The last few days have been a crazy ride. The community has blessed us with overwhelming support. The trust that the community has placed in us is a great responsibility that we have to honor.
When we started Parrot Protocol, we believed that DeFi is a once-in-a-lifetime opportunity, and we intend Parrot to be a project of love that we can nurture for the long run. The support that we have received further strengthens this belief.
The Parrot Team has a track record of pushing out products quickly and iterating on features that can grow our user base and TVL…
The Solana network was down for 13 hours, and as a result the first auction of Parrot’s IDO was interrupted halfway through and many community members in European timezones were unable to participate.
We believe that the fairest approach going forward is to extend auction 1 so that anyone who wants to participate will still have a chance.
Auction 1 of Parrot’s IDO will be extended by an extra day.
At the time of writing, this adds about 18 hours to the deposit period…
The Parrot Protocol will be conducting its IDO during the week starting on September 14th. Parrot’s PRT token is a utility token that will enable community participation in many aspects of the Parrot Protocol. A total of 10% of the PRT supply will be auctioned during the IDO process.
There will be two auctions:
The auctions is accessible at the url: ido.parrot.fi
The Parrot launched the Hatchling Incentive Program a month ago, and it is finally coming to a close. The first program was designed to grow the Parrot TVL and PAI supply, and it was a tremendous success.
On the product side, the Parrot team has been hard at work:
Marinade has recently launched on mainnet, simplifying the process of staking SOL and creating a token, mSOL, representing proportional ownership of Marinade’s stake pool. This means that staking positions no longer have to be tied to the address that staked it; the positions have been tokenized, enabling them to be transferred and traded. Other staking projects on Solana such as Socean, Chorus One, and Steaking will also be launching in the near future and creating their own stake pool tokens (henceforth referred to as SPTs).
Starting with mSOL, Parrot is enabling the use of SPTs as collateral to mint pSOL…
The Parrot has been overwhelmed by the strong community demand for more PAI. Our community building efforts have brought in many new parrots to join the party, but they’ve been blocked from using our product by the debt ceiling.
Here’s the temporary plan to increase the debt ceiling so new parrots can mint PAI:
The Parrot has launched a new vault type: USDC+earn, which allows you to mint PAI, AND earn yield on the USDC collateral you’ve deposited. Aside from the yield generating capability of this new vault type, USDC+earn behaves the same way as before. No liquidation, and 101% collateral ratio requirement.
To use it, select USDC+earn when minting PAI:
#fundsaresafu, obviously, but we messed up the incentives calculation.
The Parrot Team is conservative and deliberate when user funds and the security of the protocol are at stake, but we also move fast to capture the market when working on features that aren’t security sensitive. Inevitably, we make mistakes when rushing features out.
The PRT incentives were supposed to be calculated based on the hourly snapshots of all Parrot vaults, as well as user LP positions on Mercurial and Saber. The team misconfigured the database, and our snapshots read from the wrong data source, making the snapshots invalid.
Since launching on Solana mainnet back in May, the Parrot team has been hard at work improving the protocol. In the span of a month, the protocol has made important strides forward:
Parrot Protocol wouldn’t be where it is today without the help…
Parrot Finance is intended to be a community-driven project, and we would like to build on that vision by rolling out the Parrot Contributor Rewards program. We value our community, especially members who choose to directly contribute to the project.
To make sure that our community has a stake in the project, we have reserved 100 guaranteed IDO slots for standout community contributors.