Milestones are gated on observable outcomes, not dates. Dates below assume a start of 1 October 2026.
Nothing on this roadmap has been completed. See Where things stand.

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M1 · Pool contracts live on Arc

Nov 2026. Tranches, allowlist, waterfall, first-loss floor and repayment routing, deployed to Arc mainnet. Done when: one full cycle executes on mainnet — deposit, mint, repay, distribute loss — with the repository and deployed addresses public. This is the first point at which the claims in contract mechanics in version one become checkable by someone outside PRISM.

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M2 · Shadow pool on a real loan book

Jan 2027. An originator’s actual receivables run through the contracts with no capital at risk. Weekly loan tape ingested, the collection tripwire fired under test. Done when: 60 consecutive days of real collection data are published, producing a measured loss rate that replaces the current assumption. Stops if: no originator will share a loan tape. That would mean there is no product.
This is the milestone that matters most for the numbers on this site. PRISM’s 4% expected loss rate is a placeholder until this produces a measured one. See Disclosures.

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M3 · Audited, incorporated, first deal signed

Mar 2027. A scoped security audit by a named firm, an issuing entity with a securities opinion, one conditional originator term sheet, and one credit investor committed to the junior tranche. Done when: the audit report is published with commit hashes, and the originator and structure are named publicly. The credit investor committing to pALPHA is the second thing that can replace the 4% assumption — their price is the market’s judgement on the originator. See why the rates are what they are.

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M4 · Pool one funded and matured

Jun 2027. One pool funded by professional investors, drawn down in fiat, repaid, and run to maturity on a 30–90 day tenor. Done when: the outcome report is published, showing the realised loss rate and every tranche’s return. Success is not size. A small pool that matures and pays out is the deliverable. Pool one carries a 25% first-loss floor rather than the standard 15%, because there is no performance history to price against. See first loss.

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M5 · Solana distribution

Sep 2027. Junior and mezzanine tranches on Solana, with investors holding one USDC balance across both chains. Done when: a junior tranche is funded from Solana and settles to the Arc pool in a single transfer. See why Solana carries distribution.