The Parrot is releasing the first PRT staking incentive program and creating a use case for the PRT token. Over the next 30 days, starting from September 28 UTC+04:00, 10M PRT will be distributed to depositors of the PRT-PAI vault.
The rewards are calculated based on the hourly snapshots of the amount of PRT you have deposited as collateral. Each Friday, the accumulated PRT rewards will be airdropped to the wallets of the PRT depositors.
Here is a table of the estimated APY % that can be expected depending on the amount of circulating PRT that is locked:
For example, if 20% of circulating PRT tokens are locked in the PRT-PAI vault, the expected APY is about 19.81%.
If 50% of circulating PRT tokens are locked, the expected APY is 7.5%.
To participate, you need to:
- Redeem PRT from IDO
- Deposit PRT into the PRT-PAI vault
- Wait for more PRT tokens to be airdropped each Friday.
How to Redeem IDO PRT Tokens
If you have not redeemed your PRT tokens yet, go to https://ido.parrot.fi and click on the “Redeem PRT” button:
Make sure you have at least $0.5 worth of SOL in your wallet to pay for the transaction.
Once the transaction is confirmed, check that your wallet has received the token:
How to Stake PRT
Visit https://parrot.fi/vaults and find the PRT-PAI vault:
Click on the “Mint” button, and an input form will pop up. Select the amount of PRT you want to deposit:
In this example, we choose to not mint any PAI (leave the input as 0). This ensures that your PRT vault will never be liquidated and increases the collateral ratio of the whole protocol.
Once the transaction is confirmed, you should check that “N/A” is displayed as the liquidation price. This means that your PRT deposit is absolutely safu.
All great things start from humble beginnings. The PRT-PAI vault is a first step for the PRT token as a utility token in DeFi. In the future, as the PRT trading markets grow deeper and more diverse, its role as collateral, zero slippage exchange, and debt insurance will only increase.
Furthermore, as the parrot protocol continues to grow its TVL and revenue, more and more value will accrue to PRT.
It’s never too late to join the party.