Prism is a launchpad on NEAR. A coin launched here has one billion units, minted once, and every one of them starts in a single Rhea DCL pool, priced in whatever the creator picked: NEAR, USDC, a bridged bitcoin, gold, a tokenised stock, another coin. The position that holds the supply belongs to a locker whose code has no method to give it back. What you see in the pool is what you can trade against, from the block the coin is created.

Some coins go one step further. A perp-backed coin launches in USDC and, once its pool holds enough, bonds: its backing opens a leveraged position on Hyperliquid, owned by the pool, and the coin trades against that backing from then on. The backing is the coin's floor, readable on chain every block.

Two ideas

Pair with anything. Most launchpads price a new coin in the chain's gas token. Prism prices it in an asset the creator chooses. A coin priced in gold moves in ounces; a coin priced in another coin is a bet on the pair. The pool is an ordinary Rhea DCL pool, so every router, bot and indexer that reads Rhea reads it.

Nobody holds the liquidity. The pool's position is owned by the locker, a separate contract whose code can only claim fees. Its only method that touches a position asks Rhea to remove zero liquidity, which pays out the fees the position has earned and nothing else. There is no withdraw, no transfer, no owner. See Locked liquidity.

What a launch costs

About 0.2 NEAR: the coin's account, the pool, and the position's storage on Rhea. Plus whatever the creator puts into the dev buy, the pool's first trade. There is no bonding curve, no migration, and no price ceiling.

Reading on

• Launching a coin, step by step.
• Pair assets: what a coin can be priced in, and how the depth check works.
• Buying and selling.
• Fees, tax and dividends.
• Perp-backed coins.
• Risks, stated plainly.