Update on PRT Initial Incentive Drop: Errors and Fixes

#fundsaresafu, obviously, but we messed up the incentives calculation.

The Parrot Team is conservative and deliberate when user funds and the security of the protocol are at stake, but we also move fast to capture the market when working on features that aren’t security sensitive. Inevitably, we make mistakes when rushing features out.

The PRT incentives were supposed to be calculated based on the hourly snapshots of all Parrot vaults, as well as user LP positions on Mercurial and Saber. The team misconfigured the database, and our snapshots read from the wrong data source, making the snapshots invalid.

We messed up, and for that we sincerely apologize.

This issue only affects the PRT incentives. If you are staking on Mercurial and Saber, their incentives are issued as originally planned.

Here’s how we will remedy the situation.

  1. The 30-day PRT incentives on Mercurial will be starting on July 20th UTC 05.00, when the problem was discovered and fixed.
  2. The 15-day PRT incentives on Saber will be starting on July 20th UTC 05.00, when the problem was discovered and fixed.
  3. To those already staked in our protocol on July 20th UTC 05.00, we will airdrop one whole day worth of incentives.

Details on the extra incentives in point 3:

  • 500,000 $PRT will be rewarded to users who staked SOL to mint $PAI.
  • 28,333 $PRT will be rewarded to users who staked USDC to mint $PAI.
  • 11,666 $PRT will be rewarded to users who staked USDC to mint $pBTC.
  • 11,666 $PRT will be rewarded to users who staked USDT to mint $PAI.

These extra incentives will be proportionate to the amount that users have staked on the first snapshot available on July 20th UTC 05.00.

We are grateful for the continual support of the Parrot Family, and the team will keep working hard to bring more features and partnerships to the protocol. Stay tuned!

The Parrot Salutes You

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