Parrot Earn: A Yield Generating Stablecoin
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:
Users of USDC and USDC+earn will share the 15M PRT incentives program; PAI minted from both vaults will count towards the total. If you’ve previously minted 10k PAI in the USDC vault and now migrate your 10k PAI to USDC+earn, you will be earning the exact same rewards as before.
In short, you can mint PAI to earn PRT, farm MER & SBR by depositing PAI into their pools, AND Parrot will earn extra yield on your deposited USDC!
To migrate from USDC vault to USDC+earn:
- Repay PAI and withdraw from the USDC vault
- Deposit and mint PAI using the USDC+earn vault
Before you ape into USDC+earn, we must note that this is an early product. The yield strategies are not decentralized, but controlled by a team multisig. This is a shortcut that allows us to launch quickly. Moving forwards, we are committed to building fully decentralized strategies to earn yield and distribute rewards.
USDC+earn specs:
- Collateral type: USDC
- Collateral requirement: 101%
- Debt ceiling: $1M
- No liquidation
Join The Parrot Party!
USDC+earn is the first yield-generating vault. There will be more yield generating strategies support other asset types! Stay tuned!
It’s never too late to join the party.
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