Parrot: Mainnet And Beyond
Hello Crypto Apes, this is the Parrot speaking again. Since our announcement post one month ago, the Parrot Team had been working hard in the jungle. We are happy release our mainnet MVP, which allows you to mint the PAI stablecoin.
Each user can mint up to $100 PAI, and the max supply is currently limited to $100,000. Right now only stablecoin deposits are accepted, and because the price is pegged to 1, no liquidation is possible.
Go try it now, but please don’t YOLO, just mint a few dollars worth of PAI:
In the MVP, Parrot supports USDC and USDT deposits only, and you can generate 100 PAI for every 105 of USDC (or USDT) collateral.
No interests are collected on PAI generated from stablecoin vaults. Furthermore, for stablecoin vaults, the system treats the price as pegged to 1:1, never to fluctuate. This way stablecoin vaults such as USDC would never liquidate.
When price oracles are launched on Solana mainnet, we will introduce non-stable assets such as SOL, ETH, and BTC.
PAI: Making LP Tokens Liquid Again
The goal of the stablecoin PAI is to create a common unit of account to aggregate over many different types of LP tokens (Sushi/Curve LPs) and interest bearing tokens (e.g. AAVE/Compound tokens, stETH, ibBTC).
Once PAI is generated, you could use PAI to purchase SOL on Serum, or swap PAI for USDT with Mercurial. In the future, it would even be possible to use PAI as deposit in a margin trading platform such as the mango market, or our own vAMM product.
Given that Solana Summer is approaching, there will be an inflow of projects into the Solana ecosystem. The Parrot will seize this opportunity to make the PAI a fundamental building block of the Solana DeFi ecosystem.
We have already spoken with several Solana projects for integrations and partnerships. Perk up your ears for partnership announcements 👂
Wen The PRT IDO?
OKOK, this is what you really want to know, right? Phase two comes with the launch of the $PRT token.
A refresher on PRT’s value capture: Parrot Protocol will collect fees and buy PRT from the open market, then cycle back the purchased PRT as protocol incentives. These fees are from:
1) Stability fees on stablecoin PAI,
2) Liquidation penalties,
3) Borrow fees collected on the lending market and
4) Trading fees on the vAMM.
In the event that the system is insolvent, PRT token will be used to backstop any shortfalls in the lending market.
In addition, PRT holders who choose to lockup their tokens will receive the governance tokens gPRT in return. As a general rule, the longer the lockup period, the greater the amount of gPRT tokens minted.
We neither confirm nor deny that $PRT will be launched mid-June, to IDO platforms near you. Stay tuned for details in a separate post.
Aggregate And Assimilate
Post PRT launch, we will keep launching features, growing the TVL to the moon, and earning fees for PRT hodlers. The major TODOs are:
- Incentivized liquidation pool
- IDO with PAI
- Deploy price oracles to mainnet.
- Support more assets: SOL, staked SOL, SRM, staked SRM.
- Lending/Borrowing Markets
Join the Parrot Party
Join The Parrot Party, it’s never too late!
- Twitter: https://twitter.com/gopartyparrot
- Telegram: http://t.me/gopartyparrot
- Discord: https://discord.gg/gopartyparrot
