Parrot was launched earlier this year, and boy has it been a roller coaster ride these past six months. Due to the plethora of yield farming and liquidity mining opportunities, our protocol was able to reach the half-billion milestone in total value locked.
Since the IDO, we introduced new features such as staking, a leverage interest rate, and a stability pool in order to fix some of the foundational problems in order to pave the way for a substantially better long-term future for all of our stakeholders. In 2022, we’ll look for new opportunities to grow and expand.
That being said, we hope to remedy the communication problems and make Parrot beloved by all once again. In order to turn things around, we have decided to shake things up a bit internally and create specialized divisions within Parrot to help us efficiently streamline the flow of information from the developers to the end users.
In addition, the product team will continue to focus on refining the core Parrot protocol, and building an ecosystem to strengthen it.
The team is looking forward to executing the following in Q1 2022.
From now onwards, there will be bi-weekly reports on protocol metrics and developer updates to keep the community in the loop. There has been a problem in the past with communication, and we hope this new way of presenting updates will keep the community up to date with regard to the protocol’s development.
We will phase out Parrot’s +EARN vaults, which have numerous usability issues. In their place, Parrot will adopt BunnyDucky, a new ecosystem project to streamline rewards distribution and maximize yield.
BunnyDucky offers yield strategies with yield tokens. These yield tokens are profit accruing, which increases their value. Parrot taking these yield tokens as collateral would make the PAI debt self-repaying, since the value of the collateral increases faster than the borrow interest rates.
As an ecosystem project, BunnyDucky will have its own token $BUD, and will be operated independently. More information about BunnyDucky will be provided as it gets closer to launch.
The introduction of BunnyDucky and $BUD will benefit PRT holders. The new product serves as a complementary feature to the existing protocol, and segregates risk from the core Parrot lending protocol.
The Parrot treasury will farm BUD tokens on behalf of the community, and distribute rewards to yPRT holders.
We are committed to ensuring high usage and growth by making the Parrot Protocol ecosystem products accessible to a wider audience. The team will form a content strategy to create comprehensive educational resources for the public.
Parrot Developer Grants
We will incentivize developers to build on top of Parrot Protocol. The more use cases there are for Parrot; the stronger it will be. We’d love to onboard community developers to help us improve our tooling and protocol.
We will be looking to form partnerships with other protocols in the industry to integrate Parrot products. We believe this will increase exposure and drive more adoption and be beneficial in the long run.
pAsset (PAI, pSOL, prtSOL, pBTC) Adoption
PAI will play an important role in our ecosystem projects. BunnyDucky will create a diversity of new self-repaying lending vaults. Penguin will drive trading pairs based on PAI. We will aim to grow the supply of PAI while monitoring its various metrics such as price stability, trading depth, and borrow interest.
We would like to use this opportunity to ask the community to help us achieve these goals. Please reach out on Discord if you have any questions about the Q1 2022 roadmap!