PROSPER today announced the launch of its new framework for Performance Markets, enabling third-party operators to connect verifiable onchain performance data with independently priced, crypto-native assets. Built on Pharos Network, the structure enables MemeRWA, which uses observable economic performance data as a reference without tokenizing ownership of the underlying asset.
Each Performance Market begins with a Curator building a Vault around an onchain strategy. It creates two distinct instruments: Vault Shares, which provide direct exposure to the strategy, and p{VAULT}, an independently priced crypto-native asset associated with the Curator and strategy.
p{VAULT} does not represent ownership in its corresponding Vault, track its NAV or provide a claim on Vault assets, performance or profits. It is priced independently through a public bonding curve and, after graduation, through external liquidity, while the Vault's verifiable performance provides an observable economic reference.
"Crypto markets have demonstrated the power of open participation and collective conviction, while onchain finance has made economic performance increasingly transparent," said Laura Shi, chief business officer at Pharos. "MemeRWA brings those ideas together: verifiable performance data provides the signal, while p{VAULT} remains independently priced through participant activity."
Performance Markets incorporate a predefined Buyback and Burn mechanism. After a Vault strategy exceeds its high-water mark, a predefined portion of eligible performance fees is used to purchase the corresponding p{VAULT} on third-party decentralized exchanges and permanently burn the acquired tokens.
The buyback is an automated, predefined protocol function triggered by smart-contract logic and is not a price-support, stabilization or market-making program.
Unlike traditional RWA tokenization, MemeRWA does not bring ownership or economic claims onchain. Instead, observable economic activity data serves as a reference for an independently priced crypto-native asset without giving p{VAULT} holders a claim on the underlying strategy.
Each p{VAULT} launches with a fixed supply of 1 billion tokens and no presale, team allocation or insider allocation. Vault holdings, NAV, fee accrual, bonding curve reserves and buyback transactions are observable onchain.
Built on Pharos Network, PROSPER provides technology infrastructure that enables third-party Curators to create and operate Performance Markets. Curators deploy and manage their onchain strategies through the Vault infrastructure, while PROSPER provides the technology services supporting the framework.
The launch establishes the foundation for PROSPER's broader MemeRWA framework, designed to make verifiable economic performance data available as a reference for independently priced crypto-native assets.
Prosper enables two economically distinct markets to form around the same onchain strategy.
Vault Shares provide direct exposure to the Vault’s assets and NAV. p{VAULT} is a separately traded crypto-native market asset that allows participants to express their view on the Curator and strategy.
The two do not share ownership rights or pricing. They are connected through the Vault’s verifiable performance and predefined protocol mechanisms.
Every Vault launches with its own p{VAULT}, a separate crypto-native market asset quoted in PROS that trades from day one.
A p{VAULT} is not a Vault Share. It does not represent a share of the Vault, track NAV, or give holders a claim on the Vault’s assets or profits. Its price is independently determined by the market.
Each p{VAULT} begins trading through a public bonding curve. If the curve reaches 20,000 PROS in net real reserves during its 14-day Launch Window, the p{VAULT} graduates to an external FaroSwap liquidity pool. Trading fees and virtual reserves do not count toward this threshold.
If it does not graduate, it remains available for Curve trading only, with no external market or buyback mechanism.
p{VAULT}s are speculative crypto-native assets and may lose some or all of their value.
They serve two different purposes.
Vault Shares represent proportional exposure to the Vault’s assets and NAV.
p{VAULT} is an independently priced crypto-native asset that allows the market to express its view on the Curator and strategy without taking direct ownership of the Vault’s assets. Its price is determined by supply, demand, liquidity, expectations, sentiment, and other market factors.
Holding a p{VAULT} does not give you ownership of the corresponding Vault or its assets.
No. Better performance is a signal, not a pricing formula.
p{VAULT} is independently traded, and its price is determined by supply, demand, liquidity, expectations, sentiment, and other market factors.
Strong Vault performance may influence how the market evaluates the Curator and strategy. However, p{VAULT} does not track NAV, and there is no fixed or guaranteed relationship between Vault performance and p{VAULT} price.
Each Vault has its own 14-day Launch Reward Window.
Participants who deposit within the Vault’s applicable Reward Cap during this period may qualify for a share of 6% of that Vault’s p{VAULT} supply, subject to the published eligibility and Graduation conditions.
The allocation is determined at the end of Day 14 based on each qualifying participant’s Final Reward Weight. Withdrawing or transferring Vault Shares before the end of the window may reduce or forfeit the allocation.
The Early Depositor Reward is distributed only if the corresponding p{VAULT} graduates.
The reward does not unlock all at once.
Once distributed, it unlocks progressively as the applicable Vault Token Price, measured using the published 7-day median methodology, reaches predefined milestones above its initial price.
The first portion unlocks at +2%, additional portions unlock at higher milestones, and the final portion unlocks at +60%.
If the Vault never reaches the first milestone, none of the reward unlocks. Once an unlock milestone has been reached, the corresponding unlocked portion does not reverse.
All allocations and unlocks remain subject to the published eligibility, calculation, and Graduation conditions.
Graduation is a liquidity milestone for the p{VAULT} market.
If the bonding curve reaches 20,000 PROS in net real reserves during the 14-day Launch Window, the p{VAULT} graduates from the bonding curve into an external FaroSwap liquidity pool. Trading fees and virtual reserves do not count toward this threshold.
Graduation relates to market formation and liquidity. It does not mean the Vault strategy has succeeded, guarantee future performance, or guarantee that the p{VAULT} price will rise.
If a p{VAULT} does not reach the Graduation threshold during its 14-day Launch Window, it enters a permanent non-graduating state. It cannot migrate to an external market even if the threshold is reached later.
The bonding curve remains open for permissionless Curve trading, while the underlying Vault may continue operating independently. The standard p{VAULT} Launch Reward is not distributed.
Qualifying Vault participants may be eligible for a separately disclosed, conditional fee-based fallback paid in Vault Shares, but only if the applicable NAV and high-water-mark conditions are met and eligible performance fees attributable to the Vault’s first 14 days actually crystallize.
If applicable, the fallback pool is shared using the same Day-14 Final Reward Weights and becomes claimable after the Vault finalizes the applicable fee accounting. Until then, it may appear as Finalising. If no eligible performance fee crystallizes, there is no fallback.
A p{VAULT} purchase is a market transaction and is not protected by a principal guarantee or automatic refund. The fallback is not a p{VAULT} reward, refund, buyback, or form of principal protection.
Prosper is designed around onchain verifiability.
Market participants can inspect data including:
The goal is to make the economic reference and the mechanisms surrounding each market observable and verifiable rather than dependent on opaque reporting.
The deployed contracts and their verified configurations are the authoritative implementation.