Depositing into a Funding Round
Once a Funding round is open, depositing is easy! To deposit into a funding round, select the open funding round from the “Funding rounds” tab.
- 1.In the open Funding Round, select the amount you would like to contribute and press the “Deposit” button
- 2.Sign a Prysm one-time key
- 3.If the deposit meets the conditions of the Squad, it will be recognized as a Contribution
Prysm allows for the ability to deposit NFTs into a Funding Round. In order for this to work the creator of the Funding Round needs to enable NFT deposits when setting the funding round parameters.
Under Funding round parameters, make sure that you enable the toggle for NFT deposits.
Once the Funding Round is open, contributors will be able to deposit an NFT into the funding round. To do this, select
NFTin the deposit card of the open Funding Round.
Select NFT (instead of your base currency) to deposit an NFT into the Funding Round.
All NFTs that are available in your wallet will appear. Choose the NFT you would like to deposit into the Squad.
In order to issue equity fairly to the depositing Squad member, the NFT must be valued in the base currency of the Funding Round upon depositing the NFT. You can set the valuation in the contribution flow.
To get your fair equity share, make sure to set a valuation of the NFT before contributing.
After the transaction is complete, the NFT will show up in the Contributions card of the funding round.
Make sure that you agree with your Squad on the valuation before contributing the NFT. While signers cannot change the value of a another user's NFT Deposit, signers can choose to remove the contribution.
When the funding round is closed, the equity share will be issued to the contributor of the NFT according to the valuation of the NFT.
Users can update their NFT deposit value before a round closes. Note that only the user who deposited the NFT can update their own valuation, signers cannot update a valuation that a user has set.
Occasionally, a refund might want to be initiated for people who have contributed into a funding round. If this mistake is caught during the funding round, the contribution can be removed by pressing on the “…” button next to the undesired contribution and clicking “Remove from round.”
Once removed from the round, this contribution becomes “Unreconciled” and can be refunded via the Deposit inbox during or after the funding round closes.