Parrot Protocol Raised $5,000,000 in Seed Funding
The Parrot is back to bring you some great news!
Parrot Protocol had raised $5,000,000 in our seed funding round from Alameda Research, QTUM VC, NGC Ventures, PetRock Capital, Coin98, MGNR, Sino Global Capital, SkyVision Capital, Solar Eco Fund, Chris McCann & Edith Yueng (Race.Capital), ROK Capital.
The Parrot Team is honored and grateful to gain the support of these renowned investors, to accelerate the development of the Parrot Protocol.
Parrot Protocol is a liquidity network built on Solana that will include the stablecoin PAI, a non-custodial lending market, and a margin trading vAMM. These are all use cases designed to solve one single problem: making value locked in DeFi systems accessible.
Our investors, too, are excited about the future of Parrot.
Stablecoin is a fundamental primitive for the Solana DeFi ecosystem, and by specializing in taking LP tokens as collaterals, the Parrot Protocol fills a unique niche in the stablecoin market. Furthermore, the Parrot Protocol will be building a lending product on top of its own PAI stablecoin, which creates a strong network effect for both products. Alameda Research is excited to see how the Parrot team will be able to continue to execute quickly, and innovate in product design.
Qtum Venture Capital
Qtum VC is happy to support the growth of the Parrot Protocol. Making LP tokens useful will be an important impact area as the DeFi industry moves towards a multichain future. Team Parrot building a stablecoin using LP tokens will unlock a great amount of value previously inaccessible. We look forward to the Parrot team building out the liquidity network for their lending products.
Parrot is the absolutely one of the pioneer building on Solana. We believe that Parrot will be a cornerstone for defi system of next generation.
Parrot Protocol empower users to collateralise and unlock the productivity of their inefficient ‘locked’ assets which play a cornerstone to the entire DeFi Vertical across various ecosystems. The team has also been diligently exceeding the key milestones laid out in their roadmap. as well as actively pursuing integrations and partnerships with decentralised applications built on Solana, Ethereum and other ecosystems.
PetRock strongly believes that Parrot Protocol will succeed in its mission in building and optimising the top liquidity network across the stack.
The community has seen the explosion of Decentalised Finance, ‘DeFi’ which continually disrupts the archaic traditional financial institutions. However, DeFi is still in the incipient stages as it is rapidly evolving whilst the infrastructure is being built.
Parrot Protocol thus aims to solve the current problems of DeFi such as the lack of liquidity and inaccessibility of assets locked within current DeFi systems through the use of collateralised LP tokens. SkyVision Capital is thrilled to support and collaborate with the team at Parrot Protocol as they help enrich and enhance the DeFi space whilst building out the Solana ecosystem.
We’re excited for the growth of DeFi primitives on Solana. We think Parrot is in a great position to take advantage of this emerging ecosystem through their stablecoin and borrow lending protocol.
Parrot Protocol is on pace to laying the groundwork for a thriving Solana DEFI ecosystem. The Parrot team, according to ROK Capital, has great technical scaling skills as well as a deep understanding of the nature of decentralized finance, positioning it to potentially become one of the key DeFi Platforms on Solana.
Solar Eco Fund
Solar Eco Fund is excited to announce a strategic investment in Parrot Finance. Parrot’s goal is to increase capital efficiency by creating a liquidity and lending network where users can use as collateral multi-chain LP tokens. Its first, already launched product is the PAI stablecoin. It’s all being built by a competent, efficient team, leveraging Solana’s high throughput and super low fees.
Chris Mccann (Race.Capital)
Chris McCann an early seed investor in Solana and FTX:
The Parrot team is building a suite of products to solve one of the most important problems in the DeFi ecosystem — by unlocking the value of liquidity provider (LP) tokens.
Through building an on-chain stablecoin (PAI), lending markets, and leverage markets around these LP token, Parrot aims to turn these LP tokens into real productive assets. At scale, this will greatly increase liquidity, new use cases, and a new liquidity infrastructure layer into the Solana & Serum ecosystem.
With these investors behind us, the Parrot team will continue iterate quickly to strengthen our product offerings! Stay tuned!