Since launching on Solana mainnet in May, Party Parrot has achieved many milestones and intends to strengthen its protocol by incentivizing contributors with $PRT, Parrot’s governance token. 50M $PRT Tokens will be given as rewards to contributors to the protocol.
Parrot Protocol which is built on the world’s most efficient public blockchain Solana is a defi protocol for non-custodial lending with a margin trading vAMM, stable coin $PAI, and synthetic BTC $pBTC. Party Parrot is focused on making value locked in defi networks and protocols seamlessly accessible. With over $88 Billion locked in defi as of May 12th, 2021, the Parrot Protocol is set to make value locked in Liquidity Pool tokens accessible, by creating a liquidity & lending network collateralized by these Liquidity Pool tokens. How would this work?
- Users can Mint the $PAI stable coin from the parrot protocol using liquidity pool tokens used as collateral.
- Users can utilize the Parrot Lending market using liquidity pool tokens as collateral, allowing liquidity pool holders to access their locked value by borrowing against lender liquidity.
- Users can collect fees and rewards for utilizing the margin trading product (virtual AMM) with $PAI serving as the common unit of account.
The Parrot Incentive Program would focus on two major areas:
- Increasing the supply of $PAI.
- Increasing the trading volume and depth of $PAI on stable swaps.
These areas of focus would increase the adoption of $PAI in the defi market while also making it lucrative for other protocols to integrate with $PAI.
How can you earn?
Contributors can earn via 4 models:
- $PAI Minting Model: This model is focused on increasing the supply of $PAI minted. Over the next 30 days, hourly snapshots of the $PAI vaults would be done and contributors who mint $PAI using the party parrot vault would be rewarded with $PRT proportionate to the amount of $PAI minted.
- 15M $PRT will be rewarded to users that staked SOL to mint $PAI.
- 850K $PRT will be rewarded to users that staked USDC to mint $PAI.
- 350K $PRT will be rewarded to users that staked USDC to mint $pBTC.
- 350K $PRT will be rewarded to users that staked USDT to mint $PAI.
2. Top 10 Leaderboard Reward Model: This model is focused on increasing the supply of $PAI minted. Over the next 30 days, hourly snapshots of the $PAI vaults would be done and 1M $PRT will be distributed to champion parrots.
- 500K will be distributed to the top contributors who provide the highest volume of collateral.
- 500K will be distributed to the top contributors who mint the highest volume of $PAI using any of the $PAI vaults.
The official leaderboard would be released soon.
3. Mercurial Reward Model: This model is focused on increasing the volume of $PAI traded against other stable coins and also strengthen the $PAI value itself. Over the next 30 days, hourly snapshots of the $PAI vaults would be done and 19M $PRT will be distributed to contributors of this model.
- ~15% APY rewards in $MER to Mercurial 3Pool Liquidity Pool token holders.
- 4M $PRT to Mercurial 3Pool Liquidity Pool token holders.
- 15M $PRT to Mercurial 3Pool Liquidity Pool token holders who also deposited their $PAI to the Mercurial Protocol.
4. Saber Reward Model: This model is also focused on increasing the volume of $PAI traded against other stable coins and also strengthen the value of $PAI and $pBTC. Over the next 15 days, hourly snapshots of the $PAI vaults would be done and 8.75M $PRT will be distributed to contributors of this model.
- Liquidity Providers will earn $SBR rewards from Saber.
- 7.5M $PRT to Saber USDC-PAI Liquidity Pool token holders.
- 1.25M $PRT to Saber renBTC-pBTC Liquidity Pool token holders.
50% of the rewards accumulated by contributors will be unlocked immediately after token launch (TGE) while the other 50% will be unlocked weekly over 3-months. Learn how to use the various $PAI vaults here and view your rewards accrued here.
Party Parrot encourages community participation in this incentivized program but also advises contributors to risk only what they can afford to lose.
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