Receivables of 30 to 90 days mean capital is working almost the whole time it is committed — roughly 85% deployment. An open-ended lending pool holds money waiting for a borrower, and that idle money earns nothing while still diluting investor returns. PRISM raises against a known book. The money has a destination before it is raised, so it cannot sit idle.

​
The trade-off, stated plainly

Investors cannot exit early. A 60-day lock is the price of capital that is never lazy. There is no redemption before maturity in version one — no AMM, no secondary market, no reserve.
Short tenor is the substitute for liquidity in version one. Rather than build an exit mechanism, PRISM keeps the commitment short enough that an exit matters less.

​
Why this is not just a preference

A pool’s return depends on how much of the year its capital is actually working, not on the headline rate. If half the money is idle, the pool earns half the rate. That arithmetic is what makes a modest headline rate competitive here, and it is covered in utilisation.

​
What comes later

An AMM, a distress auction, an instant-withdraw reserve and batched redemption are all deliberately excluded from version one. They arrive once there is revenue to pay for them, not before. See contract mechanics in version one.