Altcoins News
By Dan Saada
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Rafi Ox expressed: A thread on Parrot Go Party Parrot, a project I believe could bring a whole new world of liquidity and TVL to the Solana DeFi ecosystem, thanks to its…
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On Parrot, much like on MakerDAO, users will be able to deposit different assets as collateral (like SOL, ETH, BTC, stables) to mint an over collateralized stablecoin PAI…
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Parrot will permit Ethereum DeFi assets such as Sushi & Curve LP tokens, Aave and Compound interest bearing tokens, etc to be used as collateral to mint PAI on Solana.
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Knowing how much bigger the Ethereum DeFi Ecosystem is compared to Solana’s, the influx of liquidity this could bring to Solana could be huge and PAI could quickly become an…
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One evidence for this is that even before the full-fledged platform launch, both Mercurial Fi
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and Saber HQ, the two main stable asset exchange platforms being built on Solana, have already announced they will integrate PAI.
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Parrot’s list of investors, headlined by Alameda Research, and their recent $5M fundraise is another sign that the project is backed by heavy weights.
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Once PAI is established and the protocol has enough liquidity, Parrot will evolve into a broader lending market, and finally into a vAMM margin trading protocol, using PAI as its…
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And what about Parrot’s PRT token? PRT holders will earn a share of all the protocol fees, including PAI stability fees, liquidation penalties, lending market borrowing fees,…
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And much like with CVR / VeCRV, PRT holders may also choose to lock their PRT to receive gPRT governance tokens in return, which will also entitle them to a protocol incentives…
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The Platform is live in MVP mode on partyparrot.finance, where each user can mint up to 100 PAI using other stables as collateral, with the global amount of PAI limited to $100k.
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And this is pure speculation on my part, but the latest article mentions an “IDO with PAI” for PRT.
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I’d also keep an eye out for yield farming opportunities, as 35% of the PRT supply will be used as protocol incentives.
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And of course don’t forget the main value prop of the protocol: bridge your Ethereum based LP tokens and ibTKNs to Solana, mint PAI, and use PAI to buy other assets and seek even…
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