions, with signatures drops.csv, all 55 drops, each with its first transaction usdc-rate.csv, the USDC vault's rate, every hour since April stock-route.csv, the route the stock vaults will run on, both sides, every hour Charted straight from the last one: across 1,326 hours, borrowing PYUSD never cost more than 1.02% a year. Lending it paid more in every one of those hours, between 1.01% and 15.11%. The tightest hour still cleared by 0.078%.

Two days later, the same what-if: $10,000 into the USDC vault at launch. 186 hours, each at that hour's Kamino lending rate, not compounded: $10.32 as NOTE. The $10,000 itself never moves. At 130 hours it was $7.34. A record, not a promise.

Drops have a feed now: /drops/feed.xml One entry per drop, newest first: when it went out, the NOTE it paid, to how many wallets, and the transaction that paid it. Every wallet has one too. Add /feed.xml to its page, /drops/w/ and the address, and each drop to that wallet shows up in your reader with its own transaction. Any feed reader works, and so does an agent.

Tokenized stocks don't keep exchange hours, and neither does the route Prism's stock vaults will run on: hold the stock, borrow against it in Kamino's xStocks market, lend what's borrowed in the main market. Kamino's hourly record of it, 4 Sep to today: 1,322 hours, 1,092 of them read with US exchanges closed. Lending earned more than borrowing cost in every one. Exchanges open: 3.52% a year on average. Closed: 3.66%. Weekends: 4.05%. Split by the clock on /records. A record, not a promise.

And if you'd rather not take the page's word for it: The Python under drops on /records now takes an address. It walks every vault transaction from any Solana RPC and prints what that wallet received and in how many drops. Ran it at 15:28 UTC: 54 drops, 279.777299 NOTE to 360 wallets. For the wallet I tried, the same figures its page shows, to the sixth decimal.

Every wallet has its own page now: /drops/w/ followed by the address. Share that link and the preview is a card with what the drops have paid that wallet, the NOTE it holds now, and what that NOTE comes to in Claude requests once chat opens. The wallet check on /drops gives you the link with every result. Nothing to connect. The card's numbers are read from the vault program when it's fetched.

That was every drop added up. The wallet check on /drops now does it for one wallet. Paste an address and, next to the NOTE it holds, it shows what that NOTE comes to once chat opens: everyday requests of 1,500 tokens in and 500 out on Claude Opus, Sonnet and Haiku, at today's list prices plus 5%. 10 NOTE, for example, comes to about 595 requests on Opus, 1,190 on Sonnet or 23,809 on Haiku. No wallet to connect. An address is enough. Until chat opens, NOTE can be redeemed for USDC.

Value tokenized is one number. What it can earn without being sold is another. Prism reads all 50 Kamino lending markets every hour. At 11:14 UTC: 15 tokenized stocks are listed, 11 from xStocks and 4 from Backpack. For 3 of them, SPYx, NVDAx and QQQx, a dollar borrowed against the stock costs less than it earns lent out. Those are what the stock vaults are built for. 8 wait. Their route was above zero in 15% of the 2,868 hours since 1 Jul. The 4 from Backpack sit in a market of their own, which the vault program doesn't use. When the stock vaults open, the stock will stay unsold and the difference will come out as NOTE. It's all on /roadmap. A record, not a promise.

What the drops come to, once chat opens. 277.67 NOTE has gone to holders in 53 drops since launch. When chat and the API open, NOTE will pay for model calls at each model's list price plus 5%. At today's prices, for an everyday request of 1,500 tokens in and 500 out, that's about: 16,500 requests on Claude Opus 5.5 33,100 on Claude Sonnet 5.5 661,100 on Claude Haiku 5.5 Until then, NOTE can be redeemed for USDC at a 2% fee.

Agents read websites too. They just don't need the layout. So Prism keeps one plain page for them: /llms.txt What's live on mainnet, what's built and will open with the API, and every read-only data URL. About 550 words, no key needed. It ships with every update. This morning's added the drops' paidIntoReserve to the records it lists.

Every time this site updates, it starts with nothing saved and rebuilds its records from the chain: about 850 vault transactions, then the NOTE mint's own history. Until both are read, /records says "Being read" instead of showing a partial number. After the 06:12 UTC update, drops took eight and a half minutes to come back. The rebuild now reads in bigger bites, back to back, and keeps a fifth of each minute's RPC budget free for everything else. 07:26 UTC update: every record back in under two minutes.

You don't have to take the paper's word for this one. The Python under drops on /records now walks the same transactions by itself and adds up both sides: USDC paid into the reserve, NOTE minted. Point it at any Solana RPC. Finished a run at 06:20 UTC. 53 drops. 277.671358 USDC in, 277.671358 NOTE minted. Equal to the sixth decimal.

Kamino's public API gives each stock's max LTV. It doesn't give the line where it liquidates. So the risks page reads both from the chain: two bytes in each stock's reserve account on Solana. If the chain's max LTV and Kamino's API ever disagree, that stock is left off instead of shown with a wrong line. From a loan at 30% of the stock's value, the vault will start paying the loan down after a 21% fall. Liquidation sits 59 to 62% down. Live on /risks

If one USDC behind every NOTE were going to slip anywhere, it would be in drops. Holders receive NOTE without depositing a thing. So the paper now walks every drop since launch, transaction by transaction. 53 drops, 775 transactions. In each one, inside the same transaction, the reserve took in one USDC for every NOTE minted. 277.67 USDC in, 277.67 NOTE out. A drop is bought with trading fees, not printed. Observation 4, section 6 of /paper

Every hour, Prism reads all 50 of Kamino's lending markets, looking for the next stock a vault could hold. Since yesterday that read includes Backpack's tokenized stocks, in the market Kamino opened for them: SK Hynix, SanDisk, Micron, SpaceX. Their route pays. USDC costs 1.25% to borrow there and earns 4.41% lent in Kamino's main market. But it sits outside the market the vault program posts stock in, so for now it's a record, not a vault.

Same twelve checks as Sunday, run again just now. Read-only, nothing sent. SPYx, NVDAx, QQQx: all go. The line I keep looking at is the downside. The vault will borrow 30% of the stock's value and start paying it down after a fall of about 21%, when the loan passes 38%. Kamino would liquidate only after a fall of about 59 to 62%. PYUSD: 0.91% to borrow, 6.20% lent in the main market.

What a developer can use today, before the API opens: /api/reserve, the reserve after every transaction /api/drops, every drop to holders /api/stock/spread, the stock vault route hour by hour /changelog/feed.xml, everything shipped No key, no account. Each is a record of what happened, not a promise. Once the API opens, the agent SDK will carry the same records, so an agent can check the reserve against the chain before it deposits.

The records page now carries its own check. Under the reserve chart: two calls to Solana's public RPC, in curl, Node or Python. No key, nothing from our server in between. The two rate records got the same, pointed at Kamino's hourly history. Ran the reserve one at 22:16 UTC: 271.75 USDC in the reserve 265.93 NOTE outstanding 1.0219 per NOTE 819 transactions since launch, never below 1.00.