In order for the DeFi market to be in an ecosystem that can attract capital flows and optimize capital flows, projects in the Lending & Borrowing segment are indispensable. If you already understand how Venus works on Binance Smart Chain, or Unit Protocol on Ethereum, then Party Parrot is the same platform on Solana.
In this article, Techtipsnreview will provide you with detailed information including:
- What is Party Parrot? What are the highlights of the project’s operating mechanism?
- Information about tokenomics and how to store, buy and sell PRT Token & PAI Token.
- Development roadmap and team, strategic partners of the project.
- Some projects are similar to Party Parrot so that you can evaluate the development potential of this project.
Let’s find out with Techtipsnreview!
What is Party Parrot?
Party Parrot is a lending platform in the Solana ecosystem. In the Parrot platform, users can deposit various assets to mint Parrot’s stablecoin PAI.
For an ecosystem to grow and explode, Lending is a key area in the DeFi Stack so that Solana can attract users and cash flow in the DeFi market. Therefore, Party Parrot will be a very important and potential project in the Solana ecosystem.
The mechanics of Party Parrot are similar to MakerDAO (MKR & DAI), Venus (XVS & VAI) and Unit Protocol (DUCK & USDP). From a personal perspective, you can completely take the success of MakerDAO and Venus as a model when the money flow is “moving” to a potential ecosystem like Solana.
Currently the main products of Party Parrot are:
- For mortgage to mint PAI Stablecoin (mint more than 50 million PAI)
- Staking Platform (For SOL stakes get pSOL, PRT stakes get yPRT)
- Yield Farming Pool for LP tokens from other platforms Raydium, Saber, Mercurial
Website Party Parrot: partyparrot.finance
Highlights of Party Parrot
The highlight of Party Parrot is the mechanism to unlock and bring circulating value to LP tokens. With Party Parrot, LP tokens will be further used in the lending and borrowing liquidity network.
After depositing to mint PAI, PAI can be used in the same market as DAI, VAI. The popularity of PAI will depend on the scalability of Party Parrot in the Solana system.
The highlight of Party Parrot is that they know how to create an ecosystem to apply their PAI – Stablecoin. In the past time, there are many stablecoins born, but all of them failed due to lack of applicability => Low capitalization => Easy to lose peg.
That’s why Party Parrot is affiliated with:
- Penguin: Exchanges that use PAI
- Bunny Ducky: Yield Farming platform automatically compound interest rates and has a bond mechanism similar to OlympusDAO
Party Parrot Token Information (PRT & PAI)
The Party Parrot platform will use two tokens, PRT and PAI:
- PRT is the native token of the system.
- PAI will be a minted stablecoin based on the value of assets deposited into the project.
Current tokenomics of the project% Just provided some information about PRT token, our team will update more about PAI token as soon as the project is announced.
Key Metrics PRT
- Token Name: Party Parrot.
- Ticker: PRT.
- Blockchain: Solana.
- Token Standard: SPL.
- Contract: PRT88RkA4Kg5z7pKnezeNH4mafTvtQdfFgpQTGRjz44
- Token Type: Utility.
- Total Supply: 21,000,000,000 PRT.
- Circulating Supply: 2,232,013,000 PRT.
PRT Token Allocation
- Protocol Incentives: 38.89%
- Team & Angel: 22.22%
- Seed: 22.22%
- IDO: 11.11%
- Protocol Controlled Reserve: 5.56%
Distribution of PRT
PRT Token Sale
A total of 2,100,000,000 PRT (10% of total supply) will be opened for sale as IDO and divided into 2 different batches, each lasting 48 hours:
- Phase 1: 1,680,000,000 PRT (1:00 AM on September 14, 2021, VN time).
- Phase 2: 420,000,000 PRT (1:00 AM on September 16, 2021, VN time).
The opening sale mechanism of Party Parrot will be similar to Mango Market. That is, users will contribute money to the Pool to set a price for the number of tokens in the Pool. Suppose in phase 1, Pool is contributed 10 million USDC => 1 PRT = $0.00595238 (10,000,000 USDC /1,680,000,000 PRT).
Phase 2 will take place right after phase 1 ends. Those who participate in the auction in the 2nd round will have an advantage because they know the results of the previous round. However, their number of Allocations will also be lower.
After the sale ends, PRT will be traded at Serum with the liquidity pair PRT/PAI.
PRT Token Release Schedule
Team and Founder: Tokens will be locked for 1-3 years.
Seed round: Tokens will be locked for 1-3 years.
PRT Token Use Case
PRT tokens will be used to:
- Fees for tasks on the platform.
- Compensation for insurance pools.
- Mint out PRT to clear bad debts in tough market.
- Staking to get gPRT (an incentive similar to xSUSHI or vDODO).
The Party Parrot system will collect the following fees:
- Fixed fees on PAI stablecoins.
- Loan interest on Parrot platform.
- Liquidation penalty.
- vAMM transaction fees.
How to earn and own PRT Token
You can own tokens through Raydium, Orca, Techtipsnreview Exchange,…
Store Wallet & Exchange PRT Token
PRT has issued tokens, you can easily buy and store them through:
The detailed method will be updated as soon as the project releases the token.
Roadmaps & Updates
Q2/2021: Develop the base functionality of Stablecoins and collateral.
Q3/2021: Develop Lending function with LP token as collateral.
Q4/2021: Developed Margin Trading using PAI as collateral.
Project team, investors, partners
Project team
Updating…
Investors
Large hedge funds invest in Party Parrot.
Parrot Parrot is one of the largest Lending platforms in the Solana ecosystem. That’s why Parrot Parrot has attracted a lot of large investment funds pouring 5 million dollars into the Seed round.
Including Alameda Research, this is an investment fund backed by CEO Sam Bankman Fried – this is the CEO behind the FTX derivative exchange and Solana ecosystem. There are also other funds such as NGC Ventures, SVC Capital, Rok Capital, Techtipsnreview Ventures, etc.
Partner
Currently, Party Parrot has a number of partners using Party Parrot’s PAI such as Mercurial Finance, Saber and Port Finance. In the future, Party Parrot will see that the number of PAI-integrated projects will grow even more if Party Parrot attracts many DeFi Users.
Similar projects
Projects similar to Party Parrot include:
- MakerDAO (MKR & DAI): The smart contract platform is built on top of the Ethereum Blockchain network. MakerDAO is used to back and stabilize the price of stablecoin DAI (01 DAI = 01 USD), with Collateralized Debt Positions (CDP) mechanism.
- Venus (XVS & ROLE): DeFi Platform on Binance Smart Chain (BSC) allows lending and borrowing some Crypto assets, and can Minted Stablecoins with other crypto assets.
- Unit Protocol (DUCK & USDP): Lending & Borrowing protocol, allowing users to mortgage their assets to mint the project’s stablecoin – USDP.
summary
Thus, Techtipsnreview has provided you with the latest information about Party Parrot and the project’s PAI & PRT Token. What do you think about the future and development potential of PAI & PRT Token? Please comment below to discuss with Techtipsnreview!
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Source: What is Party Parrot (PRT, PAI)? Complete set of cryptocurrency PRT, PAI
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