Demex Daily: Prisma Finance Hits $30M in New Stablecoin Launch; Bitwise Updates Bitcoin ETF Application to Address SEC Concerns

What’s Interesting Today:

Prisma Finance, an emerging decentralized finance (DeFi) lending platform, has rapidly garnered $30 million in mkUSD, a stablecoin underpinned by liquid staking tokens known as LSTs. The platform was launched on the first of September with a "guarded launch" strategy to incrementally raise the mkUSD borrowing limit. This cap reached $30 million in under two hours on September 15. One of its main attractions for users is a "stability pool," which has accumulated more than $21 million in mkUSD. This pool is utilized to clear liquidated debts and distribute collateral. Influenced by Liquity and its stablecoin LUSD, Prisma also introduces "veTokenomics." This enables holders of its forthcoming vePRISMA tokens to allocate additional PRISMA incentives to various roles within the network. Even though Prisma has shown initial success, it steps into a competitive market already filled with established players like Aave and Maker, which provide similar offerings.

Bitwise Asset Management has made a significant update to its Bitcoin ETF application in an effort to address concerns raised by the U.S. Securities and Exchange Commission (SEC). The updated application includes a section that specifically rebuts eight disagreements raised by the SEC, covering topics like price discovery metrics and the frequency of analysis. The update comes after Bitwise had previously withdrawn an application for a "Bitcoin and Ethereum Market Cap Strategy ETF" in August, despite being committed to ETF approval. The recent changes reflect Bitwise's ongoing efforts to secure a regulated Bitcoin ETF.