Parrot Fledgling Incentive Program: 80,000,000 PRT for pSOL and PAI
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.
- The TVL has grown from $1.5M to $50M
- The PAI supply has grown from a little more than $1m to $20M
On the product side, the Parrot team has been hard at work:
- Created USDC+Earn, a stablecoin vault that allows users to mint PAI while earning yield on USDC deposits
- Added support for LP tokens as collateral. We currently support Saber USDC-USDT, Mercurial USDC-USDT-UST, and Raydium SOL-USDC
- Launched pSOL, a synthetic SOL backed by liquid staking SOL tokens
- Revamped the vaults page UX
- Introduced dark mode UI
- Improved mobile web UI
In the early days of Solana Summer, Mercurial and Saber were our closest friends, helping the Parrot to get off the ground. As summer progressed, the Parrot made many new friends:
- Formed partnerships with lending platforms such as Port Finance, Apricot Finance, and Solend
- Formed partnerships with leverage yield farms such as Solfarm and Francium
- Formed partnerships with Switchboard, an oracle solution
Thank you, Party Parrots, we’ve come a long way!
The Parrot Fledgling Incentive Program
As we enter a new phase of Parrot’s development, we’d like to announce the next incentive program: Parrot Fledgling. This program is designed to accomplish the following objectives:
- Create use cases for PAI, making it the premier decentralized stablecoin on Solana
- Bootstrap pSOL, a primitive that helps secure the Solana network and makes SOL a productive DeFi asset
The fledgling program will be slightly larger than the original hatchling program; 80,000,000 PRT will be allocated to incentivize both PAI and pSOL.
The PRT incentives will be allocated for the following categories:
Parrot Stake Pool incentives: 20% (16M PRT)
- Stake SOL with the Parrot Stake Pool to generate prtSOL. This will earn you validator rewards (~7% APY), plus the PRT incentives.
pSOL minting incentives: 5% (4M PRT)
- Use mSOL (Marinade’s stake pool token) mint pSOL
- Use stSOL (Chorus One’s stake pool token) to mint pSOL
- Use SOCN (Socean’s stake pool token) to mint pSOL
- Use prtSOL (Parrot’s stake pool token) to mint pSOL
- Use any other stake pool that Parrot accepts as collateral to mint pSOL
pSOL-USDC liquidity incentives: 5% (4M PRT)
- Become a pSOL-USDC LP
pSOL-SOL liquidity incentives: 30% (24M PRT)
- Become a pSOL-SOL LP
Stable swap liquidity incentives: 30% (24M PRT)
- Become an LP on a stable swap pool that includes PAI
PAI trading pairs: 5% (4M PRT)
- Become a MER-PAI LP
- Become a SAMO-PAI LP
- Become an LP for any other trading pair using PAI
Lending markets: 5% (4M PRT)
- Deposit PAI or pSOL to a lending market: Port, Apricot, Solend, Jet
- Deposit PAI or pSOL to a leverage farm: Solfarm, Francium, Solyard
The rewards will be divided proportionately within each category. For example, if you have 100 SOL staked in mSOL and then switch to stSOL, your rewards will stay the same.
Similarly, if you deposit 100 PAI in Port and later decide to move that 100 PAI to Solend, you’d still be earning the same rewards.
These incentive categories may start on different dates, and last 30 days. PAI-USDC rewards, in particular, will start immediately after the Hatchling Incentive ends.
Finally, the Fledgling Incentives will be vested over 3 months.
Keeping the Parrot Incentives Agile
The Solana ecosystem is evolving at warp speed, and by necessity the incentive program will need to react to changing circumstances and problems nimbly.
The Hatchling Program was promised to be 30 days, which made it hard for us to modify the incentives to fix the PAI imbalance problem in the stable swap pools, which in turn made it hard for us to raise our debt ceilings.
For the Fledgling Program, the Parrot MAY change the allocations of the incentives to different categories or create new categories. However, here are our promises:
- The Parrot SHALL NOT decrease the total amount of rewards, and
- The Parrot SHALL NOT change the rewards already given (unless it’s a bug…)
Join the Parrot Party
The new Parrot Fledgling Incentives create many new opportunities to earn PRT rewards for the Parrot community. Through this incentive program, you will be able to lend PAI and earn PRT. You will be able to stake SOL and earn PRT. You will be able to farm trading pairs and earn PRT. There is likely something with the right risk profile that suits you.
It’s an exciting time for the Solana ecosystem. Let’s make DeFi great together!
It’s never too late to join the party.